What we can learn from Rockefeller, Carnegie, JP Morgan, Henry Ford, Vanderbilt about wealth?

Описание: #WealthUniversity is like the Ted Talks for Wealth. Go to http://www.wealthuniversity.org for more information.

HERE ARE THE NOTES

Men who built America

1. Innovation is something you should be doing daily
2. Vanderbilt
a. Largest shipping fleet in world – sold everything and bought railroads
b. Then challenged again and managed to secure all oil (next future industry)
i. Railroads were overbuilt
3. Rockefella
a. Nearly bankrupt and people said he should call it a day
b. He is a man of destiny
c. Business is about understanding people
i. Who to embrace
ii. Who to push over
iii. Who you need to get rid of
d. Rockefella knew his price before he went
e. He over-promised by more than half
i. Got exclusivity
f. Needs to find a way to produce more
g. Daunting task but been beating the odds all his life
h. Uses hard work and intuition
i. Entrepreneurs look at life that is changing and say I can create a business out of that
j. Make money from oil without risk
k. You need the scientist
l. Gamblers drill for oil, refiners control it
m. At 24 years old invests everything he has into his first refinery
n. Failure is not an option
i. Most successful people who had the right idea but never ever give up
ii. They don't quit
o. Branding – quality – Standard Oil
i. Salesmen who make the money
p. Became most sought after product and investors came flocking
q. Rockefella goes to the competition
i. Plays railroads against each other
ii. Railroads in his pocket
iii. With profit buys out his competitors
iv. Hold heads high
1. Take standard Oil stock you and your loved ones will never know want
v. Owned over 90% of USA oil and most powerful man in country
vi. He had ruthlessness that was divinely inspired
vii. He can do whatever it takes to win – he loves to win
viii. Entrepreneurs that's your nature
ix. Built pipeline to cut out the railroads
1. Massive risk, but if it succeeds he wins
r. Jack Welch
i. Innovation and leap frogging competition
s. Railroads for 25 years back bone of USA industry and Rockefella takes them on
4. Crisis happens when it is unexpected
5. 1873 is first depression in USA
a. Rockefella bought up all competition
b. Lot of opportunity in bad times
c. Survival of the fittest
6. Carnegie
a. Worked from 12 years old
b. No reward without risk
c. Nothing is impossible
d. Looking into the future, see that future and willing to put everything into creating that future
e. Embrace failure and the fear of failure – if you cant you cant be successful
f. Difference between people who succeed and fail is what you do with your fear?
g. Faith and optimism
h. Modern America is built on Carnegie steel
i. Great partnerships is you need someone completely opposite to you
j. If you the first in any industry you have the advantage over everyone else
k. Having an enemy is what ups the game for everyone
i. Carnegie vs Rockefella
l. Great people hire experts which are good at what they are not
7. JP Morgan
a. Consolidated broken companies
b. Like him or not he got things done
c. Finance was industry who is going to command all other business
d. Meets Edison and sees the electric light bulb and knows it will change the world forever.
e. Entrepreneurs look inside to find it and then find the courage to build it and promote it
f. JP Morgan invests everything he has in electricity
g. Transformative inventions & entrepreneurial impact start small and no one understands or notices. They take time and then they break through – impact is far broader than anyone can imagine
i. Believe in the idea and stick with it as it is going to be a tough road
h. Edison build giant distribution centres and make it cheap enough for the masses
i. Leaders need to take the invention and own it to ensure it comes to life
j. Lord Rothchild said the “best time to buy is when there is blood on the streets.”
k. Entrepreneurs want to fundamentally impact peoples lives
8. Donald Trump
a. You don't have to be ruthless you have to be smart
9. JP Morgan
a. Consolidate the cut throat competition in steel and bring them all together
b. Bring together competitors into a new company
c. Destiny is not a matter of chance it is a matter of choice
d. Creation of US Steel
i. Dominate for 100 years
ii. Bought Carnegie out for $480m which made him the richest man in the world
iii. Gave him what he asked for – crazy number but could see the bigger picture

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Resources

https://www.forbes.com/sites/dorothyp...