Name: Taha Badar

Registration No: 40429

Course: Introduction to
Entrepreneurship
Instructor: Abdur Rahman
Timing: Thursday (18:30 -21:30)
Submission Date: 3rd, October/2019
 John D. Rockefeller
John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the
world’s wealthiest men and a major philanthropist. Born into modest circumstances in
upstate New York, he entered the then-fledgling oil business in 1863 by investing in a
Cleveland, Ohio, refinery. In 1870, he established Standard Oil, which by the early 1880s
controlled some 90 percent of U.S. refineries and pipelines. Critics accused Rockefeller of
engaging in unethical practices, such as predatory pricing and colluding with railroads to
eliminate his competitors, in order to gain a monopoly in the industry. In 1911, the U.S.
Supreme Court found Standard Oil in violation of anti-trust laws and ordered it to dissolve.
During his life Rockefeller donated more than $500 million to various philanthropic causes.

Successes:
Monopoly of oil industry, wealth, philanthropy, the world’s richest man and first billionaire. He
established the first trust in America. He stood by his beliefs and everything he did was governed
by this belief. He continually found ways to cut costs and increase efficiency in all the processes
this led to a decrease in price and significant differentiation from competitors.

Failures:
Press scrutiny, business methods, anti-trust laws, Supreme Court decision, university of Chicago–
led to a breakdown, the titan started relinquishing power and responsibilities.

I was early taught to work as well as play,

My life has been one long, happy holiday;
Full of work and full of play—
I dropped the worry on the way—
And God was good to me every day.
John D. Rockefeller Jr.