John D. Rockefeller on Making Money

1. Business success requires integrity, hard work, and adaptability

"The underlying, essential element of success in business affairs is to follow the established laws of high-class dealing."

Integrity is foundational. Rockefeller emphasized the importance of honest business practices and maintaining a strong ethical code. He believed that success built on deception or exploitation was ultimately unsustainable.

Hard work is non-negotiable. Rockefeller's own rise from humble beginnings was fueled by relentless effort and dedication. He valued perseverance and the ability to overcome obstacles through sheer determination.

Adaptability is crucial. The business landscape is constantly evolving, and Rockefeller recognized the need to:

• Stay informed about industry trends
• Embrace new technologies and methods
• Be willing to change course when necessary
• Continuously seek ways to improve efficiency and reduce waste

2. True wealth comes from creating value for others

"I believe the power to make money is a gift of God … to be developed and used to the best of our ability for the good of mankind."

Wealth as a responsibility. Rockefeller viewed his financial success not as an end in itself, but as a means to benefit society. He believed that accumulating wealth without a higher purpose was ultimately unfulfilling.

Creating value is key. The path to sustainable wealth lies in providing goods, services, or innovations that genuinely improve people's lives. Rockefeller's success in the oil industry came from making kerosene widely available and affordable, literally bringing light to millions of homes.

Stakeholder consideration. True wealth creation benefits:

• Employees through fair wages and opportunities for growth
• Customers through quality products and services
• Communities through economic development and philanthropy
• Shareholders through sustainable returns

3. Philanthropy should be approached strategically and efficiently

"The best philanthropy is constantly in search of the finalities—a search for cause, an attempt to cure evils at their source."

Strategic giving. Rockefeller approached philanthropy with the same rigorous analysis he applied to business. He sought to address root causes rather than merely treating symptoms of social problems.

Efficiency matters. Just as in business, Rockefeller believed in maximizing the impact of every dollar spent on charitable causes. This led him to:

• Carefully research potential recipients
• Set clear goals and metrics for success
• Collaborate with other donors to avoid duplication of efforts
• Invest in building sustainable institutions (e.g., universities, research centers) that could continue to generate positive outcomes long-term

Focus on education and research. Rockefeller saw these areas as key leverage points for creating lasting societal change, funding initiatives in:

• Public health (eradicating hookworm, yellow fever)
• Higher education (founding the University of Chicago)
• Scientific research (establishing the Rockefeller Institute for Medical Research)

4. Education and self-improvement are lifelong pursuits

"I believe in the dignity of labor, whether with head or hand; that the world owes no man a living but that it owes every man an opportunity to make a living."

Continuous learning. Rockefeller emphasized the importance of ongoing education, both formal and informal. He believed that one should never stop acquiring new knowledge and skills.

Practical skills matter. While valuing higher education, Rockefeller also recognized the importance of practical, hands-on learning. He praised the work ethic and adaptability often found in those with rural or working-class backgrounds.

Self-reflection and growth. Rockefeller advocated for:

• Regular self-assessment of one's strengths and weaknesses
• Seeking feedback from others
• Setting personal goals for improvement
• Cultivating a growth mindset that views challenges as opportunities to learn

5. Family relationships require nurturing and open communication

"I want to know surely in giving that I am putting money where it will do most good."

Intentional parenting. Rockefeller took an active role in his children's upbringing, seeking to instill values of hard work, responsibility, and philanthropy. He believed in leading by example and having open discussions about important life lessons.

Financial education. Rockefeller taught his children about money management from an early age, encouraging them to:

• Keep detailed records of income and expenses
• Practice budgeting and saving
• Understand the responsibilities that come with wealth

Balancing guidance and independence. As his children grew, Rockefeller sought to:

• Provide opportunities for them to develop their own interests and skills
• Offer advice and support without being overbearing
• Encourage them to take on philanthropic responsibilities aligned with their passions

6. Criticism should be met with patience and self-reflection

"Criticism which is deliberate, sober, and fair is always valuable and it should be welcomed by all who desire progress."

Maintain composure. Rockefeller advised against reacting emotionally to criticism, instead advocating for a calm and measured response. He believed that lashing out or becoming defensive often only made matters worse.

Seek truth in critique. While not all criticism is valid, Rockefeller believed in carefully examining critiques for potential insights or areas for improvement. He saw this as an opportunity for growth and refinement of one's character and business practices.

Address legitimate concerns. When faced with valid criticism, Rockefeller recommended:

• Acknowledging mistakes or shortcomings
• Taking concrete steps to address the issue
• Communicating openly about changes or improvements made
• Using the experience as a learning opportunity for the future

7. Money is a tool for good, not an end in itself

"I know of nothing more despicable and pathetic than a man who devotes all the hours of the waking day to the making of money for money's sake."

Purpose beyond wealth. Rockefeller cautioned against the pursuit of money as life's primary goal. He believed that true fulfillment comes from using one's resources and talents to benefit others and make a positive impact on the world.

Stewardship mentality. Rockefeller viewed wealth as a responsibility to be managed wisely, not simply for personal gain. He encouraged:

• Careful consideration of how money is spent and invested
• Using financial resources to create opportunities for others
• Balancing personal comfort with generosity and social responsibility

Cultivating non-monetary richness. Rockefeller emphasized the importance of:

• Strong personal relationships
• Spiritual and moral development
• Intellectual growth and curiosity
• Appreciation for nature and beauty
• Finding joy in simple pleasures

8. Leadership involves empowering others and fostering cooperation

"I believe in the dignity of labor, whether with head or hand; that the world owes no man a living but that it owes every man an opportunity to make a living."

Empower employees. Rockefeller believed in giving workers opportunities to grow and contribute meaningfully to the organization. He advocated for:

• Providing training and development opportunities
• Delegating responsibilities to capable team members
• Recognizing and rewarding initiative and good performance

Foster collaboration. Rockefeller saw the power of bringing talented individuals together to work towards common goals. He encouraged:

• Open communication and idea-sharing across departments
• Creating a culture of mutual respect and support
• Aligning individual incentives with organizational objectives

Lead by example. Rockefeller believed that effective leaders should:

• Demonstrate the work ethic and values they expect from others
• Be willing to listen and learn from those around them
• Take responsibility for both successes and failures
• Continuously seek ways to improve their own leadership skills

9. Personal character and reputation are invaluable assets

"The most important thing for a young man is to establish a credit—a reputation, character."

Integrity is paramount. Rockefeller believed that a person's word should be their bond. He emphasized the importance of:

• Keeping promises and commitments
• Being honest in all dealings, even when it's difficult
• Taking responsibility for one's actions and decisions

Consistency matters. Building a strong reputation requires:

• Demonstrating reliability over time
• Aligning one's words and actions
• Treating others with respect, regardless of their status or position

Guard your reputation. Rockefeller advised:

• Being mindful of how one's actions might be perceived
• Avoiding situations that could compromise one's integrity
• Addressing misconceptions or false accusations promptly and directly
• Surrounding oneself with people of good character

10. Success brings responsibility to contribute to society

"Every right implies a responsibility; every opportunity, an obligation; every possession, a duty."

Giving back is essential. Rockefeller believed that those who achieve success have a moral obligation to use their resources and influence to benefit society as a whole.

Lead by example. Rockefeller encouraged successful individuals to:

• Actively engage in philanthropic efforts
• Use their expertise to address social issues
• Mentor and support the next generation of leaders
• Advocate for positive change in their industries and communities

Create lasting impact. Rockefeller emphasized the importance of:

• Addressing root causes of societal problems, not just symptoms
• Investing in sustainable solutions and institutions
• Collaborating with others to maximize impact
• Measuring and evaluating the outcomes of philanthropic efforts

Last updated: October 14, 2024