This allowed him to make big bets without risking his financial stability. However, he made sure to keep enough money out of Standard Oil so that he would remain independently wealthy even if Standard Oil didn't work out. Instead, he made large bets on the industry that panned out, and he became incredibly wealthy. Sudden shortages and surpluses in oil supply led to a volatile industry with drastic fluctuations in the price of oil.

If he didn't have such a large goal, Rockefeller may have left the oil industry earlier. This applied to both charitable and personal spending.Īs a child, Rockefeller dreamed of becoming the wealthiest man in America. When he did spend money, he was intentional about how he spent it. He saved most of his money and bought additional shares of Standard Oil whenever possible, believing in the success of the company. He did not spend extravagantly and he lived fairly modestly for someone of his net worth. Rockefeller had a detailed ledger where he would record all of his transactions, regardless of how large or small it was. It is important to be frugal and precise with your money Great talent was rare to find, and he figured that he could find a use for them when expanding.ģ. Rockefeller hired talented people as fast as he could find them, often even hiring them before he had a position for them.

It expanded to become the largest refiner in the U.S., into the transportation of oil through owning railway cars and pipelines, and eventually into oil production and mining. It started as an oil refinery in Cleveland and the company quickly grew, both horizontally and vertically. Rockefeller hired talented and skilled people to build Standard Oil into one of the most successful companies in U.S. Hard work is a common theme among history's most successful people, ranging from Ben Franklin to Beyoncé, and it seems to be a cornerstone of success. However, he put large amounts of time and effort into the front-end of his career. Years after founding Standard Oil, his business became mainly self-sustaining and scaled back his involvement. Soon afterward, he started his own partnership and made significant amounts of money trading commodities before even entering the oil business.

This hard work payed off, and he quickly moved up at the company he was working for.

John D Rockefeller, Sr, worked all day, every day when he was beginning his career in Cleveland.

Put in the hours of hard work, especially early in your career.

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