New York is recognized for its capitalism and wealth. Many people refer to it as the “capital of the world” due to the enormous number of residents of all nationalities and its concentration of the world’s largest corporations’ offices, skyscrapers and innovations. All of this exists because of entrepreneurs who formerly lived in this city. Among them are those who began from scratch and achieved enormous success, transforming New York into a huge multicultural metropolis. Learn more about them at newyorkski.
1. John Davison Rockefeller
This name went down in world history and made New York famous. It belongs to the first American billionaire and oil magnate. He started studying financial literacy and business law from early ears. When he grew up, he began to put his knowledge into practice.
Intelligence, discipline and hard work helped him secure a job at Hewitt & Tuttle, where he rose from assistant bookkeeper to manager. It was his first and only employment. Following an unpleasant occurrence in which his wage was reduced, John chose to work for himself for the rest of his life.
To start his first business, he borrowed $1,200 from his father at 10% interest per year. His business partner was entrepreneur Maurice Clark. They were involved in the sale of agricultural products. They had plenty of sales and enough money. This marked the beginning of Rockefeller’s entrepreneurial career. In the middle of the twentieth century, he became interested in a new promising sphere of activity – the oil industry. At that time, kerosene lamps made of oil became widely available, and demand for the raw resource, namely oil, grew.
At the age of 31, the New York entrepreneur founded Standard Oil, a corporation specializing in oil production and refining. The major factor in Rockefeller’s success in the new industry was the reduction in freight transportation costs by rail. This allowed him to transport his oil products at a 2-3 times lower cost. This offered him the opportunity to expand his business by purchasing medium and small oil enterprises. By 1880, Standard Oil was one of the world’s greatest oil firms, with an annual profit of $3 million. Thus, John Davison Rockefeller became a dollar billionaire and the richest man of the twentieth century.
2. Thomas Jacob Hilfiger
The American fashion designer and entrepreneur Tommy Hilfiger committed his life to his passion project, establishing the Tommy Hilfiger brand and retail chain. His interest in fashion began during his academic years. During the summer, Thomas worked part-time at a local clothing store. There, he was able to accumulate enough money for his future business and learn how to keep accounting records. In 1971, he opened his first store. To purchase goods for the store, Thomas traveled to New York with a friend, but he was still disappointed with the selection. So he decided to start modeling clothes, even though demand remained low. As a result, he went bankrupt but maintained faith in his success.
For several years, the New York entrepreneur worked for a variety of clothing manufacturers and retailers. He also received training and majored in fashion design.
In 1979, he started his own company, Tommy Hill. One of his earliest clients was Jordache, a jeans manufacturer. In 1981-1982, he founded two more apparel manufacturing and sales enterprises.
He then traveled to India and began negotiating the establishment of his brand. In 1985, thanks to the investment of the Murjani Group, Thomas Jacob Hilfiger launched his own clothing brand.
In 1992, his company’s shares were listed on the American Stock Exchange. In the same year, the first collection of men’s clothing was released. 1995 was the pinnacle of Thomas’ success. He was named Best Menswear Designer and received an award from the Council of Fashion Designers of America.
3. Theodore Roosevelt Sr.
Theodore Roosevelt Jr., the entrepreneur and father of the 26th president of the United States, was active in family business and charity activity, which brought him acclaim and recognition. He was born into the family of entrepreneur Cornelius Roosevelt, who owned the firm Roosevelt & Son. In the last century, it was New York’s major supplier of flat glass. After Cornelius died, Theodore and his brother took over the firm. They did business until 1876 when they converted the company into a banking institution.
Theodore donated a portion of his 3 million dollar fortune to charity and the preservation of American historical heritage. He co-founded the Metropolitan Museum of Art and the American Museum of Natural History in New York, which are now visited by millions of Americans and tourists.
4. George Westinghouse
This outstanding entrepreneur and engineer from New York is recognized for numerous innovations. He was particularly notable for his contributions to technological advancements in the transportation industry. In 1869, George invented and patented the brake. In a few years, the entire world learned about his creation, and he built a thriving business.
In 1872, Westinghouse invented an automatic brake control system and went on to establish a brake manufacturing company. They were first manufactured and utilized in the United States, later in Europe and Russia. It is also known that modern pneumatic braking systems in large vehicles are an upgraded version of George Westinghouse’s brake. His other inventions include the induction motor, methods of safe transportation of gas by pipes and an electric locomotive.
5. Ralph Lauren
His upbringing in a large family and poverty served as motivation for his eventual success and wealth. He had a passion for fashion and aspired to a prosperous life from childhood. As a teenager, he visited a friend who lived in a wealthy family. Ralph was impressed by the huge walk-in closet, which had many clothes and shoes on the shelves. He then promised himself that he’d have it in the future as well.
At the age of 12, he purchased a classic English suit with his first earnings. High-quality and expensive fabric, exquisite style, elegant cuts and costume elements all sparked an even greater interest in fashion.
He began his career as a sales assistant for a company that specialized in tailoring and selling ties. Considering the many forms of these textile items, Ralph suggested designing a wider model. His concept was not approved, but it posed a challenge for him. At the age of 26, he started his own custom tie manufacturing business. The New York entrepreneur’s first clients were small retail stores. In 1967, he found an investor, clothing manufacturer Norman Hilton, who invested 50 thousand dollars in Ralph’s business. Following that, the fashion designer began selling vast quantities of ties featuring the company’s logo.
Following this, there was a demand for opening new stores. Until 1971, one of them was located on one of the streets of the famous Beverly Hills. Soon, Hollywood stars and other public figures learned about Ralph’s ties. Over the years, he created fashion collections and received several awards from the American Council of Fashion Designers.
6. George Eastman
Thanks to this man, Americans began to take photos with the push of a single button. George Eastman was an entrepreneur who invented the first Kodak camera, which was released in 1888. He came up with the idea for this innovation while on vacation in Santo Domingo. He was 24 years old at the time. He was impressed and inspired by the beautiful scenery around him, so he decided he wanted to take pictures. However, the acquired camera proved to be so huge and inconvenient that he changed his mind about it. He continually thought about ways to simplify the process of taking photos.
In 1879, he developed a machine for coating dry plates and, two years later, founded a company that produced roll film. To ensure fast and high-quality photography, a camera with 100-frame roll film was also released.