Andrew Carnegie (November 25, 1835 – August 11, 1919) was one of America’s original and most famous titans of industry, helping to usher in the Industrial Revolution and the Gilded Age. He was one of the richest Americans in history and while he was primarily known for his successful business empire, he was also famous for his significant philanthropic work.
The son of a Scottish weaver, Carnegie’s family immigrated to America when he was 12 years old, settling in Pittsburgh, Pennsylvania. He started out working in a cotton factory before taking a telegrapher role at the Pennsylvania Railroad. Carnegie leveraged his time at the railroad to learn about the business world and the burgeoning steel industry. He was a quick study and also began developing a network and accumulating various investments in railroads, bridges, oil, and transportation.
Carnegie eventually went all-in on manufacturing steel, pig iron, and coke, forming the Carnegie Steel Company in 1892 (although he was already a large player in steel since 1872). Already one of the richest men in the country, in 1901, Carnegie sold his company to J.P. Morgan for $303,450,000 (approximately $10 – $11 billion today). At the time, he had surpassed John D. Rockefeller as the richest American. After the sale, Carnegie devoted himself to philanthropy, giving away a vast amount of his fortune to causes such as the endowment of over 3,000 public libraries, creation of the Carnegie Institute of Technology, building Carnegie Hall, among many other causes.
Taking advantage of the favorable business and tariff environment of the time, Carnegie was known for his shrewd and efficient business practices. He helped pioneer vertical integration of materials and suppliers and he was fanatically devoted to controlling costs. This allowed Carnegie Steel to out-compete any would-be competitor, drive them out of business, or take them over.
Carnegie’s entrepreneurial rise to become one of the most successful businessmen and philanthropists in the world is the embodiment of the American Dream. His life and business practices are used as case studies for business leaders and politicians to this day.
Andrew Carnegie Quotes
“People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents.”
“The way to become rich is to put all your eggs in one basket and then watch that basket.”
“The average person puts only 25% of his energy and ability into his work. The world takes off its hat to those who put in more than 50% of their capacity, and stands on its head for those few and far between souls who devote 100%.”
“Immense power is acquired by assuring yourself in your secret reveries that you were born to control affairs.”
“The man who acquires the ability to take full possession of his own mind may take possession of anything else to which he is justly entitled.”
Andrew Carnegie Books
“Andrew Carnegie” – by David Nasaw
“Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership that Changed America” – by Les Standiford
“Andrew Carnegie and the Rise of Big Business” – by Harold Livesay
“The Gospel of Wealth and Other Timely Essays” – by Andrew Carnegie
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