Iwasaki Yatarō

Yataro Iwasaki (岩崎 弥太郎 January 9 1835 - February 7 1885) was a Japanese financier and shipping industrialist. He founded Mitsubishi in 1873.

Yataro Iwasaki is the founder of the international conglomerate Mitsubishi Group. He was born in a peasant family during the turmoil days of Japan. With an unexpected opportunity, he left his hometown for Tokyo with his teacher. That day turned out to be one of the milestones that shaped the business world in the following hundred years. Yataro actively participated in socializing with political activists in Tokyo, many of whom later became the important government officials. He later founded a Mitsubishi Transportation Company which ships goods between China and Japan. That period was also the period that Japanese economy grew fastest. The shipping business turned to a big success. Yataro almost dominated the route except for another incredible competitor--Mitsui. Yataro died at his 60s and his brother took over his place, who further expanded the family business into mining, banking, etc. Yataro's son took over his uncle's position after he passed away. Now, Iwasaki family has lost control of Mitsubishi Group, but the legend of Iwasaki family is a still a common case in the Entrepreneurial chapter of most business school textbooks.