Andrew Carnegie

    carnegie

     This essay will be about Andrew Carnegie, one of the most successful entrepreneurs in history.  He was born on November 25th, 1835 and grew up in the country of Scotland.  In 1848, he immigrated to Pennsylvania when starvation became a worrying problem in Scotland.  When he was 13 he began working at a cotton mill, changing the spools of thread for the workers and earning 20 cents in doing so. This was equivalent to 2 dollars in today’s money. After a couple of job changes, at 18 he became superintendent of the Pennsylvania Railroad Company.  Carnegie had made many investments over the years and he would invest in oil in 1864.  But after the War Between the States, he focused more on iron and steel mills, and would go on to make his own business in 1892, Carnegie Steel.  It started out making rails but would soon go on to make steel for large buildings.  As his business continued, many soon found out that Carnegie was an aggressive competitor in the business world. One of his biggest competitors at this time was Burton Folsom and his steel company.  Over the years, Carnegie made good profits but eventually he sold Carnegie Steel to J.P. Morgan.  With his new company, Morgan formed U.S. Steel and made Carnegie’s protege, Charles Schwab, president.  But Charles didn’t agree to use Carnegie’s methods, nor did he have his self-discipline.  The reason Carnegie succeeded was because he managed his money well and was smart with investments.  As Carnegie once said, “watch the costs and the profits with take care of themselves”.  When Carnegie died on August 11th, 1919, he had given to others, almost 5 billion dollars in today’s money.  This was a smart and generous entrepreneur who has surely left his mark in today’s American history.

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