![]() ![]() Standard’s moves were so quick and sweeping that it controlled the majority of refineries in the Cleveland area within two years. With success came acquisitions, as Standard began buying out its competitors. In 1870, Rockefeller and his associates incorporated the Standard Oil Company, which immediately prospered, thanks to favorable economic/industry conditions and Rockefeller’s drive to streamline the company’s operations and keep margins high. It didn't take much further success to convince Rockefeller to turn his attention full-time to the oil business. In 1863, he opened his first refinery, and within two years it was the largest in the area. With oil production ramping up in western Pennsylvania, Rockefeller decided that establishing an oil refinery near Cleveland, a short distance from Pittsburgh, would be a good business move. At the close of the company's first year in business, it had grossed $450,000.Ī careful and studious businessman who refrained from taking unnecessary risks, Rockefeller sensed an opportunity in the oil business in the early 1860s. Unafraid of hard work, he embarked on a number of small-business ventures as a teenager, landing his first real office job at age 16, as an assistant bookkeeper with Hewitt & Tuttle, commission merchants and produce shippers.īy the age of 20, Rockefeller, who'd thrived at his job, ventured out on his own with a business partner, working as a commission merchant in hay, meats, grains and other goods. Early Yearsīorn in Richford, New York, on July 8, 1839, John Davison Rockefeller moved with his family to Cleveland, Ohio, at the age of 14. ![]() Later in life, Rockefeller devoted himself to philanthropy. By 1882 he had a near-monopoly of the oil business in the United States, but his business practices led to the passing of antitrust laws. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company.
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