Mitsui Takatoshi was a successful Japanese merchant and a founder of what emerged to be the Mitsui conglomerate. He earned a significant fortune by opening a retail drapery store and a money exchange business. He was also a financier to the Bakufu Government. He was known for various innovations implemented in his businesses.
Background
Takatoshi was born in Matsuzaka, in Mie prefecture. His ancestors were samurai warriors but his father abandoned this type of life when he was defeated. Mitsui Sokubei, Takatoshi’s father, opened a pawn shop in Matsuzaka and a grocery store that sold soy bean paste (miso) and rice wine (sake).
Education
Takatoshi learned quickly and began to be of help in his family’s business at a very early age, although he was only the second son of his father. Although there is no certain data, it is presumed that Takatoshi showed that he knew his way with numbers and expressed a great amount of diligence. His talent for business was obvious, so when the family decided to open another store in Edo (former name of Tokyo), Takatoshi moved there with his brothers Shigetoshi and Toshigutsu.
Career
Upon his move to Edo (today’s Tokyo) in 1636, Takatoshi worked with them for over a decade. However, after he had a fight with one of his brothers (Toshigutsu), he was forced to return to Matsuzaka. He stayed in Matsuzaka for the next two decades and made a significant fortune.
When Toshigutsu died in 1673, Takatoshi decided to return to Edo to open a retail drapery store. The store was named Echigo-ya in the owner of his grandfather, who was the governor of the Echigo region. It was a one of a kind store that offered many innovations that buyers accepted with thrill. The most important change was that he sold his merchandise directly in a store, instead of taking orders from customers and delivering garments to them when they were finished. He also offered custom lengths of cloth cut as per wishes of the customer.
Aside from that, Takatoshi changed the way of pricing. All his prices were fixed and not depending on the particular customer’s purchasing power. He accepted cash only and refused to bargain at all. However, he did come up with a credit account system, where his regular customers had the option to pay him twice a year for all the merchandise they took during that period.
In 1683, Takatoshi started a money exchange business. He came up with the new system for money changing and a new method for inner-city loans. He became the official financier of the Bakufu Government, making close ties with Tokugawa Shogunate and operating in Edo, Osaka, and Kyoto. Takatoshi managed to enlarge his fortune and reputation considerably.
Mitsui Takatoshi died in 1694 and left behind eight children of his own and one adopted child. His descendants turned his business into a big consortium today known as the Mitsui Group.
Achievements
Religion
There is no reliable data concerning Takatoshi's religious beliefs. Considering that Shintou and Buddhism were predominant religions in Japan at the time, it can safely be said that he was a part of one of these two religions.
Politics
Takatoshi had close ties with Tokugawa Shogunate and was the financier to the Bakufu Government.
Views
Takatoshi had a great sense of innovation and was very aware that it was the key to leading a successful business. This is why he always tried to come up with the new ideas to implement in his two businesses and this was probably the main reason why he was so successful at the time. The profits he made with his company earned him the envy of others.
Personality
Not much is known about Takatoshi’s personality. Considering the fact that he adopted one child, we can say that he had a good heart.
Interests
Puppet theater
Politicians
Tokugawa Tsunayoshi
Writers
Matsuo Bashō
Connections
Mitsui Takatoshi had eight of his own children and one adopted child.