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Was Andrew Carnegie a True Hero DBQ - Essay Example

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Was Andrew Carnegie a True Hero DBQ? Every business is unique, but the principles that led to the success of multimillionaires a century ago can be applied to building business models in the 21st century as well…
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Download file to see previous pages Was Andrew Carnegie a true hero (DBQ essay) that earned millions of dollars? He, a rich steel multimillionaire, and steelmaker, was born on November 25, 1835, into a family of weavers from the Scottish outback. The industrial revolution in the early 1940s shook the family's finances (Document 1). By 1848, the father's weaving business had become unprofitable, and income was insufficient even for basic needs, especially for the education of children. The mother had to combine jobs with the homeschooling of brothers Andrew and Thomas. In search of a better life, the Carnegie family decides to leave everything and try their luck in the New World, moving to relatives in the United States (Document 2).
            To improve the family's financial situation, Andrew gives up education and grabs any jobs. The future multimillionaire managed to try himself in the role of an assistant fireman, caretaker of bobbins in a weaving factory, and telegraph courier. In 1851, 15-year-old Carnegie worked as a telegraph operator for the Ohio Telegraph with a salary of $ 25 a month —phenomenal progress, given that the first salary was a little more than $ 1.2 a week.
            Carnegie noted the uniqueness of knowledge and experience gained during this period. "I had the feeling that I was standing on the bottom step of the ladder to climb," the man later admitted (Document 2, from the museum data).
            Experience in the telegraph company allowed him to get a job on the Pennsylvania Railroad as an assistant to the director Thomas Scott in 1853.
            The rich enterprising mind of Andrew quickly understood the role of the railroad system as the infrastructural foundation of the rapidly growing US economy. In addition to the need for branches, it was necessary to improve the comfort of passengers, so in 1856 Carnegie persuaded his manager to buy sleeping cars for the Pennsylvania Railway, receiving for it 1/8 of the shares.
            A year later, Carnegie and Thomas Scott invested $ 1,220 in shares in Adams Express, a freight company that is actively developing as the country develops. Profitable transactions have made the entrepreneur a habit - Carnegie has repeatedly invested in stocks, mortgaging a house, and personal funds (Document 3). The businessman's intuition prompted the then head of the Western branch of the Pennsylvania Railroad Andrew Carnegie to buy in partnership with friends a plot of land with the prospect of oil production. Having bought the farm for $ 40,000 in 1863, in 10 years, the partners could get $ 5 million for it. The investment paid off with an annual return of $ 1 million (the museum data) (Document 5).
            The American Civil War provoked a rapid growth of the railway industry - the transportation of weapons, soldiers, food was a vital aspect of the military strategy of the North. The turning point for the already successful Carnegie was the period of postwar reconstruction. He drew attention to the rising cost of metal and steel for the reconstruction of railways (Document 4). Having clearly defined the industry for himself, in 1865, Carnegie resigned to start his own successful, rich metal business. As early as 1875, the businessman launched the first steel plant for the manufacture of iron rails with a monthly profit of $ 11,000, empowering people with job opportunities.
            The success of one venture prompted Carnegie to acquire several more old plants. By investing in the modernization of enterprises, Carnegie increased the production capacity of successful plants. By the end of the 1980s, Carnegie Steel Company had become a leader in the cast iron and steel industries with a production capacity of 2,000 tons of metal per day. In 1900, the share of the plant for the production of rails in the United States was 26.3%, with revenue of $ 40 million.
            A year later, the rich company ceased to exist, merging with other market leaders. The new company — U.S. Steel — for the first time in US history exceeded the capitalization of $ 1 billion.
            The 1901 agreement marked the end of Carnegie's career and allowed him to do successful charity and museum work. The man adhered to the principle that the life of an industrialist consists of two parts: the accumulation of wealth and its distribution for good purposes.
            Thoughtful investments in emerging jobs markets and vital areas, timely modernization of business and understanding of the value of team play have made Carnegie the greatest man of the 19th century, who formed a culture of big business. Carnegie noted the value of the ability to concentrate and do more than expected. The leitmotif of the entrepreneur's books was the principle of "do here and now".
            "Make a concrete plan of action to accomplish what you want and act immediately, whether you are ready to implement it or not," repeated "King of Steel" Carnegie, the greatest man of the 20th century. The museum, in his honor, is devoted to his endeavors.   ...Download file to see next pagesRead More
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