| Name: | Andrew Carnegie |
| Born: | November 25, 1835 |
| Nationality: | American |
| Age: | August 11, 1919 (aged 83) |
| Net Worth: | $475 million |
| Business: | Carnegie Steel Company |
| Spouse: | Louise Whitfield |
| Children: | Margaret Carnegie Miller |
“Think of your self as on the edge of unparalleled success. An entire, clear, wonderful life lies earlier than you.
Achieve! Achieve!”
– Andrew Carnegie
The phrases resembling entrepreneur, industrialist, and philanthropist transfer round some folks. Some folks construct upon considered one of these phrases, whereas others broaden round all of them. Andrew Carnegie is somebody who expands himself in all three of those spheres.
Carnegie was a daybreak within the period of industrialists. He is chargeable for the enlargement of the Steel business within the US. His philanthropic acts expanded past the US and reached Great Britain and the British Empire.
He donated round $350 million over the past 18 years of his life. Carnegie spent virtually 90% of his life’s earnings on charity. No, Carnegie didn’t get his wealth served on a platter. He was born right into a weaver’s family that needed to share half of their floor room with a neighboring family. But, he grew to become one of the vital profitable industrialists within the US.
Here is a small life story of Andrew Carnegie.
Contents
Who Was Andrew Carnegie?
Andrew Carnegie was an American industrialist identified for increasing the American Stell business through the late nineteenth C. During his period, there have been no larger philanthropists than Andrew Carnegie.
Carnegie was the captain of the business who supported the workingman’s trigger and labored for them. Carnegie constructed the construction of the American Steel business. Carnegie began to work as a telegrapher at 12. However, after 12 extra years, he had invested in railroads, railroads sleeping vehicles, oil derricks, bridges, and extra.
He gathered extra wealth by working as a bond salesman. He was chargeable for establishing the Carnegie Steel Company, which he offered in 1901, making means for the U.S. Steel Corporation. Then he surpassed John. D. Rockefeller turns into the wealthiest particular person within the US.
Carnegie Spent the remainder of his life working for the folks. He donated to various kinds of establishments, helped construct faculties, libraries, and funded many scientific forms of analysis. His contribution remained lively throughout the US alone.
Early Life
Named after his paternal grandfather, Andrew Carnegie was born to William Carnegie and Margaret Morrison Carnegie in Dunfermline, Scotland. He grew up in a small home that needed to share its fundamental room with the neighboring family. Later, in 1826, the family moved to a much bigger home.
The family moved to a bigger home on Edgar Street after William, Edgar’s father, noticed an increase within the demand for Damask. Andrew Carnegie studied on the Free School in Dunfermline. At an early age, Andrew Carnegie was impressed by his maternal uncle George Lauder, Sr., Who was additionally a political chief.
Andrew Carnegie’s uncle used to encourage him with Robert Burn’s writing and speak about well-known historic heroes like Robert Bruce or William Wallace. During the economic revolution, his father was going by way of tough instances. Andrew’s mom used to assist her brother and promote potted meats to earn for the family. Later, when the family moved to Allegheny, each Andrew and his father received a job in the identical cotton mill.
In 1948 when Andrew received his first job as a bobbin boy, he used to work 12 hours a day and 6 days every week. His beginning wage was $1.20 per week.
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Entrepreneurial Achievements
Carnegie’s journey began along with his early profession with a wage of $1.20 per week. He began to work for a telegraph firm as their messenger. This gave him sufficient expertise, quickly selling him to a telegraph operator.
Later, he began working in a railroad firm and have become a superintendent at 24. Andrew Carnegie was not only a shiny younger man. He was additionally a tough employee and a voracious reader. Thanks to Colonel James Anderson, an Allegheny citizen, Carnegie found his ardour for books.
Anderson had a small library that he left open for the working boys. These books nourished Carnegie’s mind and supplied him with important life training. Carnegie used to stroll with individuals who helped direct him towards his success. The first of such successes was his funding within the railroads.
(i) Rail Roads
Andrew Carnegie’s Boss, Thomas A. Scott, additionally a superintendent of the western division of Pennsylvania Railroads, fueled the spark of funding inside Carnegie. Scott alerted Carnegie in regards to the Adams Express Company’s shares. Andrew’s mom, Margaret Carnegie, helped him by mortgaging their home.
She obtained $500 to purchase the shares. Carnegie’s statement was appropriate; they immediately began incomes dividends after shopping for the shares. This opened room for Carnegie’s creating curiosity in several companies.
He invested in Woodruff Sleeping Car Company. He was near being 30 years previous. Not solely did Andrew Carnegie amass a large quantity of wealth, however he additionally began seeing enterprise alternatives in several sectors, resembling ironworks, railroads, oil wells, and steamers on the Great Lakes.
(ii) The Empire Of Steel
No different particular person within the US owned such in depth metal and iron manufacturing business within the US however Andrew Carnegie. He targeted on a budget and environment friendly manufacturing of metal. He adopted and improved the Bessemer course of serving to him manufacture metal at a less expensive value.
Carnegie additionally purchased the rival metal firm named Homestead Steel Works and expanded his metal empire. This buy contributed a lot of assets to his empire. It included a complete plant served by tributary iron and coal fields. There was a 684 km lengthy railway additionally included with it.
Carnegie metal grew to become the biggest pig iron producer by the top of the Eighties. He included different small to large iron producers within the US. Pittsburgh Bessemer Steel Works, Braddock, the Union Iron Mills, the Keystone Bridge Works, the Union Mill (Wilson, Walker & County), the Frick Coke Company, the Hartman Steel Works, and plenty of different corporations got here beneath Carnegie Steel.
(iii) U.S. Steel Corporation
Andrew Carnegie was getting previous and was contemplating retirement on the age of 65. The yr was 1901, and he was reforming all of his enterprises right into a joint stock corporation.
At this level, an American banker and monetary deal named John Pierpont Morgan foresaw the effectivity in Carnegie’s enterprise and the way it might generate revenue for everybody, from the customers to the employees.
He needed to purchase out Andrew Carnegie’s huge empire of metal. On March 2, 1901, the deal for the United States Steel Corporation concluded. This deal made the united statesS.C the first-ever company on the earth to have a market capitalization of $1 billion.
Reading Ahead Of Time
Andrew Carnegie was the founding father of an enormous metal firm. But, the stronger basis for the world he constructed was the libraries he helped arrange. During the late nineteenth C and the early twentieth C, Andrew Carnegie based 2509 libraries worldwide. A large 1679 libraries have been constructed within the U.S. alone.
Andrew Carnegie spent $55 million of his wealth on Libraries alone. His large contribution to the world of data earned him the title of “Patron Saint of Libraries.” He believed that if folks had entry to books and the will to be taught, they might educate themselves.
Charity
A powerful builder, an avid reader, and a giver – that is what Andrew Carnegie has recognized himself as. Before Carnegie, philanthropy was only a noble did some rich folks preferred to hold out. However, Carnegie outlined philanthropy as an ethical obligation and that rich folks ought to give away their fortune for the reason for the folks and humanity.
He noticed philanthropy as a approach to make investments sooner or later. For this funding, Carnegie devoted the previous few years of his life to spending his time and wealth on training and world peace. He gave greater than 2500 libraries to the world.
In 1911, Andrew Carnegie based the Carnegie Corporation of New York “to promote the advancement and diffusion of knowledge and understanding.” Carnegie additionally established the Carnegie Dunfermline Trust in 1903 to enhance his hometown.
In 1910, Andrew Carnegie based Carnegie Endowment for International Peace. This non-profit group labored on discussions, analysis, training, and extra. He later funded completely different charitable initiatives to enhance training, public welfare, and artwork.
Personal Life
Andrew Carnegie was a giver and a caring particular person. He didn’t need to take a spouse throughout his mom’s lifetime. He solely needed to handle her and stayed along with her until her time got here to an finish. After his mom handed away, Andrew Carnegie married Louise Whitefield.
She was 21 years youthful than Carnegie, who was 51 after they received married. In 1897, they’d a daughter who Carnegie named after his mom, Margaret.
Frequently Asked Questions (FAQs):
When speaking about Andrew Carnegie, we are able to barely cease answering questions. However, listed below are some in style questions and solutions added to your help –
Andrew Carnegie has accomplished many philanthropic works. Here are some examples of them-
He based the Carnegie Corporation of New York in 1911. His funding has helped the invention of insulin and the method of dismantling nuclear weapons. Carnegie based greater than 2500 libraries worldwide. He additionally based Carnegie Hero Fund to acknowledge and reward the heroic acts of individuals from peaceable walks of life.
Andrew Carnegie donated 90% of his wealth, leaving barely something for the following generations. However, his fourth-generation family members have their self-made wealth and completely different white-collar jobs.
Yes, Andrew Carnegie has donated 90% of his wealth. Andrew Carnegie based the Hague Palace of Peace constructing, which homes the World Court within the Netherlands. He additionally based the Carnegie Endowment for International Peace. Andrew Carnegie had donated 90% of his wealth by the top of 1911.
Bottom Line!
Andrew Carnegie has accomplished extra for the world than we are able to categorical in phrases. The millionaire entrepreneur, a pioneer of generations of industrialists to come back, needed just one factor – world peace. Carnegie, a pacifist, needed to present away his whole fortune.
However, he was solely capable of donate $350 million. One of his final efforts was to “hasten the abolition of international war.” This trigger led him to discovered Carnegie Endowment for International Peace. Had he lived, he would have accomplished extra for the world than we are able to think about.
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