One notable entrepreneur from history is John D. Rockefeller, who revolutionized the oil industry in the late 19th and early 20th centuries. Rockefeller utilized business practices such as horizontal integration and aggressive tactics to eliminate competition, creating the Standard Oil Company, which controlled over 90% of U.S. oil refineries at its peak. By consolidating smaller oil companies under a single umbrella, he achieved economies of scale that drastically reduced costs and increased efficiency. Furthermore, he adopted innovative practices in logistics and distribution, ensuring that his product reached markets effectively. Rockefeller also implemented a strategy of philanthropy, reinvesting a portion of his wealth into society, which helped to shape his positive public image. His ability to navigate the economic landscape of his time—marked by rapid industrialization and limited regulation—allowed him to amass unprecedented wealth and influence, solidifying his legacy as one of the most successful entrepreneurs in American history.
Select one of the entrepreneurs from this section. Read about them on your own and write a paragraph about how that person used the business practices of that time to achieve success.
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