Patrick Collison Reflects on Rockefeller Biography, Urges Deeper Business Analysis in Biographies

Patrick Collison, CEO of Stripe, recently shared his extensive reflections on Ron Chernow's biography "Titan: The Life of John D. Rockefeller, Sr." Collison's analysis, posted on social media, delves into various aspects of Rockefeller's life and business, while also offering a critique on the depth of business analysis found in many biographies. He highlighted several intriguing points from the book, including the clustering of influential figures like Carnegie, Morgan, and Rockefeller in a short time span, and the historical earnestness of journaling for self-improvement.

Collison noted the prevalence of certain origin story details among magnates, such as selling candy as a child, and the emphasis on early freedom and responsibility in shaping their success. He also found Rockefeller's capacity to suppress unpleasant memories, as described by Chernow, to be a thought-provoking parallel to concepts like "suppression" in psychological studies. The tweet also questioned the historical perception of the Standard Oil rebate controversy, wondering if Rockefeller's name was "unfairly besmirched" given the commonality of discounts for significant demand in business.

A significant part of Collison's reflection focused on Andrew Carnegie's "Gospel of Wealth," which he found "more complex in its views than the straightforward exhortation to philanthropy" he had initially understood. Carnegie's essay, as quoted by Collison, emphasized helping "those who will help themselves" and prioritizing investments in public taste and institutions over mere almsgiving, a sentiment Rockefeller appeared to share. Collison also expressed curiosity about the demolition of Cleveland's once-renowned Euclid Avenue, seeking structural reasons beyond individual error.

Collison's primary critique of "Titan" and business biographies in general is their perceived lack of "structural analysis" regarding business operations. He questioned how Standard Oil could afford its acquisitions and manage dilution, and sought more detailed figures, tables, and charts to complement the human narrative. This desire for a blend of personal biography and in-depth business case studies suggests a call for a new generation of biographical works that offer a more comprehensive understanding of entrepreneurial success.