John D Rockefeller
John D Rockefeller was born into a family of modest means on July 8, 1839 in Richford, New York. He lived a life of hard work and entrepreneurship, and his business acumen led to success.
Early Business Ventures
A natural businessman, he was studious and cautious in his early dealings, taking the time to carefully evaluate each of his business decisions before making them. He drew on his father's expertise to learn how to draw up contracts, negotiate deals, and handle money.
Entry into the Oil Industry
In his earliest years, Rockefeller began working for a Cleveland commission firm that bought, sold, and transported grain, coal, and other commodities. He had such a strong work ethic that he even commemorated the day he started his first job, September 26, as the "job day."
When he was 16, he learned about the oil industry from his father and began to pursue it full-time. He founded the Standard Oil Company in 1870 and was its president until 1911.
Success and Legal Challenges
The company was an enormous success, but it also ran into legal problems. In 1890, the United States government passed the antitrust law, which aimed to break up monopolies. As a result, Rockefeller was unable to achieve total control of the oil market.
Philanthropy and Legacy
Rockefeller used his considerable wealth for philanthropy, donating hundreds of millions of dollars over the course of his lifetime. He helped establish the University of Chicago and later, Rockefeller University.
Rockefeller gave money to many other causes as well, including public health, education, and medicine. He worked with his son and with Frederick Taylor Gates to develop a scientific, efficient approach to philanthropy.
By the mid-1890s, his fortune had peaked, and he began to use it primarily for philanthropy. He and his son formed the Rockefeller Foundation, which still manages a large part of their fortune, to support a variety of charities.
When he died in 1937, his fortune had reached over $900 million. He had given away almost all of his money but had left a significant sum for the University of Chicago and for the Rockefeller Institute for Medical Research.
He also established the General Education Board, a group that helped high schools in the South. The board provided free professional advice to improve instruction and raise academic salaries.
The board was able to help establish more than 2,500 high schools in the South by 1909.
After Rockefeller's death, his estate was distributed to other charitable causes. The foundations that he had set up, in turn, donated over $250,000,000 to the causes they supported.
One of his last philanthropic ventures was the creation of the Rockefeller Foundation in 1913 to aid public health issues. He and his wife, Abby, gave away more than $50 million to this organization by 1929.
Rockefeller also established the University of Chicago and the Rockefeller University, which are renowned for their education programs. He also made major donations to many other institutions of higher learning, such as the Massachusetts Institute of Technology and Harvard.
