The Obstacle Is The Way

“The impediment to action advances action. What stands in the way becomes the way.”-  Marcus Aurelius

In simple terms 

 as

“Failure shows us the way – by showing us what isn’t the way.”

— Ryan Holiday: Author of The Obstacle is the Way

American industrialist John D. Rockefeller was born July 8, 1839, in Richford, New York. He built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. By 1882 he had a near-monopoly of the oil business in the U.S.

At 16 he took his first job as bookkeeper and aspiring investor.  He was making fifty cents a day. Less than two years later the Panic of 1857 struck. The result was a crippling national depression that lasted for several years.

Here was the greatest market depression in history and it hit Rockefeller just as he was finally getting the hang of things. It’s terrible right? Real investors who supposedly knew what they were doing lost everything.  What is he supposed to do? Rockefeller later said that he was inclined to see the opportunity in every disaster. That’s exactly what he did.

Instead of complaining about this economic upheaval or quitting like his peers, Rockefeller chose to eagerly observe the events that unfolded. He looked at the panic as an opportunity to learn, a baptism in the market. But even as a young man, Rockefeller had sangfroid: unflappable coolness under pressure. He kept his head while everyone else lost theirs. Instead of bemoaning this economic upheaval, he quietly saved his money and watched what others did wrong. He saw the weaknesses in the economy that many took for granted.

It was this intense self-discipline and objectivity that allowed Rockefeller to seize advantage from obstacle after obstacle in his life, during the Civil War, and the panics of 1873, 1907, and 1929. Within twenty years of that first crisis, Rockefeller would alone control 90 percent of the oil market. His greedy competitors had perished and his doubters had missed out.

Rockefeller passed away on May 23, 1937, in Ormond Beach, Florida. His legacy, however, lives on: Rockefeller is considered one of America's leading businessmen and is credited for helping to shape the U.S. into what it is today.

 

Source:  ”The Obstacle is the Way: The Ancient Art of Turning Adversity to Advantage” by Ryan Holiday.