His First Business Endeavor
After working as an apprentice for three years, Rockefeller and his business partner, Maurice Clark, decided to start their own business, buying and selling produce from farmers on a commission basis. Rockefeller needed $2,000 for his half of the business but had only managed to save $800. Thankfully, his father gave him the rest as a loan, with an interest rate of 10%.
John D. Rockefeller Sr. Photo by Granger / Shutterstock
They started the business at the perfect time. Right as the Civil War broke out in 1861, Rockefeller and Clark joined all the contractors that were sending their products to the Union Army. Rockefeller was drafted into the army and hired replacements to serve in his stead. As the war was beginning to settle, he considered investing his impressive profits into the business of refining crude oil or kerosene. At the time, this was the main means of providing light.