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Lesson #2: Strike Out A New Path

Article Overview: “If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success,” said Rockefeller.

Lesson #2: Strike Out A New Path

“If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success,” said Rockefeller.

Before Rockefeller entered the oil industry, he saw it as a vulgar environment. Oil workers were typically rowdy and uncouth and the atmosphere was filled with prostitution, gambling and alcohol. With low technological methods for refining and transporting oil, he also had difficulty seeing the industry’s profitable possibilities.

Rockefeller knew that the industry was one of instability. Fires were regular occurrences that would cause the prices of oil per barrel to sharply rise. Conversely, when new reserves of oil were discovered, prices would fall dramatically. For a man who prized order and control, the oil industry was the last place Rockefeller had planned on making his fortune.

But, rather than shy away from the difficulties that the industry posed, Rockefeller embraced them as challenges. He was determined to set the industry straight, convinced that he could make a profit doing things his own way. Thus, with determination and resolve, Rockefeller set out to not only reform the industry but also to control it. It was with this intention that Rockefeller decided to create Standard Oil in the first place. He needed an entity which could generate enough capital to begin acquiring his competitors.

When Rockefeller first established Standard Oil, he also wanted to give it a different structure than most other corporations of the day. Instead of giving his staff a regular salary, Rockefeller took the unprecedented step of granting stock to his officers. He believed that giving his workers a stake in the company would encourage hard work and make them prize the success of the company over individual bonuses.

Instead of purchasing barrels from someone else, Rockefeller decided to make his own at a cheaper cost. In doing so, Rockefeller noticed that 40 soldered rivets were being used to hold the wood together. He proceeded to ask the welder why 40 were being used. The welder replied that this was how he was trained. Rockefeller told the welder to try using just 38 rivets. When these new barrels burst upon being filled, Rockefeller suggested trying 39 rivets. That time, the barrels managed to sustain the oil. Not only did using one less rivet in his barrels save Rockefeller a small fortune over the years, but it also demonstrates his willingness to take chances and try the road less traveled.

“Don't be afraid to give up the good to go for the great,” said Rockefeller. For Rockefeller, running his business in the most efficient and profitable manner was more important than maintaining the status quo. It was of no concern to him how his competitors were doing things, unless he could improve upon them. From his equipment and technology to his secret deals with the railroads, Rockefeller wasn’t afraid to strike out on his own path. Indeed, this was what set him apart from his competitors and why he rose to the top when others were struggling to stay afloat.

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Article Tags: alcohol, atmosphere, challenges, corporations, fires, fortune, intention, occurrences, oil industry, oil workers, possibilities, prostitution, rivets, rockefeller, salary, stake, standard oil, technological methods, unprecedented step, worn paths



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