GlobalBX

JP Morgan was an American entrepreneur that made millions of dollars at a time when the American economy was at it’s bleakest. He is the epitome of entrepreneurial foresight and risk taking, but he is not necessarily remembered for his fortune or his role in stabilising the economy at the end of the 19th Century but his involvement with White Star Lines and the ill-fated Titanic. However, his early entrepreneurial ventures should be recognised as nothing short of the saviour of America as we know it.

A Privileged Upbringing

John Pierpont Morgan was born in April 17, 1837 and was arguably well ahead of his time in terms of his business knowledge and opportunism. He was born in Connecticut into an extremely wealthy family. As such, he had an extremely privileged upbringing and education. As a result of his father’s wishes, JP Morgan was groomed for a career in commerce from an early age. He was schooled in colleges and institutes all over the world before entering the banking arena at the age of 20. It did not take long for the entrepreneur to forge his own highly successful banking career.

Although he worked for his father for a number of years, Morgan set up his own company, J Pierpont Morgan & Company and began to act as an agent for his father in New York. He formed a partnership with the Philadelphia Drexels in 1864, which led to the new firm being christened Drexel, Morgan & Company. This partnership lasted until Drexel’s death in 1893 and was an extremely profitable one. However, it might not have been as productive had the entrepreneur not had the incredible knack of being in the right place at the right time.

Right Place, Right Time

A prime example of the entrepreneur’s ability to be in the right place at the right time was his acquisition of the Albany and Susquehanna railroad in 1869. He headed up the syndicate that managed to reverse government financing of the railroad up until that point and subsequently went about revolutionizing the railroad systems in the North East. He successfully made it an integrated system that allowed greater transportation possibilities before revolutionizing the New York railroad as well. Ever the entrepreneur, he leased out sections to other businesses and earned millions doing so.

This was just one example of Morgan jumping in to take over failing businesses and then rejuvenating them for a great profit. However, his great entrepreneurial tactics arguable saved the American economy in 1893. The Federal Treasury was virtually bankrupt and by 1895, the gold had virtually an out. Morgan and a syndicate he had put together stepped in and provided gold from Europe for America to survive.

JP Morgan, the greatest entrepreneur of his time had investments all over the world when he died in 1913. He owned White Star Lines, had a stake in General Electric, investments in the United States Steel Corporation and had an extensive collection of art. As such, his net worth was $68.3 million, which is the equivalent of $1.39 billion today. JP Morgan was truly a businessman in every sense of the word and actually helped America to become what it is today by stabilising many companies that are now integral to the operation of the country at large. As such, he really is an entrepreneur to aspire to.