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Leadership & Business Wisdom

THE ENTREPRENEURIAL MINDSET

l-mpic1Andrew Carnegie, a Scottish-American industrialist and the greatest philanthropist in this speech, is known to be the most influential person whose greatest contribution in expanding the American steel industry in 19th century makes him immortal. He donated his most fortune to establishing schools, Libraries and universities across the United States and Europe. He was a self-made man for his economic, cultural as well as intellectual developments. He is often considered to be the second richest man in the history after John D. Rockefeller.

From his young age he would love to listen about famous Scottish heroes such as Rob Roy, William Wallace, and others from his uncle. The inspirational stories, in his words, worked as driving force for his life and inspired him to keep looking for better opportunities.

“The man who dies thus rich dies disgraced.”

Andrew Carnegie

“Labor, capital, and ability are a three-legged stool… They are equal members of the great triple alliance which moves the industrial world.”

Andrew Carnegie

“People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents.”

Andrew Carnegie

 

In 1848, his family immigrated to the United States, where he started working in a bobbin factory as an ordinary factory worker. Young Andrew worked almost all the day, 6 days a week as a bobbin boy to make only $1.20 a week. His father was a weaver, and his mother bound shoes to make a living. He and his parents shared half of a considerably big, ground floor apartment with another poor family. After some time, he became a messenger boy in the Pittsburgh Office of the Ohio Telegraph Company, at $2.50 per week. Within one year he was promoted as an operator for his determination, alertness and hardworking nature. In 1853, he took up a job at Pennsylvania Railroad as a secretary/telegraph operator at a salary of $4.00 per week. In less than three years, Carnegie was promoted to the post of superintendent. While working for the railroad, Carnegie got the opportunity to understand the infrastructure market and started making investments. He could envision the greatest prospects in oil, steel and construction industries and made many wise choices that gave him substantial returns on investments.

In 1864, he invested $40,000 at Story Farm in Pennsylvania and within one year his humble investment made him a millionaire. Finding the potential in steel, he invested in iron and subsidiaries. In 1865, after the end of the Civil War, he solely concentrated on the steel industry. Later, he merged Hi steel company with Federal Steel Company and several others and established the U.S. Steel. In 2007, according to List of wealthiest historical figures, based on information from Forbes, his net worth was approximately amounted to $298 billion dollars.

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