andrew carnagie
Andrew Carnegie Andrew Carnegie The Rise of Big Business Andrew Carnegie was born in Dumferline, Scotland, in November of 1935. His parents were Will and Margaret Carnegie. He also had a brother, Tom. The main income for the geographic location where he grew up was weaving linen. The people who engaged in this type of employment considered this an art since it had relatively unchanged since medieval times. Andrew's father was one of those craftsmen. Since there had been so little change in this type of work, they were really caught off guard when machine production came around. For some, this industrialization was good. The Carnegies were lead to believe that this was the way they should be headed. At first the returns were good for them, but prices and demand fell, and they were left without anything. The whole looming industry was virtually gone; and with that, it was clear that there would be no trade for Andrew to learn. They had received letters from time to time about th!e possibility of work in America. After the looms fell through for them, they realized that they didn't have much of a choice of what to do. So, they borrowed the money for the voyage from Scotland to New York in the hopes of having a fresh start. Losing e
e Homestead strike was partly caused by this practice and the fact that Carnegie and Frick wanted to eliminate the union. Many live were lost in this battle which started when Frick ordered the Pinkertons to come down river on barges and attempt to be smuggled in to the plant and re-open the plant with non-union workers. The plan didn't work. After the strike there were some years (1893-1894) that were considered depression years. Carnegie pushed through these tough time and managed to push costs down even more and come out with an amazing $4,000,000 net profit; the next closest competitor had a $1,000,000 loss for the same time period. Andrew was quite amazing in his ability to make money. His company posted record profits in the next few years topping out at $40M in 1900. After a meeting with Charles Schwab in Jan. of 1901, Carnegie decided to sell out. He sold his company to J.P.Morgan for $480,000,000. The sale of this company was combined with another company to become Un! Nothing could escape him. All of this knowledge seemed to be building up in to something immense; "Big Business". Even though Carnegie was destined for greatness, he lied at times, concealed information, and misrepresented facts to get to the top of his game. In November of 1872, Carnegie went from capitalist to entrepreneur by forming a company to manufacture Bessemer steel. This company was set up to use the money that he obtained while working for the railroad as well as his knowledge about new cost-based management techniques. Carnegie's philosophy was to cut costs as much as possible and the rest would take care of itself. He did this by carefully tracking where every penny was spent and was able to "scoop the market". The two ways to cut costs were to speed up production and cut labor costs while maintaining those production levels. He also believed in the canniba
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Approximate Word count = 1252
Approximate Pages = 5 (250 words per page double spaced)
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