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Personality traits and leadership style
Personality traits and leadership style
Personality traits and leadership style
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Oil has always been a coveted natural resource. Oil was discovered in the United States in 1859; since it was a young industry, it was without any structure. That is where John Davison Rockefeller stepped in. John Rockefeller was at one point one of the richest men in the world, monopolizing the oil industry which played a major role in shaping the economy. John D. Rockefeller was born on July 8, 1839 in Rickford, New York. He grew up in a very poor family. His father was William Avery Rockefeller. He claimed to be a doctor, who for $25 would cure various diseases. His mother was Eliza Davison Rockefeller. She was the role model who taught Rockefeller his values and morals (Poole). John Rockefeller was the second child. Altogether he had five brothers and sisters (Outman 139). As a child he was very business smart. At the young age of 12 he loaned $50 to a famer. He charged a 7% interest. When he was older he said this about the business deal, “The impression was gaining ground with me that it was a good thing to let money be my servant and not make myself a slave to money” (Poole). To be a good business man it is important be highly educated. John D. Rockefeller went to middle school at Owega Academy in Owega, New York. He exceled at preforming difficult math problems in his head. In all his other classes he was an average student. He attended high school in Cleveland, Ohio. He exceled in math and was on the debating team. His school emphasized public speaking which would help him later in life. When he graduated from high school he went on to college. He attended a ten week college called Folson’s Commercial College. Some of his studies included bookkeeping, penmanship, business history, banking, and exchange just to nam... ... middle of paper ... ...ichest men in the world, monopolizing the oil industry, which played an important role in shaping the economy. In today’s oil business Rockefeller’s effect can still be seem in business strategies, values, and competitive logic. The oil business is now structured and very competitive. It also plays many important roles in the economy. Works Cited Morris, Joe Alex. “The Rockefellers”. Saturday evening post 223.27. (1950): 14-16. Master file premier. Web. 31. Jan. 2014. Outman, James and Elizabeth Outman. “John D. Rockefeller.” Industrial Revolution Biographies. Farm Hills: Thomson Gale, 2003. 139-147. Print. Poole, Keith, “Biography John D. Rockefeller.” Public Broadcasting Service. 2012. July 2012. Web. 26. January. 2014. Pratt, Joseph A. “Exxon and the Control of Oil.” Journal of American History. 99.1 (2012): 145-154. Academic search elite. Web. 26. Jan. 2014.
Rockefeller even wrote in a letter to a partner, "we must remember we are refining oil for the poor man and he must have it cheap and good" (83).
Fifth Edition Vol 2, New York: Longman, 1999. Hidey, Ralph W. and Muriel E. "History of Standard Oil Company (New Jersey), Vol. 1" Pioneering in Big Business" " Taking Sides Clashing Views on Controversial Issues in American History" eds.
Rockefeller was a Robber Baron for the simple reason that he was greedy and selfish. He has treated his workers horribly and did use his money for others. He used aggressive tactics to get to where he was.
These industrialists are the pillars of the American society due to the successful outcomes of their hard works. Andrew Carnegie and John D. Rockefeller were both born in an underprivileged families. Andrew Carnegie and John D. Rockefeller became the breadwinner of the family at a young age. They both worked hard despite of being born to a
Andrew Carnegie and John D. Rockefeller: Captains of industry, or robber barons? True, Andrew Carnegie and John D Rockefeller may have been the most influential businessmen of the 19th century, but was the way they conducted business proper? To fully answer this question, we must look at the following: First understand how Andrew Carnegie and John D. Rockefeller changed the market of their industries. Second, look at the similarities and differences in how both men achieved dominance.
...mpanies, it eventually came to the point where they couldn’t keep up and eventually became a part of Standard Oil. By the time Rockefeller had reached the age of 40, his company had controlled all national oil refining by 90% and about 70% of international export of said oil.
Mooney, Richard. "Banker of America." The Boston Globe 4 Apr. 1999: L1 "Powerful house of Morgan Changes with the Times." The San Diego Union-Tribune 24 Feb. 1986: 18 Sinclair, Andrew. Corsair: The Life of J. Pierpont Morgan. Toronto: Little, Brown and Company, 1981.
Rockefeller was America’s first billionaire, and he was the true epitome of capitalism. Rockefeller was your typical rags-to-riches businessman, and at the turn of the twentieth century, while everyone else in the working class was earning ten dollars max every week, Rockefeller was earning millions. There has been much discussion as to whether Rockefeller’s success was due to being a “robber baron”, or as a “captain of industry”. By definition, a robber baron was an industrialist who exploited others in order to achieve personal wealth, however, Rockefeller’s effect on the economy and the lives of American citizens has been one of much impact, and deserves recognition. He introduced un-seen techniques that greatly modified the oil industry. During the mid-nineteenth century, there was a high demand for kerosene. In the refining process from transforming crude oil to kerosene, many wastes were produced. While others deemed the waste useless, Rockefeller turned it into income by selling them. He turned those wastes into objects that would be useful elsewhere, and in return, he amassed a large amount of wealth. He sold so much “waste” that railroad companies were desperate to be a part of his company. However, Rockefeller demanded rebates, or discounted rates, from the railroad companies, when they asked to be involved with his business. By doing so, Rockefeller was able to lower the price of oil to his customers, and pay low wages to his workers. Using these methods,
John Davison Rockefeller of English and German decent was born on July 8, 1839 in Richford, New York. He grew up in a family of six children him being the second. His father was William Avery Rockefeller a con artist and his mother was Eliza Davison a homemaker. Rockefeller’s father William was infamous for his notorious schemes. When Rockefeller was only a child his father was caught having an affair with their housekeeper Nancy and was also gone f...
The very origin of Standard Oil began with John D. Rockefeller himself. Rockefeller was born in Richford, New York in 1839 and he moved with his family to Cleveland, Ohio in 1853. By 1859, he established a business which dealt with hay, grain, meats, and other merchandise. He first saw a future in oil production in Pennsylvania in the early 1860s. He immediately established his own oil refinery in 1863 and became the largest refinery around the Cleveland area within two years (“John D. Rockefeller”).
In the late nineteenth century, the oil industry was open to everyone. Sensing the commercial potential of the expanding oil production in western Pennsylvania in the early 1860’s, he built his first oil refinery near Cleveland in 1863.(3) He created new oil related companies such as engineering and pipeline firms that seemed to be independent operators. Rockefeller and his close colleagues, Andrews and Flagler, secretly co...
Nixon taught himself to read before he entered to elementary school. He got accepted from Harvard with some scholarship; however, he was forced by his parents to stay because of financial difficulties. Rather than moving to the Eastern parts, he went to Whittier College in September 1930. He was interested in football, drama, and student government. He participated a lot in many activities. While he was studying at the college, he worked to earn money with his families, who still did not have enough money. Later, he went to Duke University’s law school with a full 4-year scholarship in 1934.
Numerous families living in small town America lost their income because of Standard Oil and forced hardship upon many. The legacy of John D. Rockefeller shall always live on as he has permanently shaped how this country looks. He has funded huge advancements in the fields of education and medicine along with starting the events to end lassiez-faire economics. The petroleum industry changed greatly during his career thanks to his research and completely new business methods were thought up of by him, some still in practice today.
The Standard Oil Monopoly John D. Rockefeller was the founder of the Standard Oil Company. He opened his first refinery in Cleveland, Ohio in 1863. In 1870 he created Standard Oil. By the 1890s, Rockefeller controlled 90% of the United States pipelines and refineries. Many critics of Rockefeller claim this was due to unfair business practices which gave him a monopoly on the oil market.
Granitz and Klein, in their analysis of the case, explain Rockefeller’s success in monopolizing the petroleum industry through transportation rather than refining. In contrast to the refining industry, there were only three railroads that transported petrol in 1870. Entry into the transportation stage was difficult because of high fixed costs. Therefore, it was possible to establish a cartel by “collusively agreeing to stabilize individual railroad market shares and by shifting petroleum shipments between railroads to enforce the agreement” (Granitz and Klein 1996, p. 2). The railroads facilitated Standard’s refinery acquisitions and prevented entry by setting high rates to non-Standard refiners. Rockefeller, very shrewdly, cooperated with the railroads t...