What You Can Learn From the Richest Person in History

John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist, widely considered the wealthiest American of all time and the richest person in modern history. Here is what he had to say about how he got there.

Lesson 1: People Will Try to Sabotage You

• "Unfortunately, negative people are everywhere. People who know they cannot succeed will insist on trying to block your way up. Many people are ridiculed because of their ambition."

Lesson 2: Be Extremely Self-Confident

• "When I was a poor boy I was confident that I would become the richest person in the world. Strong self confidence inspired me."
• "Why are there so many losers? I think it's because there are not many people who truly believe that they can do something. And as a result, not many people really do."
• "Believing that there will be great results is the driving force behind all great careers."
• "Faith in yourself is the force that drives you forwards."
• "When I face a difficult situation, I think, 'I will win' instead of 'I might lose'. When I compete with people, I think, 'I am as good as them', not 'I can't compete with them'. When opportunities arise, I think, 'I can do it' instead of 'I can't do it'."
• How to build it: Interrogate your doubts one by one. Why exactly do you think you can't succeed? Most of those doubts are false. Kill them, and close the real gaps by reading and building skills until confidence is the only reasonable conclusion.

Lesson 3: Master Business, Investment, and Political Strategy

• Rockefeller built Standard Oil as a company of founders. He would beat you in business, and if he thought you were talented, he would make you a partner.
  • The smartest and most ambitious people are not employees. They are founders. So acquire great companies and hire the people who built them.
  • A modern version: Coinbase acquired Earn.com, Balaji Srinivasan's startup, then made Balaji its CTO.
• Business strategy and military strategy are the same discipline. Rockefeller bought oil refineries so competitors couldn't. He compared it to taking bunkers in a war: seize the position that would otherwise give your enemy the advantage.
• Telling the truth is a tool, not just a virtue. Tell the truth and people will credit you with good character.
• He described deals in the language of war and monarchy: battle, conquer, bunker, ruler, king. "I ruled the oil industry as its undisputed king. A great life is the process of conquering excellence."
• Debt is not a life raft for surviving bad times. It is a tool for seizing opportunities.

Lesson 4: Do What Feels Like Play to You, Looks Like Work to Others, and Makes Money

• "[Successful people] work hard because they really like work."
• "People who climb up in any industry are fully committed to what they are doing. They sincerely love the work that they do."
• "If you sincerely love the work that you do you will naturally succeed."
• "Look at those who fail and you will find that most people fail not because they make mistakes, but because they are not fully committed. The same goes for companies."
• "To be a good businessman, you don't need to be lightning fast, have amazing memory, or be the best in school. The key is to have a strong interest and enthusiasm for doing business."

Lesson 5: Don't Trust Anyone Completely

• "In this world, there is no one who does not pursue profit. The moment you step into interpersonal relationships, a protracted life game for profit begins. In this game, everyone is your enemy, including yourself. Therefore when I say all of this, I always adhere to a principle: I can deceive the enemy, but I can never deceive myself. Fighting back at an enemy who is shooting at me will never disturb my conscience. Son, please don't get me wrong, I don't intend to paint our world with an oppressive and suffocating gray, in fact I long for friendships, sincerity, kindness, and all the beautiful emotions that can nourish my soul, and I believe in them. However, in the market, I often encounter betrayal and deception. To this day I can still clearly remember the experiences of being deceived several times, which is unforgettable."
  • My read: he is warning against deceiving yourself. Don't assume other people are saints, and don't let inherited morality convince you that self-interest is rare. Everyone has it.
• "In profit-making games, today's friends will become tomorrow's enemies. This situation often happens."
  • He learned this firsthand. Two fellow church members deceived him, and he said he could not understand why people who prayed alongside him and swore religiously "would want to abandon their pride and indulge in greed."
• "In this game, everyone is the enemy, because everyone takes care of their own interests. You need to know how to protect yourself and prepare for war anytime, anywhere."
• "Do not forget that everyone is selfish. Everyone is loyal to themselves by nature. 'I' is the religion in everyone's heart. When 'we' replaces 'me', the power it gives off will be incalculable."

Lesson 6: A Bad Childhood Can Lead to Success

• "People of poor backgrounds will actively develop their abilities because they urgently need to rescue themselves."
• Rockefeller deliberately hid his wealth from his children when they were young. He believed poverty is what gives people the drive to achieve.

Lesson 7: Create Your Own Luck

• "I planned my luck. Anything can happen in this world. Those who blindly follow the crowd and rules, I view them with disdain."
• "I think carefully prepared plans and actions are called luck. I never succumb to luck, I believe in cause and effect."
• "Visionary businessmen are always good at finding opportunities in every disaster. That is how I did it."
• How to plan luck: Set an audacious goal. Inventory the resources and advantages you actually have. Then watch for the opening and stay in the game long enough to catch one. Breaking the rules and going contrarian is where the openings tend to be.

Lesson 8: Work Hard

• Rockefeller didn't celebrate his birthday. He celebrated the anniversary of the day he got his first job.
• "Our destiny is determined by our actions and not by our origins."
• "Action solves everything."
• "Victory is a habit."

Lesson 9: Be Bold

• "You only need to remember one sentence: Plan boldly and implement carefully."

Lesson 10: Be Strong

• "We live in a jungle where the weak are prey to the strong."

Lesson 11: Be Self-Reliant and Don't Make Excuses

• "Kindness and tenderness may hurt you. You need to have strength. Crutches cannot replace strong and powerful feet. We must stand on our own feet and rely on ourselves. You should work hard to hone, strengthen, and develop your feet and let them exert their power."
• "In the process of pursuing career success the most important step is to prevent yourself from making excuses."
• "The people who can get ahead in the world are those who know how to find their ideal environment. If they cannot find it, they will create it themselves."
• "The glory and success of the family cannot guarantee the future of children and grandchildren."
• Excuses are a mental illness. Successful people don't give them. Losers live on them.
  • The most common excuse is intelligence. Most people underrate their own brain and overrate everyone else's.

Lesson 12: Be Determined to Win

• Where you start matters. Your parents, your birthplace, your health. But it is not the whole story. Ability, attitude, character, ambition, method, experience, and luck all carry enormous weight. Only those who are determined and ready will win.

Lesson 13: Enter a Growing Tech Industry Early

• Rockefeller said the single most important decision for his future success was entering the oil industry.
  • Oil was the tech industry of his time.

Lesson 14: Be a Good Leader

• "Listen more than you speak. The biggest challenge for leaders is how to create an environment in which people feel that being open is more comfortable than hiding the truth. Proactively invite others to state their thoughts and encourage them to speak out with words such as, 'Please say a little more,' and then simply listen. You will get the benefits. You will have a more thorough understanding of the issues in your company. Create a habit of listening instead of responding immediately."
• Find out what each employee actually loves doing, then let them do it. Reinforce it with pay, raises, bonuses, status, and promotions.

Other Ideas

• Rockefeller's four keys to success, in spirit if not his exact words: optimistic, self-confident, bold, and socially skilled. The inverse is a recipe for failure: pessimistic, unconfident, inactive, and uncooperative.
• He thought victory was the best feeling in the world. At 80, a young man sped past him while he was driving. Rockefeller raced him, beat him, and said he loved the feeling of winning.
• "Second place is no different from last place." He said this in his 90s.
• "Match people by their enthusiasm."
• "Enthusiasm is a force multiplier to everything."
• "No one in the world leads a smooth life."
• He abstained from alcohol and tobacco his entire life.
• "The end is just the beginning."