John Jacob Astor lived the classic American success story. Born into a society where there was minimal opportunity for upward mobility, he left Europe at a young age. With $25 in his pocket, Astor journeyed to America where he witnessed the birth of the United States, worked his way up from virtually nothing and became the richest man in the country. His descendants became American royalty, and his achievements became a model for other entrepreneurs to follow. Born in Germany in 1763 to a working-class family, Astor’s father was...

Not a familiar household name, the Fuggers were an influential family that made a significant impact about 500 years ago. When reviewing the list of the world’s most successful entrepreneurs, it’s tempting to focus only on the last 100 years or so and discount the value of studying business leaders of the distant past.  Jakob Fugger was a leading German entrepreneur of the late 15th and early 16th centuries, and his influence persists to this day. Born in 1459 as the tenth of eleven children, Jakob Fugger had the...

American history is filled with examples of entrepreneurs who became wealthy through hard work and a knack for innovation. Only a handful, however, have fundamentally changed the world. Nearly 75 years after his death, millions drive vehicles bearing his name, and 1.2 billion people around the world drive cars. Before Ford, motorcars were expensive toys for the rich. His industrial innovations made the automobile affordable for the working classes and accelerated the country’s expansion. It’s interesting to consider what may be the “clicking point” for Henry Ford. His family...

The story of Cornelius Vanderbilt, one of the earliest American entrepreneurial successes, is a tale of intense lifelong competition. Starting with his first job as an 11-year-old ferry boat attendant, Cornelius built a shipping and railroad empire that exceeded anything the world had seen before. Because of his ruthless tactics, Vanderbilt generated controversy, criticism, and admiration in equal measure, and was the wealthiest person in America at the time of his death. Vanderbilt was born in 1794 in Staten Island, New York, to a middle-class lifestyle on his father’s...

While American business history is filled with successful financiers, few can match the name recognition of Charles E. Merrill, founder of Merrill Lynch, now known as Merrill.  Merrill altered the investment industry in the mid-20th century by promoting stock market investment to the growing middle class. Once considered a purview only of the wealthy, investment portfolios became a common form of savings for workers at nearly every income level.  Born in 1885 in Florida, Merrill was the son of a medical doctor who owned a local drugstore. His family was...

Carnegie Hall, one of the most iconic concert stages in the world, sits in the heart of Midtown Manhattan. The venue has something in common with Pittsburgh’s Carnegie Mellon University and over 2,500 Carnegie Libraries scattered worldwide. The commonality, of course, is founder Andrew Carnegie, an entrepreneur who contributed the funds and philosophy to establish each of these institutions. A millionaire many times over, Carnegie cemented his legacy by ensuring that future generations would have the same access to arts, education, and personal enrichment opportunities that he had. Carnegie...

When you think about the greatest entrepreneurs who ever lived, the chances are you immediately think of Bill Gates, Elon Musk, Jeff Bezos, and other modern-day billionaires. These are obviously amazing entrepreneurs whose accomplishments have improved our lifestyle with their imagination and creativity, and their ability to bring their ideas to life through unrelenting execution. Rather than reflect on the entrepreneurs with whom you’re already familiar, there’s a lot that can be learned by reviewing the Old School entrepreneurs, the originals, the pioneers, and the inventive people who shaped...

When To Sell Your Business When business is booming and you’re earning a high income, and enjoying your hard-earned success, it's difficult to think about selling your business. The usual tendency is to want to keep harvesting the cash; thinking about selling your business is the last thing on your mind. Except nothing lasts forever.  Nothing. Think about it. The vast majority of companies that composed the original S&P 500 are not there today. Industries change, consumer demand and interest wanes, new technologies emerge, competition increases, and companies die. If the biggest companies...

Sales Secrets of the Rich and Powerful  From the moment you were born and began crying for attention, your life in sales began. Every social interaction, job application, or business deal since your first day on Earth required your sales skills. You are actually a natural-born salesperson, and now it's time to refine your understanding of how to most successfully apply your sales skills. Whether you ask someone on a date, negotiate a price at a farmers’ market, or discuss where to go on vacation with your friends or significant...

Using Leverage for Business Success Leverage is the ability to affect a decision, action, or outcome to one's advantage. Examples of leverage are present in almost every aspect of human relations. Leverage is most often associated with money, but there are many different forms of leverage. A pretty woman or a handsome man is hired because of their looks. A teacher becomes an administrator because he or she has winning social skills. Your company makes a sale because your salesperson leveraged the pain point of your customer. Leverage is...