Entrepreneurship : A Worldwide Economic Driver Essay

950 Words4 Pages
As a worldwide economic driver, entrepreneurship adds real value through the creation of new jobs and the production of innovative products and services. In today 's business environment, the concept of entrepreneurship has gained immense importance as the entrepreneurs have revolutionized the way businesses carry on their operations to compete effectively. Entrepreneurs are individuals who are willing to risk everything in order to create innovative products or services that will fulfil the many needs of the people. In summary, entrepreneurship promotes the generation of money and wealth through the creation of products, services and/or startup companies. One good entrepreneur from the nineteenth century and the twentieth century, and considered the wealthiest American who ever lived, was John D. Rockefeller. Rockefeller founded Standard Oil Company, Inc. in 1870. The company grew so much that at his peak, he controlled 90 percent of oil. His company was at the heart of the American petroleum revolution and its industry dominance led to the creation of anti-trust legislation and fair competition laws. This research paper will cover the startup, success, and birth and growth of John Rockefeller’s company.
John D. Rockefeller first started saving money when he was a 12-year-old. He had saved 50 dollars from working for his neighbors and raising some animals for his mother. He then loaned his 50 dollars to a farmer at an interest of 7% a year. When he got paid back by the
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