Born on April 17th, 1837 as John Pierpont Morgan into the influential Morgan family in Hartford, Connecticut to Junius SpencerMorgan and Juliet Pierpont, J.P Morgan grew up to become one of the pillars that held America. If you doubt that, imagine what it means for a single individual to borrow his country's money as Morgan did in 1907. we mean what he knew, thought, and did that made him very successful.

J.P Morgan’s 7 secrets of success

Take risks and seize opportunities 

The young Morgan was once visiting New Orleans while a boat of Brazilian coffee sailed into port without a buyer. The coffee would go bad quickly, so Morgan made the unauthorized choice to spend his boss's money on the coffee. His superiors were outraged by his risky gambling, but J.P. Morgan immediately sold it to the local diners and caf├ęs for a tidy sum. After the coffee incident, J.P. Morgan left the firm to make his own way. He was guided by the advice of his father, who mentored him for much of his life, but J.P. Morgan was also a visionary. After meeting Thomas Edison, Morgan invested everything he had to form the Edison Electricity Company, although his father believed electricity was “just a fad.” Together, Edison and J.P. Morgan created the world’s first power station and what eventually became General Electric. The world is filled with people who take it easy, but that’s not the path to greatness. To be successful, you must dare life and take risks. Not taking risks is risky, what do you think? 

Your Network Determines Your Net Worth

Today, Morgan is remembered for bailing out the US government during the Panic of 1907. Failed speculation and the 1906 San FranciscoEarthquake had triggered a series of runs on banks across America. In an interview with UVA professor Robert F. Bruner for the Smithsonian, Abigail Tucker finds that Morgan soothed the panic by calling upon his "deep and extensive relations throughout the financial and business communities." J.P Morgan gathered top financiers in his home on 34th street, created working groups, and determined which institutions to save and which ones to allow to die off. The wealthy friend's Morgan made during his youth in America and schooling in Europe were instrumental in his business success. To be successful in life, you must build a tall wall around yourself, not the kind DonaldTrump threatened to build against Mexico, but a tall wall of other great minds. 5 people you spend most of your time with determining what your next 5 years will look like. Just as Mark Twain said; “Good friends, good books, and a sleepy conscience: this is the ideal life.” 

Be creative

In 1895, gold reserves had dwindled to almost nothing. J.P. Morgan created a plan for bankers to invest gold directly into the government, but President Grover Cleveland chose to authorize the sale of gold bonds instead. Unfortunately, the government did not have the time to sell gold bonds, and the situation was deteriorating. Morgan found a loophole in an 1862 law that allowed the Secretary of the Treasury to issue bonds to buy gold coins without congressional approval. This loophole led to the end of the panic as J.P. Morgan & Co. led a syndicate of bankers to sell bonds and buy back gold from foreign investors. For Morgan, “No” wasn’t an answer, but acronyms for “Next Option” There are usually ways to overcome whichever obstacle comes your way, but you have to be creative and put your mind to work. 

Keep moving forward, despite failures

In 1900, J.P Morgan invested over $100,000in Nikola Tesla’s failed wireless communication system. Two years later, Morgan tried to enter the London Subways market but was unable to convince parliament to permit his project. In that same year, J.P. Morgan & Co. funded the International Mercantile Marine Company (IMMC), whose subsidiary owned the RMS Titanic, a British passenger ship that sank in the North Atlantic Ocean in 1912 after colliding with an iceberg during her maiden voyage from Southampton, United Kingdom, to New York City, US. Despite this failure after failure, J.P.Morgan followed his own advice and kept moving forward. Failure isn’t a bad occurrence, it’s simply a ladder that leads to success. The world’s most successful people are the greatest failures more successful you wish to become, the more mistakes and failures you’ll experience in your life. Because we all spent years in schools where mistakes are punished, it’s just natural that we try to go through life avoiding failures. However, just as darkness precedes daylight, failures always precede success. The question isn’t whether you’ll fail or not, the question is whether you’ll embrace failure or cry because of it. Take heart and be strong Winston Churchill said; “Success consists of going from failure to failure without loss of enthusiasm”. 

You don’t get what you deserve you get what you negotiate

In 1907, there was another panic on Wall Street. J.P. Morgan believed that rescuing the failing bank trusts might reverse the downturn and restore the people’s faith in the banks. His solution was to get the large trusts to invest in their weaker competitors — something they were obviously reluctant to do. Morgan gathered the trust company presidents in his library, locked the door, and refused to let them out until they came to an agreement. The bankers argued all night, sometimes sending comments or suggestions to Morgan, who refused to budge. When dawn came without an agreement, Morgan stormed in with a contract and a pen, instructing the presidents to sign. They all did. Hahahaha…Being tough is part of the game, right? Stories about J.P. Morgan’s unusual negotiation tactics abound. His strategy to bring people together was to isolate the relevant parties and set a deadline for an agreement. Life may not give you what you deserve, but what you negotiate. 

Things change and that's not a bad thing

In one famous incident, when asked by a passerby what the stock market was going to do next, Morgan responded simply: "It will fluctuate."Unfortunately, Morgan probably never quite said that — according to Barry Popik's research, the earliest appearance of the quote dates back to 1934, decades after the man's death. However, Morgan's ability to both adapt to and facilitate change was clear throughout his career. Morgan was frequently able to seize failing entities and "Morganite" them, as Heather Timmons reported for Bloomberg: "Morgan would take over problem companies, flush out incompetent managers, and appoint people he trusted. Over time, many of the companies would recover and become profitable, keeping capital flowing into other Morgan deals." The only way to cope with change is for you to change with change. 

Also Read: Jeff Bezos’ 7 Secrets of Success

Have integrity

When Morgan bet his firms’ capital on the Brazilian coffee boat early on in his career, he said that he wasn’t worried about the risk from the investment. His only risk, he maintained, was in misjudging the captain's character. Entrepreneurs must gather all available knowledge to make wise financial decisions, but it will come to nothing if the people they surround themselves with do not have integrity. Your integrity matters. People should be able to trust you or they won’t do business with you.Don’t forget the words of Zig Ziglar; “The foundation stones for a balanced success are honesty, character, integrity, faith, love, and loyalty.

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