Robert Nobel

When attacking a market full of second-rate competition and second-rate talent, a founder with superior capability can create a dominant position by introducing new standards and approaches.

When Robert entered Baku oil refining, the 140 competing refineries were run by inexperienced operators producing low-quality Baku sludge. Robert immediately suggested improved refining methods that produced the highest quality kerosene in the region. Quality superiority built dominance.

Wait for the right opportunity even after multiple failures. An entrepreneur only needs to be right once. The compounding from one massive success can offset decades of smaller failures.

Robert Nobel failed repeatedly with fireproof bricks, kerosene, iron, and glycerin ventures. His brothers viewed each new scheme with skepticism. But when Robert found oil refining in Baku, he had found his match. His innate talent for this opportunity transformed him from family underachiever to builder of the second pillar of the Nobel empire.

“You only have to be right once.”