In the late 19th century John Rockefeller used his quick wits and leadership skills to build an impressive oil refinery in Cleveland. In the early days of the oil industry technology was inefficient and bankruptcies were everywhere, but John optimized the refining process successfully. Over time, he bought out competitors until he had total control over the oil industry in Cleveland through his company: Standard Oil of Ohio.
In the decades afterwards Rockefeller purchased refineries across America and even negotiated backroom deals with the big railroad tycoons. At its peak Standard Oil was worth up to $1,000,000,000,000 (one trillion dollars) in today's money, with Rockefeller controlling over 90% of the oil industry in America.
Of course, eventually new oil deposits were uncovered in Asia and Russia, challenging Rockefeller's monopoly. Back at home concerned businessmen funded waves of media opposition to Standard Oil, which was eventually broken up in 1911. The numerous companies created during this split would eventually merge back together, bringing huge profits to Rockefeller in his final years.
Upon his death, Rockefeller's net worth was an estimated $400 billion in today's dollars, making him the wealthiest businessman to have ever lived by a wide margin.
Under the kind patronage of Nagabhushanam Peddi, Dan Supernault, Samuel Patterson, James Gallagher, Brett Gmoser & Roman Badalyan.
(qlmbusinessnews.com via bbc.co.uk – – Mon, 11th March 2019) London, Uk – –
Tesla is increasing prices of its electric cars after scaling back a store closure programme.
The carmaker said the 3% price rise would not apply to the new mid-market Model 3.
Earlier this month Tesla said it would close an unspecified number of stores to fund a cut in the price of the Model 3 in the US to $35,000 (£26,400).
It will now close “about half as many” stores – making half the cost savings.
The carmaker, founded by Elon Musk, said that keeping more stores open would require a rise in vehicle prices by about 3% on average worldwide.
It has 378 stores and service locations but had not been specific about which ones would close.
“Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have decided to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months,” the company said.
While it is pressing ahead with the price cut to the mid-market Model 3, prices will go up for more expensive variants of Model 3, as well as Model S and X cars, which can already cost up to £87,000. Customers can order at existing prices until 18 March.
It is still planning to conduct its sales online and said that buyers in stores will be shown how to order a Tesla on their phone, a process which Tesla says will take just a few minutes.
It had previously said that shifting sales online would allow it to cut prices by 6% on average – and cut the price of the Model 3.
The company says it has a “generous return policy” to avoid the need for test drives, as would-be buyers can return a car after 1,000 miles or seven days.
Tesla said that some stores in “high visibility locations” which have been closed will be reopened – albeit with smaller numbers of staff.
Stores will hold fewer cars for those customers who want to drive away with new vehicle immediately.
The company has been making efforts to cut costs after the “most challenging” year in its history. In January it announced 7% of its 45,000-strong workforce would be cut, indicating around 3,000 job cuts.
At the time Mr Musk had said the firm's cars were still “too expensive for most people”.
He has faced controversy over his tweets and last month the US regulator, the Securities and Exchange Commission, asked the courts to hold him in contempt for violating a settlement month aimed at limiting his social media comments.
He has until today to formally respond but had already tweeted the the regulator's oversight system is “broken”.
The matter stems back to his tweets about the company's financial performance and tweets in August when he claimed he had secured funding to take the firm private.
Entrepreneur Failure Stories: 10 Entrepreneurs Who Failed Big Before Becoming Successful. Failure is a part of business. Very few entrepreneurs ever make it big without first experiencing some massive failures. Whether it be running a business into the ground, getting fired from a job or even going to jail, plenty of very successful entrepreneurs have seen huge failures before ever accomplishing their dreams.
So if you ever feel worn down or intimidated by the thought of failing, just take a look at these entrepreneurs who failed before making it big.
Evan Williams Before co-founding Twitter, Williams (pictured above) developed a podcasting platform called Odeo. But the platform didn’t take off, in part because Apple announced the podcast section of the iTunes store shortly after the company launched. It folded shortly afterward.
Reid Hoffman Before co-founding LinkedIn and investing in big names like PayPal and Airbnb, Hoffman created SocialNet, an online dating and social networking site that ultimately failed.
Jeff Bezos Amazon is one of the biggest success stories of the online era. But before Amazon became a household name, the company’s CEO had several failed ideas. One of the most notable was an online auction site, which evolved into zShops, a brand that ultimately failed.
Akio Morita Back in the early days of Sony, Morita’s products weren’t quite as popular or well known as they are today. In fact, the first product was a rice cooker that ended up burning rice.
Momofuku Ando Before even coming up with the idea for instant noodles, which took him many tries to develop successfully, Ando had a small merchandising firm in Japan. But in 1948, he was convicted of tax evasion and spent two years in jail. He then lost that company due to a chain reaction bankruptcy.
Tim Ferris The author of “The 4-Hour Workweek” (pictured above) was turned down by about 25 publishers before finding one who actually agreed to publish his work — which later became a best selling title Peter Thiel Before starting PayPal and investing in big names like Facebook, Thiel lost big. His early hedge fund, Clarium Capital, lost 90 percent of its $7 billion assets on the stock market, currencies and oil prices.
Christina Wallace The current vice president of branding and marketing at Startup Institute is the former co-founder of Quincy Apparel. When the company shut down in 2013, Wallace stayed in bed for three weeks before forcing herself to get up and re-join the world
Sir James Dyson Dyson wasn’t always a well-known name associated with vacuum cleaners. In fact, it took Sir James Dyson 15 years and all of his savings to develop a bagless prototype that worked. He developed 5,126 prototypes that failed first Fred Smith Though we all know now that FedEx is a viable business model, Smith’s college professor disagreed. The future venture capitalist received a poor grade on an assignment where he pitched the idea for the company Ending quote: Success is not final, failure os not fatal: It is the courage to continue that counts
(qlmbusinessnews.com via news.sky.com– Fri, 8th Mar 2019) London, Uk – –
Banks and other lenders are being encouraged to reveal how much of their investment is going to women-run businesse.
Just one in three entrepreneurs in the UK is female and closing the gender gap could generate an extra £250bn for the economy, a government review has found.
The disparity in women-run firms represents more than a million “missing businesses”, according to the Treasury-commissioned report.
It also found businesses run by women are on average half the size of male-led firms and far less likely to scale up to a £1m turnover.
In response to the review, carried out by NatWest deputy chief executive Alison Rose, banks and other lenders are being encouraged to publish what proportion of investment goes to female entrepreneurs.
The creation of a code, Investing in Women, was one of the proposals set out in the report published on International Women's Day.
Major banks such as HSBC and Lloyds have already pledged to sign up, the Treasury said.
The review found a shortage of role models and a perceived lack of skills and experience were among the obstacles preventing women from becoming entrepreneurs.
Some of the recommendations put forward to tackle these issues included expanding existing mentorship and networking opportunities and speeding up the development of entrepreneurship-related courses to schools and colleges.
The government is aiming to increase the number of female entrepreneurs by half by 2030, to match major economies including France, Canada and the US on gender equality.
Ms Rose said: “The UK has one of the most vibrant entrepreneurial communities in the world, but only one in three of our entrepreneurs is female – we need to be more ambitious and find ways to unlock the huge untapped potential.”
She added: “Some of the findings [of the review] are stark but by shining a spotlight on the issues and outlining the barriers and opportunities, the aim is to support the full potential of every woman who has the entrepreneurial spirit and ambition to start or scale their business.”
Theresa May said the report showed that while there have been improvements in the area of women in business, further progress was needed.
The prime minister said the review team had “set out an ambitious path to break this glass ceiling so that we can realise the full potential of female entrepreneurs and boost economic growth”.
She added: “I am committed to real change in this area, starting with our action today to encourage more companies to look at the gender split of who they choose to invest in.
Playboy is an American men's lifestyle and entertainment magazine. History: it was founded in Chicago in 1953, by Hugh Hefner and his associates, and funded in part by a $1,000 loan from Hefner's mother. Notable for its centerfolds of nude and semi-nude models (Playmates), Playboy played an important role in the sexual revolution and remains one of the world's best-known brands.
Today it has grown into Playboy Enterprises, Inc., with a presence in nearly every medium. In addition to the flagship magazine in the United States, special nation-specific versions of Playboy are published worldwide. After a year-long removal of most nude photos in Playboy magazine, the March-April 2017 issue brought back nudity.
Theranos, what seemed like one of the most ground breaking companies of the 21st century ended up being one of Silicon Valley's greatest failures. How did Elizabeth Holmes manage to fool the world? In this video we find out the twisting rollercoaster of a story.
More about Grant Cardone: He's internationally renowned business and sales expert. He's the author of 7 sales and business books. He has worked with companies like Google, Aflac, Toyota, GM, Ford and many more. He appears regularly on Fox News, CNBC, Fox Business, and contributes to Entrepreneur.com. He was named the #1 marketer to watch in 2017 by Forbes Magazine. He helps his followers and clients to make success their duty. He's the creator of customized sales training programs for Fortune 500 companies and entrepreneurs. He's the author of New York Times bestseller book “If You're Not First, You're Last”. He captivates and motivates audiences with his engaging and entertaining speaking style. He's heavily involved in civic affairs and charitable organizations.
Join me as I travel to New York to launch my #ReebokxVictoriaBeckham collection, celebrate female artists at the Old Masters preview event at Sotheby’s and chat all things fashion on Live with Kelly and Ryan. Click the links below to shop my exclusive travel edit with items from my #VBSS19 collection!
(qlmbusinessnews.com via bbc.co.uk – – Wed, 20th Feb 2019) London, Uk – –
The number of people in work in the UK has continued to climb, with a record 32.6 million employed between October and December, the latest Office for National Statistics figures show.
Unemployment was little-changed in the three-month period at 1.36 million.
The jobless rate, remaining at 4%, is at its lowest since early 1975.
Weekly average earnings went up by 3.4% to £494.50 in the year to December – after adjusting for inflation, that is the highest level since March 2011.
The number of people in work between October and December was up 167,000 from the previous quarter and 444,000 higher than at the same time in 2017.
The employment rate – defined as the proportion of people aged from 16 to 64 who are working – was estimated at 75.8%, higher than the 75.2% from a year earlier and the joint-highest figure since comparable estimates began in 1971.
Employment Minister Alok Sharma said: “While the global economy is facing many challenges, particularly in sectors like manufacturing, these figures show the underlying resilience of our jobs market – once again delivering record employment levels.”
ONS deputy head of labour market Matt Hughes said: “The labour market remains robust, with the employment rate remaining at a record high and vacancies reaching a new record level.
“The unemployment rate has also fallen, and for women has dropped below 4% for the first time ever.”
However, Andrew Wishart, UK economist at Capital Economics, warned that next month's figures may not be so buoyant.
“The labour market data didn't reflect the slip in hiring surveys in December, with employment rising,” he said.
“However, the surveys deteriorated more markedly in January, so a Brexit effect might start to weaken employment growth in the next batch of official data.”
By Dharshini David, BBC economics correspondent
The jobs market remains in a robust shape despite the loss of momentum in the economy towards the end of last year – although the Brexit fog effect may be yet to register.
Continuing recent trends, the majority of those entering work were previously inactive (students, looking after home, long-term sick etc).
The demand for labour continues to bolster wage growth. Real wages increased by more than 1% per year, better on the whole than in recent years although about half the rate of the pre-crisis era.
So little sign of Brexit uncertainty hitting hiring so far – but demand in the labour market tends to lag significantly behind changes in output.
More recent employment surveys show a marked deterioration in January, so a Brexit effect might start to weaken employment growth in the next batch of official data.
And productivity – output per hour – was down by 0.2% in the fourth quarter of 2018 versus a year previously, as output rose more slowly than employment. The lack of progress in this area could weigh on wage growth in the longer term.
Looking at the average earnings figures, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “With surplus labour extremely scarce and job vacancies rising to a new record high, workers are having more success in obtaining above-inflation pay increases.
“Looking ahead, we doubt that wage growth will slip below 3% this year.”
Despite the wage increases and low unemployment figures, Suren Thiru, head of economics at the British Chambers of Commerce, did not think that struggling High Streets would benefit.
He said: “The uplift to consumer spending from the recent improvement in real pay growth is likely to be limited by weak consumer confidence and high household debt levels.
“The increase in the number of vacancies to a new record high confirms that labour and skills shortages are set to remain a significant a drag on business activity for some time to come, impeding UK growth and productivity.”
This is the first and only filmed biography about Cesar Ritz, inventor of modern hotel business. It is the story of a peasant boy in a remote mountain area and thus starts there, in the place he grew up in, Niederwald. The film follows Ritz’ way to Paris, Cannes, Rome and London. Finally, the film ends in the clinic where Ritz spent his last days, back in Switzerland. The film features interviews with family, friends and experts: the directors of the Ritz in Paris and Rome, a follower of the chef Escoffier, and Jacques Tardi, an artist specializing in the “Commune de Paris” and thus knowing the Paris of the Ritz period particularly well.
In this video we'll try to answer the following questions: What should you do if you gen rich all of a sudden? What do to if you inherit money? How to manage a large sum of money? What should you do if you get rich? What do to if you win the loto? How to manage wealth? How to get wealthy? How to maintain being rich? How to keep your wealth? How not to lose money? Why do people go broke after they went rich? How do people lose money? What if you inherit a fortune? I just inherited a million dollars, what do I do? How to you being investing money? What you should know about money?
(qlmbusinessnews.com via theguardian.com – – Mon, 11th Feb 2019) London, Uk – –
Sports Direct pulls out of battle for beleaguered cake chain claiming to be at ‘disadvantage’
Sports Direct has pulled out of the bidding for Patisserie Valerie, just two days after emerging as a surprise suitor for the stricken cake chain.
Mike Ashley’s sportswear group walked away from talks on Sunday, ending the prospect that Patisserie Valerie could join House of Fraser, Evans Cycles and Sofa.com in the Sports Direct stable.
The approach, made last Friday, was an unexpected twist in the battle to rescue Patisserie Valerie, which fell into administration in January after a £40m black hole was uncovered in its finances.
It is understood that Ashley made a late bid reportedly worth more than £15m for Patisserie Valerie, but was told the offer was too low.
According to the Financial Times, Sports Direct was unhappy about being shut out of the bidding process, saying it “not been allowed access to a data room, any financial information or meetings with management” to allow it to improve its bid.
Sports Direct argued it was “at a serious disadvantage as a bidder” if it was left to rely on financial information in the public arena, which it claimed was “at best unreliable”.
It is understood Sports Direct was given access to the data room after tabling its first offer but the retailer nevertheless withdrew.
Sports Direct had bid for Patisserie Holdings – the parent company of Patisserie Valerie as well as the Druckers Vienna Patisserie, Philpotts, Baker & Spice and Flour Power City brands. The deadline for first-round bids was 1 February, a week before Ashley entered the fray.
Administrators at KPMG, which is running the company, has closed 71 of Patisserie Valerie’s nearly 200 stores and concessions, as it seeks a buyer for the company. Dozens of bids were received, either for the whole company or some of its stores. Around 900 jobs have been lost, with another 2,800 at risk if a buyer can’t be found.
Several parties are understood to be carrying out due diligence before submitting final-round bids to KPMG, but it is not clear when the bidding process will be concluded.
Coffee chain Costa, which is now owned by Coca-Cola, and a number of other parties are thought to have tabled offers for a parcel of stores but it is not clear if any parties want Patisserie Valerie as a going concern.
Patisserie Valerie blamed its financial plight on “very significant manipulation” of its balance sheet and “extensive” misstatement of its accounts. It suspended finance chief Chris Marsh, who subsequently resigned after being arrested and bailed by police.
The company was valued at £450m before the black hole was discovered. Its collapse into administration has wiped out shareholders, including chairman Luke Johnson.
David Beckham was once one of the highest paid soccer players in the world, but his success has extended well beyond the pitch. This is the story of how he made himself into one of the most recognizable brands in the world.
(qlmbusinessnews.com via bbc.co.uk – – Mon, 28th Jan 2019) London, Uk – –
Sir Philip Green has dropped legal action against the Daily Telegraph, which prevented the newspaper publishing details of allegations of sexual harassment and racist behaviour.
Last October, the Telegraph published a story saying a prominent businessman had been accused of harassment.
The Topshop boss was later named as the businessman in the House of Lords.
As a result, Sir Philip said he had been the subject of “vicious” and “untrue” personal attacks in the media.
The statement also said that Sir Philip is “not guilty of unlawful sexual or racist behaviour”.
Sir Philip's representative would not say why the businessman had dropped the legal action.
When the allegations first emerged, Sir Philip acknowledged there had “been some banter”, but said it had “never been offensive”.
At the heart of the issue are non-disclosure agreements signed by five individuals.
In his statement, Sir Philip said that the Telegraph had helped break those agreements and threatened to make the information public.
In doing so, the newspaper had exposed the individuals to “significant risk and future legal action”, the statement said.
It also said: “Due to the ongoing confidentiality obligations and injunction still in place, Arcadia and Sir Philip cannot comment on the detail of any allegations, but confirm that any grievances are treated with the utmost seriousness and are investigated thoroughly in accordance with best practice.”
Sir Philip used to be known as the king of the High Street.
He built a fortune from a retail empire that included Topshop, BHS, Burton and Miss Selfridge.
He sold BHS in March 2015 for £1, but it went into administration a year later, leaving a £571m hole in its pension fund.
He later agreed a £363m cash settlement with the Pensions Regulator to plug the gap.
In a report into the collapse of BHS, MPs called the episode “the unacceptable face of capitalism”.
He and his wife Cristina are estimated by Forbes to be worth £3.8bn.
Alphabet's Project Wing is delivering hot coffee and food, hardware supplies and drugstore items via drone near Australia’s capital. Some residents say it’s the future, while others want the drones to shut up.
At Wagner Custom Skis in Telluride, Co., the size, skill, and ambition of a skier are taken into account while handcrafting a one-of-a-kind pair. But it’s on the mountain where Wagner style really shows.