J.P. Morgan was an American financier and banker who was a dominant force during his time in the business world 1892 to 1913. He had a deep understanding of business structures and management and he specialized in reorganizing businesses in order to return them to profitability.
He was so good at saving troubled businesses that he got his own noun. Around 1905, the process of turning a firm around financially came to be known as Morganization according to the May, 2009 version of Conde Nast Portfolio magazine.
Over the years, Morgan was involved with the purchase, reorganizing and restructuring of a number of companies including;
- Albany and Susquehanna Railroad
- New York, West Shore & Buffalo Railroad
- International Mercantile Marine Company
- United States Steel Corporation
- He was also credited with the formation of U.S. Steel which was the first billion-dollar company in the world with an authorized capitalization of $1.4 billion
Besides having a noun created in his honor, Morgan was so good at what he did that he was asked to bail out the US Treasury twice, including in 1895 to the tune of $65M in exchange for government bonds!
Although you may never achieve the same level of fame as J.P. Morgan, there is no reason that you and your business cannot become known for being the best in your industry. There are an infinite number of ways to achieve this but here are six steps that will get you started towards business dominance;
- Morgan had a “deep understanding“ of business structures and management. Where do you have a deep understanding in your industry or area of expertise? Describe your area of deep understanding in a few words.
- Morgan took his deep understanding of business structures and management and he “specialized“ in reorganizing businesses. To what specialty can you apply your deep understanding? Describe your area of specialization in a few words.
- Morgan had a clearly defined “outcome” when he applied his deep understanding to his specialty of reorganizing businesses . . . he returned the businesses to profitability. Identify the outcome that your customers would pay you for when you apply your deep understanding to your area of expertise.
- Identify a marketspace that will benefit and pay you to leverage your deep understanding and your expertise
- Build your business to around this marketspace and this valuable service
- Build a culture of continuous improvement into your business so you continually develop and differentiate yourself above all others in this marketspace
Begin your journey towards business dominance by working through these steps this week!