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J.P. Morgan: The Finance King Is Born

Forbes.com editors ranked him as the second most influential businessman of all time as well as the most important banker who ever lived. An American financier and banker, J.P. Morgan became one of the wealthiest men in the world, who created a reputation for himself after having rescued the U.S. government from financial nightmare, and after having created the world’s first billion-dollar company among other feats. The empire and the company he created live on to this day as the third-largest financial services firm in the U.S.

Financing the Future: J.P. Morgan Takes Off

Following the American Civil War, Morgan decided to get involved in the railroad business. Taking what he had learned both from his father and his own investment banking experience, Morgan began to purchase railroad companies that he noticed were struggling to stay afloat. He used his shrewd investment skills to take control of the notable Albany, Susquehanna, Philadelphia, New England and other railroad lines. Morgan then began to promote them to European investors, famously managing to sell 87% of New York Central Railroad stock without driving down the price.

Lesson #1: Take Small Steps To Big Ideas

“Go as far as you can see,” said Morgan. “When you get there, you’ll be able to see farther.”

Lesson #2: Build a Strong Reputation

As he testified before a House committee that was investigating his economic dominance over America, J.P. Morgan was asked whether commercial credit was based more on money or property. Morgan replied, “The first thing is character…before money or anything else. Money cannot buy it.”

Lesson #3: Take Charge

“The wise man bridges the gap by laying out the path by means of which he can get from where he is to where he wants to go,” Morgan once said. Known amongst his peers not only for his determination and abilities but also for his take-charge personality, Morgan knew what it took to get things done. A man devoted to his business, Morgan would do whatever it took to close a deal, no matter whose head he had to go over. With a clear vision in mind, Morgan took control over his situations, directing them towards the ends he desired.

Lesson #4: Do What You Love Most

Morgan was one of those lucky few who knew from the get-go what he wanted to spend his life doing. There was never any doubt in Morgan’s mind, or to anyone who knew him, that he was meant for a career in business. It had been his passion from day one; he breathed business and knew it like the back of his hand. He had a natural aptitude for wheeling and dealing and to deny this would have been America’s tragic loss. It was in listening to his heart and following his passion that Morgan was able to achieve such astounding success.

Lesson #5: Know Your Enemy

“A man always has two reasons for doing anything,” Morgan believed. “A good reason and the real reason.” Morgan was a mastermind when it came to knowing and being able to read his enemy. He knew his limits but he was able to sense theirs as well. He was thus able to navigate himself through the competition to end up on top.

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.”

J.P. Morgan Quotes

J.P. Morgan Quotes

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