The best business leaders do not shy away from tough decisions.
In the modern world, the likes of Jeff Bezos, Elon Musk and Apple CEO Tim Cook all make tough and ruthless choices to benefit their corporations, often at the expense of their workers.
This is not a new thing.
Throughout history, certain business decisions have had massive impacts.
These choices have not just affected the respective industries but also across global economies and cultures.
These decisions, ranging from technological innovations to strategic mergers and pivotal shifts in business models, have collectively shaped the modern economic landscape.
Some date back hundreds of years.
Here are 10 historical and transformative decisions that demonstrate the profound influence of visionary business thinking.
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The East India Company’s Trade Monopoly
In 1600, Queen Elizabeth I granted a Royal Charter to the East India Company. This gave it a monopoly on all English trade in the East Indies.
This decision propelled the British into a dominant position in global trade. It also laid the foundation for British colonial rule in India, significantly impacting global commerce and geopolitics.
The Development of the Bessemer Process
In 1856, Henry Bessemer’s invention of the “Bessemer process” for mass-producing steel transformed the industrial world. This innovation drastically lowered the cost of steel production.
This led to the widespread construction of railways, bridges, and skyscrapers, fundamentally changing infrastructure and urban landscapes.
Standard Oil’s Refining Innovations
In the late 19th century, John D. Rockefeller’s Standard Oil optimized oil refining processes and aggressively acquired competitors, establishing a virtual monopoly in the US oil industry.
This not only set the stage for modern corporate monopolies but also profoundly affected the regulation of business practices.
Henry Ford’s $5 Workday
In 1914, Henry Ford introduced a $5 per day wage for his factory workers. This nearly doubled the average auto worker’s salary at the time.
This decision significantly reduced employee turnover.
It also boosted productivity and set a new standard for wages in manufacturing, contributing to the rise of the middle class in America.
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The Creation of the New York Stock Exchange
The Buttonwood Agreement, signed in 1792 under a Buttonwood tree, led to the creation of the New York Stock Exchange. This agreement standardized securities trading in New York and laid the groundwork for what would become the cornerstone of global finance.
Western Union’s Bet on the Telegraph
In the 1860s, Western Union decided to focus on building a nationwide telegraph network, eventually becoming the dominant communication giant in America. The decision to embrace and expand telegraph technology was crucial for communications across vast distances, influencing the pace of business and news dissemination.
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The Opening of the Panama Canal
In 1914, the completion of the Panama Canal, spearheaded by the U.S., drastically shortened the maritime journey between the Atlantic and Pacific Oceans.
This is one of the most incredible feats of engineering in history. It not only revolutionized global shipping routes but also significantly impacted international trade and military strategy.
In 2025, an interesting political story is unfolding around the canal, as incoming President Donald Trump has revealed he wants to take control of it.
