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How He Built An Empire: J.P. Morgan’s Success Factors

Article Overview: When J.P. Morgan was at the peak of his career, the Wall Street Journal had this to say of his success: “God made the world in 4004 B.C. and it was reorganized in 1901 by J.P. Morgan.”

How He Built An Empire: J.P. Morgan’s Success Factors

When J.P. Morgan was at the peak of his career, the Wall Street Journal had this to say of his success: “God made the world in 4004 B.C. and it was reorganized in 1901 by J.P. Morgan.”

Never again would any single individual have as much influence over America and its money as did J.P. Morgan. As one of the wealthiest men in the world at the turn of the century, it wasn’t the millions he had amassed that formed the basis of his power, but rather the billions he had control over. Born into aristocracy, Morgan was nonetheless able to build significantly on the success of his father. How did he do it?

He Was Practical. There can be no doubt that Morgan was a dreamer, occupying his time thinking of grand schemes and larger-than-life business deals. But, he never lost himself in the clouds. He knew that in order to achieve success on the scale that he dreamed of, he needed to take practical and concrete steps in that direction. Thus, through education and taking on junior positions at investment firms and banking houses, Morgan took the time he needed to gain the experience that would enable him to realize his dreams.

He Developed Character: Above anything else, Morgan prided himself on his reputation as a man of trust and character. People who engaged in business with him knew what they could expect from him and he expected the same from others. It was only by creating a solid and trustworthy reputation that Morgan was able to become the successful financier that he was.

He Took Control: It seems as if when Duncan, Sherman and Co. first hired Morgan, they forgot to tell him that he was just a junior accountant. Or if they did, he didn’t listen. It didn’t matter whether Morgan was president of his own company or on the bottom rung of another organization, he was a born leader who took charge of the situation. He wasn’t afraid of taking risks and achieved success by going after opportunities when they presented themselves.

He Followed His Passion: Morgan was born with business in his blood and it was only a matter of time before he realized it and unleashed his potential. He was hands-on in his career not because he had to be, but because he wanted to be. There was no aspect of business that did not excite Morgan and it was this passion that kept him coming back for more under any circumstance.

He Understood His Surroundings: From his competitors to his partners to the industry itself, Morgan did the research. He knew that in order to be the best, he had to know whom exactly he was dealing with. By informing himself and being aware of both the limits and the possibilities, Morgan was able to make the kind of smart business decisions that would take him to the top.

“Anyone can be a millionaire, but to become a billionaire you need an astrologer,” Morgan once said. Whether the stars were on his side or not, Morgan devoted his life to his business, becoming one of the most important and influential entrepreneurs of modern history.

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Article Tags: aristocracy, banking houses, born leader, business deals, concrete steps, financier, god made the world, investment firms, j p morgan, junior accountant, junior positions, larger than life, life business, morgans, no doubt, sherman and co, success god, turn of the century, wall street journal, wealthiest men in the world



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