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Business, in simple terms, is when a person or organization profits by providing goods or services in exchange for money – engaged in commercial, industrial or professional activities. Pretty straightforward, right? Before we go forward, let’s go back, 3,000 years back, and take a quick look at the history of business to remind ourselves just how much the nature of the firm can change over time
From 1500 AD, we see the first few government-backed companies, like the Dutch East India Company and British East India Company. After the Industrial Revolution in 1790, business changed every 50 years or so, shaped by new inventions, trade and changing consumer habits.
That being said, business has not always been smooth sailing throughout history. The Great Depression in the 1930s and the financial crisis of the 1970s are just some examples of global economic setbacks that slowed down the progress of business.
Transitions between eras play out over decades. The edges are fuzzy and often become clear only in hindsight. Some elements of the previous era remain in place, while others evolve into something quite different. But recognizing the pattern of evolution can help businesses adapt to win in the coming era.
Since the dawn of the Industrial Revolution, businesses entered a new era roughly every 50 years. But if you’re an executive today, you don’t need numbers to tell you that a new era is beginning again, because you feel it.
So, what will the firm of the future look like? No one can say for sure. We believe some trends are clear. Technology will allow companies to achieve scale and retain customer intimacy. Power will shift from professional managers to the experts who deliver to those customers. Companies will own only those assets critical to their mission and rely on external ecosystems to manage the rest. Investors won’t just invest in companies; they’ll also invest in projects. And every company will have two engines, the one that powers today’s profits, and the one that will generate the profits of tomorrow.
If we are to look for moments of real change, we need to look not for the birth of an idea or a specific technology. Instead, we need to look at development in price. When the price goes down on a product or a raw material, that’s when things are likely to have a major impact. And when production volume goes up, that’s when we know it is in fact happening. The story of aluminum is a good example.
Today, the currently operating U.S steel industry includes approximately 100 steel supply and steel production facilities, employing 140,000 people, directly or indirectly supporting the livelihood of almost 1 million Americans. AHSS (Advanced high-strength steel) is the only material that reduces greenhouse gas emissions in all phases of an automobile’s life: manufacturing, driving, and end-of-life.
Early colonists had 2 primary goals: shelter and food. They needed to build homes, plant crops, and hunt. In order to facilitate these tasks, iron tools were needed. Things like hammers, knives, saws, axes, nails, hoes, bullets, and horseshoes. Iron products were in demand, but it wasn’t until the 19th century, when technological advances drove down the cost and increased the quality of the product, that steel manufacturing became a dominant industry. “In the years after the Civil War, the American steel industry grew with astonishing speed as the nation’s economy expanded to become the largest in the world. Between 1880 and the turn of the century, American steel production increased from 1.25 million tons to more than 10 million tons. By 1910, America was producing more than 24 million tons, by far the greatest of any country.” The United States is the world’s largest steel importer, according to the American Iron and Steel Institute. In addition, the North American steel industry is committed to the highest safety and health standards.
Although we’ve entered the computer age, American steel remains a top competitor in the global marketplace. But do you know who are the richest people in history? While putting a dollar value on ancient kings might be difficult, we think we have a pretty good list of the top contenders for the richest people ever. From ancient kings to modern monopolists, here’s one name as the top contender should be mentioned and his name is John D. Rockefeller —
John D. Rockefeller was the single wealthiest individual in the history of the United States and, by some measures, the single wealthiest individual in the history of the world. So now let’s dive into the business strategy of the oil magnate John D. Rockefeller. Some scholars estimate that he would be worth $400 billion today. For scale, that’s three times more than today’s richest person, Jeff Bezos. But what can his legacy tell us about successful marketing in the twenty-first century? So, what he did right? And what was his strategy?
- Investing In the Business To Speed Growth via Borrowing and Profits – Early on Rockefeller used partnerships to add additional skills and resources to his ventures.
- Buying Out the Competition – Creating A Monopoly – John’s strategy included buying out competition to give him a larger market share and more control, improving the efficiency, pressing for discounts on shipping costs and undercutting his competitions pricing.
As Rockefeller gained control over more and more of the oil industry, he used his power to buy in large quantities to drive suppliers out of business if they refused to sell to him at severe discounts. Those who would not sell to Rockefeller could not sell to anyone. Rockefeller amassed so much power and wealth that he and his descendants are the subjects of various conspiracy theories of varying factuality today. This is the one piece of wisdom 21st-century billionaires can glean from John D. Rockefeller’s experience.
21ST Century, it is the dawn of a new era and modern finance. The Rothschilds created modern finance and a vast fortune that has lasted for centuries. The Rothschild dynasty is, without a doubt, the pioneer of international finance.
A quick Google of ‘Rothschild family’ reveals a vast number of How did a down-on-its-luck brood of German street traders emerge, seemingly overnight, to become the prime facilitators of modern capitalism, the wielders of immense political power and, as the historian Niall Ferguson puts it in The House of Rothschild, “the richest family in all of history”?
Here’s the answer; the tale of how Mayer and his sons established an international banking dynasty.
Four decades ago, Jacob Rothschild did something crazy. After a family falling out, he turned his back on the riches of Europe’s biggest banking dynasty to pursue his own interests. Today, as he plans to retire, the offshoot business he created is marking the latest milestone of a banking clan that stretches across France, Switzerland and Britain.
Rothschild and his direct family are the biggest shareholders of RIT (Rothschild Investment Trust) Capital Partners, the investment vehicle whose stock returned 7.4% this year, boosting his personal wealth to more than $1 billion, according to the Bloomberg Billionaires Index.
A balanced investment ethos has attracted investors over that span, protecting shareholders in market downturns while delivering long-term growth. “It’s very much a tortoise rather than a hare,” said Laith Khalaf, senior analyst at U.K. stockbroker Hargreaves Lansdown Plc.
Mayer Rothchild’s father was a trader and money changer. After his parents passed away at the age of 12, Mayer went to learn finance. Mayer transitioned from antique-dealing to banking. Revolutions — both in nations and technology — are what gave Mayer a real fortune. During the French Revolution, Mayer profited by providing supplies for the Austrian army with coin from the British.
Without stepping foot in the New World, the Rothschild Family dominated international finance.
And the family’s still going strong.
It should also be noted that only one member of the Rothschild family is included among Forbes’ 2015 list of the world’s billionaires: Benjamin de Rothschild, who was ranked at number #1121 with a net worth of $1.61 billion.
Something fundamental is changing in business. And companies that anticipate and adapt to these will have the best chance to succeed in the new era. So, what will be the future look like? I would argue that two primary factors will shape business in the future, and they have started to do so already.
Firstly, we need to consider the impact of digital transformation. Digital transformation essentially refers to the use of digital technology to solve business problems. You have probably already experienced the digital transformation without even knowing it. For instance, when you purchase clothes online, your package is delivered within a day or two. You’re probably reading this on a browser built by Apple or Google. If you’re on a smartphone, it’s almost certain those two companies built the operating system. You probably arrived from a link posted on Apple News, Google News or a social media site like Facebook. And when this page loaded, it, like many others on the Internet, connected to one of Amazon’s ubiquitous data centers.
Microsoft, Apple, and Google – How these three tech giants have evolved in the 21st Century!
Amazon, Apple, Facebook and Google — known as the Big 4 — now dominate many facets of our lives. Apple’s a hardware company, Microsoft’s a software company, and Google makes almost all of its income from advertising. All three companies have been trying for years to diversify their revenue streams. How’s that working out? But they didn’t get there alone. They acquired hundreds of companies over decades to propel them to become some of the most powerful tech behemoths in the world.
They all followed a similar pattern. First, they became dominant in their original business, like e-commerce for Amazon and search for Google. Then they grew tentacles, making acquisitions in new sectors to add revenue streams and outflank competitors.
Elon Musk is one of the great entrepreneurial innovators of our time.
“Elonomics” a cryptocurrency coin inspired by Tesla Founder and Chief Executive Elon Musk, often described as a Bitcoin influencer. Visionary entrepreneur Elon Musk is the charismatic co-founder of PayPal (PYPL) and Tesla (TSLA), as well as the founder of SpaceX, Neuralink, and The Boring Company. He serves as CEO of Tesla and CEO/lead designer of SpaceX. As of 2021, he has an estimated total net worth of $151 billion. He is surpassed only by Jeff Bezos as the richest person in the world.
He believes low ambition is baked into most companies’ incentive structures.
Too many companies are incrementalistic, he said.
The company has transformed the economics of space flight, but what will make Musk most proud will be how his company has reinvigorated the US space program.
Last year his Crew Dragon rockets launched six astronauts to the International Space Station, the first such missions from US soil since the space shuttles were retired in 2011.
Follow this guide and, with a bit of luck, you’ll become impossibly rich and famous too. Then you can start to come out of your shell.
As ecommerce continues to grow rapidly and alter the business landscape, there is increasing discussion about its impact on the world. We know that there are advantages of business selling online by expanding their reach and cutting overhead costs, but what about ecommerce’s impact on the environment?
Ecommerce is growing at a striking pace, on track to surpass $1 trillion in sales by 2022. With greater market share and fewer barriers to entry than traditional brick-and-mortar commerce, the current ecommerce climate is driving entrepreneurship and encouraging businesses of all sizes to compete. This sustained growth and activity leads to more online experiences for all customers.
Ecommerce has grown in popularity because of the convenience, value, and choice it offers consumers. Is online trading safe? Well, if you don’t educate yourself in the online investment, you’re really risking it. Foreign exchange (Forex) means the sale and purchase of one currency in exchange for another. Currently, Forex is the largest traded market since countries are also vital participants in it. Trillions of money is being traded between millions of people in the world every day. With little capital and enough knowledge, anyone can get into it. Don’t ever put your entire amount of money into just one financial product! Make sure to spread your investments instead. Industry, products, country – use all of these differences. That way, if one market flounders, another one will absorb the losses.
A Forex market is the only genuine continuous trading market globally. Initially, the market was left for banks and other big institutions that carried out the trade for their clients. However, this status has currently changed and has become more retail-aligned. Traders and investors of all capacities are now active participants. The most intriguing part about this market is that there are no buildings, and physical stalls involved in trading.
The instruments of trade in this market are trading terminals, computer networks, retail investors, and other financial institutions such as banks. Currencies are exchanged in over-the-counter markets where you do not necessarily have to disclose anything.
Futures markets refer to the market where contracts are made in prospect. It means that you will buy or sell a future asset at the current market price. The futures market is a favorite market for speculators. Big financial institutions also use the futures market for risk management against future fluctuations in the exchange rates.
We all make assumptions that the economic position of a country determines the foreign exchange market price right. However, we are wrong on this one. The market price is determined by the large liquidity pools from large institutional firms. A survey done in 2019 revealed that the determinants of the market price are the big financial institutions. It’s a preference for most traders because the downside risk is limited.
Use your brain and think wisely. Learn more about trading, business strategy and stay safe!
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