#148 John D. Rockefeller (Autobiography)

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Oct 11, 2020

Dive into the fascinating world of John D. Rockefeller as he shares episodic memories that shaped his empire. Relationships are highlighted as the foundation of success, emphasizing teamwork and trust. Hear about the importance of preparedness during financial crises, illustrated by a pivotal fire in the refining industry. Discover how Rockefeller's early experiences influenced his work ethic and leadership. Plus, gain entrepreneurial wisdom through practical advice on vision, fairness, and embracing feedback.

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ANECDOTE

Rockefeller's Silent Tactic

Rockefeller used silence and surprise to win against his bullying business partners.
They underestimated him, but he quietly secured financing and bought out the company at auction.

ADVICE

Value Relationships

Prioritize and nurture strong relationships throughout your life. Rockefeller emphasizes their profound impact, especially in later years.

INSIGHT

Submerged Identity

Rockefeller, despite his fame, submerged his individuality within Standard Oil. He prioritized "we" over "I," emphasizing partnership and shared success.

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Titan

The Life of John D. Rockefeller, Sr.

Ron Chernow

This biography by Ron Chernow provides an in-depth look at John D. Rockefeller, Sr., the founder of Standard Oil and one of the most influential figures in American history. Drawing on unprecedented access to Rockefeller’s private papers, Chernow reconstructs Rockefeller’s troubled origins, his single-minded pursuit of wealth, and his profound religiosity. The book also delves into Rockefeller’s philanthropic efforts, including his generous donations to the Rockefeller Foundation, the University of Chicago, and Rockefeller University. Chernow’s narrative synthesizes Rockefeller’s public and private lives, revealing a complex and multifaceted individual who was both a ruthless businessman and a devoted philanthropist. The book captures a pivotal moment in American history, documenting the post-Civil War shift from small businesses to giant corporations and featuring cameos by notable figures such as Ida Tarbell, Andrew Carnegie, and J.P. Morgan.

Random reminiscences of men and events

John D Rockefeller

This book is a personal account of John D. Rockefeller's life and career, focusing on his encounters with influential people in the business world, particularly those involved in the Standard Oil Company. It includes reflections on his early partnerships, the development of the oil industry, and various business principles. Rockefeller shares stories of his daily and intimate companionship with his partners and associates, highlighting the importance of relationships and pivotal moments in his career. The book also touches on philanthropy and the challenges of giving, as well as Rockefeller's views on the happiness and moral responsibilities of wealthy individuals.

Shoe Dog

Phil Knight

Shoe Dog is a memoir that chronicles the journey of Phil Knight as he builds Nike from its humble beginnings as Blue Ribbon Sports. The book is a personal and detailed account of Knight's experiences, from his early days selling Japanese running shoes out of the trunk of his car to the global brand Nike is today. It highlights his relentless work ethic, the challenges he faced, and the key relationships with his partners and employees that were crucial to the company's success. The memoir also touches on Knight's personal life, including his family and the emotional struggles he encountered along the way[1][3][4].

Hard Drive

Bill Gates and the Making of the Microsoft Empire

Jim Erickson

James Wallace

This book is a detailed exposé of Bill Gates' life and the early days of Microsoft. The authors follow Gates from his childhood as an unkempt thirteen-year-old computer hacker to his present-day status as the most powerful and feared player in the computer industry. The book provides a balanced analysis of Gates' business triumphs and his driven personality, including his singular accomplishments, brattiness, arrogance, and hostility. It also delves into the intense atmosphere at Microsoft, the company's strategic positioning, and key events such as the partnership with IBM and the development of MS-DOS and Windows[1][3][5].

Conspiracy

Ryan Holiday

In 'Conspiracy', Ryan Holiday chronicles the intricate and ambitious plot by Peter Thiel to take down Gawker Media. The book is based on interviews with key players and delves into the strategic and philosophical underpinnings of Thiel's actions. It examines the intersection of power, privacy, and free speech in the digital age, highlighting the ruthless and brilliant tactics employed by Thiel. The narrative transcends a simple tale of a billionaire vs. a media empire, offering insights into the broader implications for culture and society.

What I learned from Random Reminiscences of Men and Events by John D. Rockefeller.

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[0:16] These incidents which come to my mind to speak of seemed vitally important to me when they happened, and they still stand out distinctly in my memory.

[2:43] That sounds funny, making friends among the eminent dead, but if you go through life making friends with the eminent dead who had the right ideas, I think it will work better in life and work better in education. — Charlie Munger

[3:07] On Founders #16 I covered the biography of Rockefeller. Titan: The Life of John D. Rockefeller.

[3:19] Rockefeller prioritized silence and using the element of surprise by not telling people what he was up to.

[3:54] The book I read for Founders #31 Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue by Ryan Holiday.

[5:02] They woke up and saw for the first time that my mind had not been idle while they were talking so big and loud.

[5:35] He's attempting to buy out one of his competitors and he says, “I have ways of making money that you know nothing about.”

[6:00] One thing that he mentioned over and over again in this book is the importance of relationships. That relationships make life better.

[7:45] Having created an empire of unfathomable complexity, he was smart enough to see that he had to submerge his identity in the organization.

[13:01] We went pretty rapidly in those days. We had with us a group of courageous men who recognized the great principle that a business cannot be a great success that does not fully and efficiently accept and take advantage of its opportunities.

[15:52] It was a friendship founded on business, which Mr. Flagler used to say was a good deal better than a business founded on friendship, and my experience leads me to agree with him.

[18:09] Perhaps they will not be useless if even tiresome stories make young people realize how, above all other possessions, is the value of a friend in every department of life without any exception whatsoever.

[20:26] I know of nothing more despicable and pathetic than a man who devotes all the waking hours of the day to making money for money’s sake.

[24:35] This casual way of conducting affairs did not appeal to me.

[28:07] I grew up watching Michael Jordan play. My generation saw the highlights. They saw the fancy stuff. What I saw was his footwork. I saw the spacing. I saw the timing. I saw the fundamentals of the game.

[30:58] Go to sleep on a win and you wake up with a loss: As our successes began to come, I seldom put my head upon the pillow at night without speaking a few words to myself in this wise: “Now a little success, soon you will fall down, soon you will be overthrown. Because you have got a start, you think you are quite a merchant; look out, or you will lose your head — go steady.” These intimate conversations with myself had a great influence on my life. I was afraid I could not stand my prosperity and tried to teach myself not to get puffed up with any foolish notions.

[34:58] If the present managers of the company were to relax efforts, allow the quality of their product to degenerate, or treat their customers badly, how long would their business last? About as long as any other neglected business.

[38:04] Meet your troubles head-on: I have spoken of the necessity of being frank and honest with oneself about one’s own affairs. Many people assume that they can get away from the truth by avoiding thinking about it, but the natural law is inevitable, and the sooner it is recognized, the better.

[38:49] Don’t deceive yourself by trying to take shortcuts. You have to build a strong foundation for your business and for your life. And that takes time. If you do that correctly you're going to gain a level of efficiency that the people that are looking for shortcuts, and cutting corners, are never going to enjoy.

[40:48] We were gradually learning how to conduct a most difficult business.

[43:08] Focus. Study how the great fortunes were made. It wasn’t a scattershot approach: We devoted ourselves exclusively to the oil business and its products. The company never went into outside ventures but kept to the enormous task of perfecting its own organization.

[44:01] Two people can run the same business and have vastly different results: Amp It Up.

[50:27] Don’t even think of temporary or sharp advantages. Don’t waste your effort on a thing which ends in a petty triumph unless you are satisfied with a life of petty success.

[54:42] Don’t do anything someone else can do. —Edwin Land: The one thing which such a business philosopher would be most careful to avoid in his investments of time and effort or money, is the unnecessary duplication of existing industries. He would regard all money spent in increasing needless competition as wasted.

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