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Entrepreneurs of the late 19th Century
Transcript of Entrepreneurs of the late 19th Century
Who were the entrepreneurs?
-An entrepreneur is someone who organizes and operates a business, often taking great financial risks to do so
-entrepreneurs contributed many different innovations and precedents in the post Civil War era
-Entrepreneurs utilized new technologies and infrastructure from the second industrial revolution..
can you name some of these?
John D. Rockefeller
-Growing up in a single mother household, Rockefeller known for his precision, order, tidiness, and self discipline
-In 1859 first oil well built in Titusville, PA.. begins "oil rush"
-Rockefeller established Standard Oil Company of Ohio
-offered to buy out other companies at their own price
-by 1879 controlled 95% of market
-business became large and complex, so Rockefeller established a trust for more efficient organization
-Trust challenged legally , dissolved in Ohio in 1892
-Rockefeller then designed holding companies, though some were broken up by Sherman Anti Trust Act
-Also from humble beginnings, emigrated from Scotland as a child
-Carnegie rose up starting as a secretary for Thomas Scott, moved with Scott in railroad and telegraph businesses
-Following civil war, Carnegie focused on steel
-Saw opportunities with Bessemer Converter steel (cheap!)
-Carnegie a great promoter, salesman, and organizer
-Used innovation to reduce operating cost, bought out struggling companies in time of recession
-Conservative big business philosophy..
-Also a great philanthropist
-Born to wealth, attended schools in Switzerland, Germany
-Went to work in New York in 1857 for his father
-Established himself as J. Pierpont Morgan and Company
-An investment banker, buy and sell corporate stocks/bonds
-As companies grew, Morgan found himself profitable! why?
-Morgan ensured success of companies by demanding a seat on executive boards, had element of control
-Morgan also anti-competition
-Took control of railway industry, and consolidated steel industry after buying out Caregie in 1901, US Steel Corporation, first billion dollar industry
What did each entrepreneur contribute? How are their contributions relevant to today?
Sears and Roebuck
-Mail order industry begins post Civil War with Aaron Ward, starting Montgomery Ward and Co., which gave 40% discount via mail order
-by 1900, Sears, Roebuck and Company dominated mail order industry (Richard Sears and Alvah Roebuck)
-Catalog featured a plethora of goods, basically a mail order dept. store
-Bought from wholesalers, could sell items cheaper than rural general stores
-6 million catalogs distributed nationwide, allowed rural families the same products previously only available in cities