Even in his youth, Rockefeller demonstrated his entrepreneurial drive. By the age of 12, he had accumulated savings exceeding $50 through various odd jobs and raising turkeys for his mother. Encouraged by his mother, he even lent $50 to a local farmer at a 7% interest rate, with the repayment due in one year.
In 1853, the Rockefeller family relocated to Ohio, where, two years later, young John left high school to enroll in a six-month business course at college. This comprehensive program covered topics such as single- and double-entry bookkeeping, penmanship, commercial history, mercantile customs, banking, and exchange. Completing the course in a remarkable three months, he then spent six weeks actively searching for employment. At the age of 16, he secured a position as a bookkeeper at the Cleveland firm of Hewitt & Tuttle, rapidly advancing to the roles of cashier and bookkeeper within a few months.
On March 1, 1859, several months before his 20th birthday, Rockefeller embarked on his own business venture. Teaming up with his neighbor Maurice Clark, they each contributed $2,000 to establish Clark & Rockefeller as commission merchants dealing in grain, hay, meats, and various goods.
In 1863, Rockefeller and Maurice Clark entered the thriving oil refining industry in Cleveland, Ohio. Joining forces with experienced partner Samuel Andrews (1836–1904), they founded an oil company.
Within two years, the partnership expanded to include five individuals, but disagreements arose concerning management. Consequently, Rockefeller bought out the other partners and, along with Andrews, launched a new company. On January 10, 1870, he dissolved the existing partnership and formed the Standard Oil Company (Ohio) as a joint-stock corporation, assuming the role of president. His brother William served as Vice-President, and Flagler became secretary/treasurer.
By 1872, Standard Oil had gained controlling interests in nearly all oil refineries in Cleveland, as well as two in New York. From 1882 until its dissolution in 1911, Standard Oil held significant sway over oil production, processing, marketing, and transportation in the United States. During this era, Rockefeller ranked among the world's twenty wealthiest individuals.
John D. Rockefeller passed away in 1937 at the age of ninety-seven, at his residence in Florida.
John D. Rockefeller - Industrialist and founder of Standard Oil Company
