Lesson #2: Strike Out A New Path
Lesson #2: Strike Out A New Path
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.
Lesson 2 Strike Out A New Path
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“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.
Lesson 2 Strike Out A New Path
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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