Jul 15, 2016
It is said that John Jacob Astor had the first US monopoly. 1. He stuck to a business he understood and grew the American Fur company into the leading fur company in the world. 2. When he saw an opportunity in China at a time when the West shunned business with then Chinese, he capitalized on this and made a lot of money. 3. One historical report says Astor invested in such extensive real estate holdings because he didn’t like high risk investments he didn’t know how to grow. The lesson here is to stick to your area of competence till you increase it. #biography #jahnjacobastor #bio #entrepreneur #billionaire