John D. Rockefeller came from a humble background but became one of the wealthiest men in the world through his business venture, Standard Oil Company.
At one time, he controlled close to 90% of all United States pipelines and refineries.
The Standard Oil Company became so big that the United States Supreme Court found it violated the Sherman Antitrust Act and ordered its separation into smaller entities.
“The most important thing for a young man is to establish a credit… a reputation, character.” – John D. Rockefeller
The Life Story of John D. Rockefeller
Rockefeller’s success in the business world came from more than just luck and coincidence. He possessed notable traits that helped him prosper, for example, courage, perseverance, tenacity, and cool-headedness.
Let’s dive into his life to see how he became the most successful businessman of his time.
Birth and Childhood
John Davison Rockefeller came to the world on July 8th, 1839, in Richford, New York. His father, William Avery Rockefeller, worked as a traveling salesman/doctor who often conned clients to get cured of cancer at $25 per treatment.
He was never home and rarely helped with supporting the family. We don’t know much about Rockefeller’s mother, Eliza Davison Rockefeller, except that she was a staunch
Christian and disciplinarian. She taught John the art of saving and helping others.
“I know of nothing more despicable and pathetic than a man who devotes all the hours of the waking day to the making of money for money’s sake.” – John D. Rockefeller
Rockefeller learned how to save and invest at a very young age. By age 12, he had more than $50 in savings from selling candy in school, raising turkeys, and working for friends and neighbors.
He then loaned his saved $50 to a local farmer who promised to pay it back in one year at 7% interest. This investment taught Rockefeller to let money work for him instead of vice versa.
During an interview in 1904, Rockefeller said that he learned to make money his servant rather than become enslaved to it.
Education
The Rockefellers relocated to Owego, New York, in 1851, during which he joined Owego Academy a year later.
He excelled in mathematics but averaged in other subjects. Rockefeller’s family later moved to Cleveland, Ohio, where he attended high school from 1853 to 1855.
He continued shining in arithmetic while crafting his debate and public speaking skills.
Upon graduating high school, Rockefeller enrolled in a ten-week accounting and bookkeeping course at Folsom’s Commercial College.
His colleagues described him as studious, disciplined, and reserved. He also fostered a love for music to the point he contemplated pursuing music.
Early Career
Rockefeller got a job as an assistant bookkeeper in a production commission company called Hewitt & Tuttle immediately after leaving Folsom’s Commercial College. This job served as his first business lesson.
He learned to calculate transportation costs and expenses, negotiate with suppliers and collect and manage payables.
Rockefeller worked at Hewitt & Tuttle until 1859. His colleagues described him as responsible and honest.
He would never sign out a questionable bill of lading or engage in fraud. Rockefeller ventured into his first business that same year, forming Clark & Rockefeller with his business partner Maurice Clark.
The two partners traded in grain, meats, and hay, among other agricultural products.
Rockefeller and Clark grossed $450,000 in the first year, earning $4,400 in profits. By the end of 1861, gains amounted to $17,000.
Despite being in a competitive business, the two partners excelled in their startup, partly due to Rockefeller’s savviness.
Founding and Growing Standard Oil Company
Rockefeller and Clark expanded their business rapidly during the Civil War, majoring in grain merchandising. Ever the keen strategic planner, Rockefeller saw another opportunity in railroad transportation.
However, he felt that raw industrial materials were the future of rail transportation, not agricultural goods.
Seeing an opportunity, Rockefeller entered the oil refinery business in 1863, forming the Andrews, Clark & Company with two other partners.
He worked hard to reduce oil wastage by purchasing his own plumbing equipment, designing the oil barrels, and buying wagons for efficient transportation.
In 1865, Rockefeller bought out his partners for $72,500, acquired through a loan, and formed Rockefeller and Andrews. His oil refinery was now the largest in Cleveland.
“I always tried to turn every disaster into an opportunity.”- John D. Rockefeller
Rockefeller also saw an opportunity in kerosene, which he could use to light people’s homes. At the time, kerosene (a petroleum derivative) was discarded as waste.
Ever the opportunist, Rockefeller began extracting it from oil. He founded the Standard Oil Company in 1870 with business partners William Rockefeller (his younger brother), Henry Flagler, and other investors.
The Standard Oil Company monopolized the oil industry by buying and putting competitors out of business.
By the late 1880s, the company controlled 90% of the refineries and pipelines in the United States.
The company became a target for the Supreme Court, which, in 1911, ordered its separation into smaller companies.
Rockefeller retired from daily operations at Standard Oil in the 1890s. He spent the remainder of his life donating money towards charitable courses and fighting the antitrust suit.
Personal Life
John Rockefeller married Laura Celestia Spelman in 1864. He credited his ability to make the best investments to her. Rockefeller and Laura had five children, a son and four daughters.
Like his mother, Rockefeller was also very religious. He read the Bible daily and always participated in church activities.
His goal was to make as much money as possible and donate it. He considered his money-making skill a God-given ability.
Death
John Davison Rockefeller took his last breath on May 23, 1937, in Ormond Beach, Florida.
His net worth totaled $26,410,837 at his death, having given most of his money to charity. He was laid down to rest at Lake View Cemetery in Cleveland.
Conclusion
Rockefeller learned from a very young age to let money work for him. However, he wasn’t all about getting rich for the sake of it.
Rockefeller donated most of his fortune to religious, scientific, and educational causes.
He funded the construction and opening of the Rockefeller Institute for Medical Research (now called Rockefeller University) and the University of Chicago.
Rockefeller serves as an inspiration to many entrepreneurs who aim to achieve such heights of success.
“Charity is injurious unless it helps the recipient to become independent of it.” – John D. Rockefeller
John D. Rockefeller Timeline
John D. Rockefeller Timeline 1839:
Rockefeller is born in Richford, New York.
1852:
Rockefeller attends Owego Academy in New York.
1853:
Rockefeller moves to Cleveland, Ohio, with his family.
 1855:
Rockefeller studies bookkeeping at Folsom’s Commercial College and works as an assistant bookkeeper at a produce commission firm that bought, sold, and shipped grain, coal, and other commodities.
 1859:
Rockefeller establishes his produce commission firm, Clark & Rockefeller, with his business partner Maurice Clark.
1863:
Rockefeller forms the Andrews, Clark & Company with some associates.
 1864:
Rockefeller marries Laura Spelman.
 1865:
Rockefeller buys out his associates, the Clark Brothers, and establishes the firm Rockefeller and Andrews.
 1870:
Rockefeller, his associates, and his younger brother William found the Standard Oil Company of Ohio, with Rockefeller as president and largest shareholder.
 1882:
Standard Oil buys rival oil refineries and combines them into the Standard Oil Trust, giving Rockefeller a near monopoly of US refineries and pipelines.
 1890s:
Rockefeller retires from day-to-day operations in Standard Oil.
 1911:
Rockefeller dissolves the trust after the Ohio Supreme Court rules that it is a violation of the state’s antitrust law and transfers its properties to companies in other states.
1897:
Rockefeller retires from day-to-day business operations and focuses on philanthropy, donating to educational, scientific, and charitable institutions.
 1937:
Rockefeller dies in Ormond Beach, Florida.
Frequently Asked Questions
The information in this post answers many of the questions about John D Rockefeller. This section provides a summary and any additional information.
1. What was John D Rockefeller famous for?
John Rockefeller was known for being one of the wealthiest men alive.
He is famous for being a co-founder of the Standard Oil Company, which dominated the oil industry in the U.S., and being a philanthropist who positively impacted charitable and educational Institutions, like founding universities such as the University of Chicago.
2. Was John D Rockefeller a millionaire or a billionaire?
John D. Rockefeller was a billionaire. In 1937, Rockefeller’s $1.4 billion net worth was equivalent to 1.5% of the US GDP.
3. How did John D Rockefeller get so much money?
John D. Rockefeller was a business magnate and entrepreneur. He accumulated most of his wealth from his company, the Standard Oil Company. His net worth increased over the years as petroleum derivatives and by-products such as gasoline, kerosene, and petroleum jelly grew in popularity.
4. Did John D. Rockefeller treat his workers well?
John D. Rockefeller was famous for treating his workers with fairness and generosity.
He wanted every employee to be invested in the company’s success. As a result, his workers respected him and worked hard.
Critics, however, charged that his labor practices were unfair, and some pointed out that he could have paid his workers a fairer wage.
5. How much money did Rockefeller give away in his lifetime?
Rockefeller donated over $500 million to various educational, religious, and scientific causes through the Rockefeller Foundation.
Facts:
Rockefeller Celebrated His First Job Anniversary Every Year.
To Avoid Civil War Combat, Rockefeller Hired Substitute Soldiers.
If Churchill’s Price Hadn’t Been So High, He Would Have Written Rockefeller’s Biography.
Rockefeller Became the World’s Richest Man in 1916.
John D. Rockefeller Never Smoked or Drank Alcohol.
He Transformed a Small Baptist College Into a Major Institution by Giving $35 Million to the University of Chicago.