The Legacy Of John D. Rockefeller

John D. Rockefeller was a person who began his life as a very poor man, but ended up being worth millions. Born on July 8th, 1839 in Richford (New York), he lived part of his youth in Cleveland. William Avery Rockefeller is often described as being a conman or peddler. He would pretend he was someone else and then charge for advice. John grew as a young child in an unusual environment. He had little to no relationship with father. He was very responsible, worked hard and had good sense of business. He would, for example, buy penny candies in bulk from a wholesaler then sell them at twice the cost to kids around the neighborhood. He was smart and excelled at accounting. He used a ledger to track his money, just like professional accountants. Later, he began his career as an accountant. John became successful in business because, as a child, he had no basic guidance from father. John gave away his fortune in order to restore his family’s reputation. When he visited New York, it was said that he gave dimes to children on the street. It helped to improve the family reputation, and in particular that left by his father.

John D. Rockefeller started his oil business at the age of 23 with his brother William. In 1870, the Standard Oil Company of Ohio was formed. Rockefeller made a smart move by learning about all aspects of the oil industry, from drilling to refining oil into gasoline. He was able control his entire business by doing so. It was his goal to dominate oil and he managed to do so. He was nicknamed the oil baron. His business showed him little compassion towards his employees. He viewed business as a jungle in which only the strongest survive. Standard Oil was his domain, and because he had complete control over it, he made millions while producing a quality product at a low price. He also controlled a number of businesses that dealt with oil. Standard Oil controlled 95% in 1880 of the refining oil business across the country. Rockefeller moved to New York City his headquarters in order to establish relations with other oil-dependent countries. Standard Oil became a Trust and Rockefeller broke the company down into 34 companies. In business, he had to be ruthless to become the first billionaire. He was ruthless in business and ruled Standard Oil with absolute authority. He showed little respect to everyone, focusing on the bottom-line. Rockefeller, a successful businessman at the time, was respected by most people. They criticized his methods for building up his oil company but also criticized them. Rockefeller’s charities gave money to many people. Over $500 million was given to various foundations and charities during his life. He raised teacher salaries, supported homeless shelters and tried to soften the image of a businessman who was ruthless. Rockefeller Foundation enabled him to help those who most needed money. John D. Rockefeller’s image is divided between those who see him as a captain and those who view him as a criminal baron. Rockefeller in my view was a criminal baron because of many factors. He wanted to control all businesses, including railroads. So he threatened them. He was cruel in his business practices and did not hesitate to fire people. He was more concerned about his own financial gain than he was about the welfare of others. He was a very wealthy man who was generous with his wealth, but he was also ruthless in how he made it to the top. He was more like a robber than a businessman.