Pierre DuPont, founder of the world-famous chemical empire DuPont. On the morning of New Year's Day in 1800, his great-grandfather led his family of 13 people on the sailing ship "American Eagle" and crossed the Atlantic Ocean to the United States of his dreams. Here, he showed his extraordinary business talents. He has a strong sense of innovation and is always looking for new markets and new areas of development. It is his sense of innovation and adventurous spirit that has contributed to DuPont's century-old glory.
If human society wants to continue to progress, it needs continuous conquest, adventure, risk-taking, and the spirit and courage not to be afraid of danger. Success can be created with courage, and there is a kind of courage that can penetrate dreams. Pierre DuPont, president of DuPont Company in the United States, is such a person who uses his guts and courage to achieve his success.
DuPont has been in the DuPont family for more than a century, and the responsibility to manage this business must be passed down to future generations as a sacred trust. This is a famous saying of Pierre DuPont, President of DuPont Company in the United States. It was this fourth-generation heir of the DuPont family who, with his own courage, pushed DuPont's business to a climax.
When DuPont was 32 years old, his uncle Youren, CEO, died of pneumonia. Because Youren died suddenly without leaving a will, the family was in chaos. Everyone was quarreling fiercely at the family meeting, and nothing came of the discussion. Finally, the board was ready to sell the company. When it came time for the final vote, the host, Colonel Henry, suggested that the entire property, if sold, would be worth $12 million. Everyone takes their allocated money and deposits it in the bank, and the interest rate is pitifully low. It would be better to mortgage it to someone in the family for $20 million, and that person would pay the shareholders the bank's interest. After hearing this idea, everyone agreed. However, who is willing to be taken advantage of? Colonel Henry said confidently that there were people willing to do it. As a result, DuPont became the new president.
Dupont is a very amiable person, with big clear eyes shining with lake blue light and a smile on his face. His character, which can perhaps be compared to a spider web, is relatively introverted, just like his gentle appearance.
After DuPont became president, he began a bold acquisition plan. They acquired the Reborn Chemical Company and the Oriental Gunpowder Company. At this point, DuPont already has a 75% share of the huge gunpowder market, and if we look at the share of yellow gunpowder alone, DuPont already holds 100%. But he was not satisfied yet, and was planning to increase the share of black powder to 100. His bold monopoly led to a lawsuit. The court found DuPont guilty. The court also convicted the president and issued executive orders based on this law. However, by this time the president had resigned because his term had expired. At this time, the lawsuit did not deter Pierre, but instead strengthened his courage and ambition to create a career.
After the new president took office, Dupont sent his legal adviser George to lobby the president. He said: "Mr. President, in the near future, there will definitely be a war in Europe. Only when DuPont obtains the exclusive power to manufacture gunpowder can the country and security be guaranteed!" The president believed that George's words were reasonable, so he ordered a hearing. I plan to listen to opinions from all sides.
At the hearing, DuPont spoke boldly. He said: In the near future, there will definitely be a war in Europe. In extraordinary times, DuPont's monopoly on the gunpowder manufacturing industry will have a negative impact on the security of the United States. All benefit and no harm.
After listening to DuPont’s speech, the army and navy commanders, heads of government ministries, and university professors who attended the hearing unanimously agreed with DuPont’s point of view. The president's final ruling: DuPont was reorganized into three companies. In fact, this is a deceptive approach. In doing so, it not only avoids violating the "Charman Monopoly Prohibition Act", but also protects DuPont. DuPont was split into three, with real power still firmly in the hands of the DuPont cousins.
It was exactly as Pierre expected. Soon, World War I broke out in Europe. DuPont's gunpowder was in short supply. In order to expand production scale, DuPont borrowed US$14 million from Wall Street tycoon Morgan.
Before the loan, DuPont had repeatedly considered that the annual interest rate was 6%, and the company's shares would be used as collateral; if it could not repay it by then, the company would fall into Morgan's hands. But he boldly analyzed that sooner or later the United States would intervene in the European war, and the demand for gunpowder would soar. By then, DuPont would have made huge profits. DuPont used huge loans to build five gunpowder factories, among which the factory in Tennessee was the largest smokeless gunpowder factory in the world.
In April 1917, the United States declared war on Germany and joined the ongoing war. The government's purchase of military supplies has increased dramatically, and of course high explosives are the first of these. In 1917, DuPont's gunpowder production increased 54 times compared with 1914. Throughout the war, DuPont supplied 40% of the explosives used by the Allies. In addition to gunpowder, DuPont also produced poison gas, explosive devices, smoke canisters, etc. for the Allied Powers. At the same time, DuPont also provided half of the explosives used in domestic non-military projects.
DuPont’s prediction was too accurate. During World War I, nearly half of the gunpowder used by the Allied Powers was supplied by DuPont. The war brought huge financial resources to the DuPont family. They made more than 1 billion U.S. dollars in gross profits during the war, and the net profits they obtained amounted to hundreds of millions of dollars. Among them, the annual net income after taxes amounts to several million US dollars. The DuPont family was cursed as "warmongers" because of this. However, DuPont also jumped from a third-rate listed company before the war to the largest corporate group in the United States. At this point, the huge DuPont empire has taken shape.
At the same time, driven by the First World War, the big bosses in the United States took the opportunity to make a fortune from the war. Since the United States remained neutral, both warring parties placed orders with American companies. In addition to gunpowder, countries participating in the war also purchased large quantities of military cars and trucks; domestic demand for automobiles in the United States also skyrocketed. Due to its rapid expansion and development, General Motors in the United States was short of funds, and its employees could no longer pay their salaries. The boss, Durang, asked for a loan from the bank, but the banks on Wall Street were controlled by Morgan Commercial Bank. Without its instructions, no one dared to lend to Durang easily. General Motors is reaching the end of its rope.
On April 6, 1917, the United States declared war on Germany. The U.S. government included steel in the scope of war materials and imposed special war taxes on steel. Manufacturing cars is inseparable from steel, and General Motors of the United States is even worse, with its stock plummeting. DuPont saw the opportunity and bought $25 million in General Motors stock. Durang had no choice but to hand over the throne of chairman of General Motors to DuPont. DuPont holds 23% of General Motors' stock. At this point, DuPont's career has reached a new level.
A true entrepreneur and leader, or manager, must not only have the ability to operate and manage, but also need to have courage. In the increasingly fierce business competition, if you do not have a certain amount of courage and courage, even if you make a more realistic prediction, you will not be able to develop quickly. As Pierre DuPont, the sixth president of DuPont, said: "Even if you see something in front of you, if you dare not take a step forward, you will not get it." Indeed, Pierre Dupont relied on his courage to use the war to achieve what he achieved. The commercial victory created a historical miracle.