The Rockefeller name has entered history and become synonymous with wealth and success. Just hearing it, people immediately think of riches and achievement. This is all thanks to the founder of one of the most influential empires of the last century and the first dollar billionaire—John Rockefeller.

Before John Rockefeller, the term “billionaire” did not exist. He started from scratch and amassed a vast fortune. Throughout the twentieth century, no one managed to surpass his success. The story of this businessman continues to inspire budding entrepreneurs today.

The First Money

The future billionaire was born in July 1839 in the town of Richford, New York. He grew up in an ordinary American family. His mother was a housewife, and his father dabbled in trade. It was his father who sparked John’s interest in entrepreneurship. The boy gained his first knowledge about how business works from his dad. He quickly understood how to buy and sell profitably and earned his first money by the age of seven.

These were symbolic amounts that neighbors rewarded him for helping with household chores. However, it was from these small earnings that John’s entrepreneurial journey began. He already started keeping track of profits, noting down his income and expenses. John also knew how to save. His mother taught him this. His father’s love for risky deals often left the family short on money, and Mrs. Rockefeller had mastered the basics of frugality.

She also imparted to her son the principle he would follow throughout his life: never stop working and saving. By the time he turned thirteen, John had saved a decent amount, which allowed him to make his first business deal. The enterprising boy loaned a neighbor fifty dollars at an interest rate of 7.5% per annum.

Finding Himself

After school, the young man enrolled in college to study accounting. However, he found the study without practical knowledge so unappealing that he soon dropped out. Rockefeller decided to dive straight into practice. He spent just three months learning the basics of accounting and began searching for a job.

He didn’t find one immediately, even though he was well-prepared and eager to work. Another two months passed before John was hired as an assistant accountant. It was a small firm dealing in real estate, Hewitt & Tuttle. The new employee quickly worked his way up to manager, thanks to his admirable determination and discipline. However, he didn’t stay in that position for long. The boss offered the young man a ludicrous salary, three times less than what his predecessor had earned.

John refused to work for peanuts and left Hewitt & Tuttle. This was his first job as an employee, and it would also be his last. Subsequently, the future billionaire worked only for himself.

The Beginning of the Empire

After resigning, Rockefeller immediately met a partner with whom he founded his first business. This was his namesake, Englishman John Morris Clark. By pooling their resources, the men began selling agricultural products. With the onset of the Civil War in the United States, demand for their products increased. However, the funds that the businessmen had were not enough to fulfill all the orders. They needed to take out a loan. John was uncertain about the success but still approached the bank. He spoke personally with the director and impressed him with his sincerity. As a result, the company received the loan and was able to continue operations.

Trading in grain and hay proved to be profitable, but Rockefeller’s ambitions pushed him to move further. At that time, kerosene lamps, which used oil, were just emerging. He became interested in this field. Meeting with chemist Samuel Andrews turned out to be a turning point. He told John everything about oil, and John decided that this industry would bring him even greater profits.

He was right. The oil company he founded in 1870, Standard Oil, quickly became profitable and began to expand. Rockefeller negotiated with transportation companies to obtain lower prices for Standard Oil. He then acquired competing companies, as it was more advantageous for them to become part of his corporation than to pay enormous sums for transportation.

The First Billionaire in History

Gradually, John Rockefeller came to control 95% of the oil business in America. By 1880, Standard Oil had become the largest oil-producing corporation in the world. The Sherman Antitrust Act of 1890 did not harm the business; instead, John split one large company into thirty-four smaller ones. Since he retained the controlling stake in each firm, the businessman’s wealth continued to grow.

Thus, a vast oil empire was created, and Rockefeller earned three million dollars a year. This allowed him to first enter the list of the wealthiest people on the planet and then to top it. By the end of his life, the businessman’s capital amounted to nearly one and a half billion. Until the beginning of the twenty-first century, no one had managed to break his record.

Despite his wealth, the billionaire was not a spendthrift and remembered his mother’s advice. He invested in good real estate and had a personal golf course, but otherwise, he never flaunted his riches. He donated about 10% of all his income to charity.

John Rockefeller achieved everything he had dreamed of. He lived a long life and died at the age of ninety-seven. His empire served as a launching pad for many leading American oil companies.

What do you think of John Rockefeller’s story?