Why was Richard Arkwright such a successful business man?

Answer 1

Richard Arkwright, a famous history figure, was successful due to several factors: His business skills, chosen location, and his treatment of workers.

The thing that started his factory was the inventions and his ideas. In 1761, he was acquainted with Mr Thomas Highs through his marriage. Highs was the inventor of the water wheel and the spinning jenny. However, Highs could not market his inventions properly due to his lack of communication skills and money. This is where Arkwright comes in. Arkwright was highly skilled with dealing in business and other social aspects. He got John Kay, a former employee of Highs to reveal the design of the water wheel to him and to construct a replica he called the throstle. He began to show 'his inventions' off to several people and eventually got someone to fund him financially. In 1769, he patented 'his invention' to prevent Thomas Highs from gaining profit. In 1771, he built the first factory in Cromford.

Location

His chosen location gave Arkwright an advantage as the cromford sough, an accessible power source that was used to power the mill, does not freeze, because the warmth led mine near the sough melts the ice. The sluice gate built on it keeps the power consistent, having 17,000 gallons per minute falling and powering the mill. Furthermore, the location is close (a few days away from the factory by pack horses- A pack horse is a equid of horses or mules carrying goods.) to the two hosiery market which had high demands for cotton as cotton is cooler, more waterproof and easier to maintain than wool. This means that trading over short distances of something that had high demands was quick and profitable.

In addition, the location chosen had a lot of citizens available for work, (Eg, led miners, farmers, idle women, etc.) which created employment for Arkwright. Arkwright did not need many people to work due to the inventions (Please see previous paragraph) therefore reducing to cost of paying the employees and more opportunities to expand his factory.

(Eg, 2 invention = 1 employee. If you have 7 employee, you'll have 14 inventions working. Let's say that 1 invention creates 30 kg of cotton per day and 10 kg of cotton is sold for 50p. One employee's wages are 12p. 30x14= 420, 420x50= 21000p, 7x12=84p, 21000p- 84p= 10916p in one day, meaning more chances to expand.)

Finally, since the land was available, he created shops, houses, stys, etc, (like a city) to encourage workers to work more and to attract more potential employers to work there.

Treatment of Workers

This links to his treatment of his workers. His treatment was considered well by other people which boosted his credibility. He would build the houses for his workers, although he did not provide running water or toilets, he would build dwellings that are each 3 stories high. The ground floor is consisted of a living room and a kitchen. The first floor has one room, which is the place where everyone sleeps in and the second floor is the place where the father of the family would work and weave. He also built a market where weak beer, bread and cheese, porridge, etc. could be obtained. Animals could be kept and people considered animals as a treat as diluted vegetable stew was what they normally consumed.

His payment to his employee's were also considered high. According to Chas, a tour guide of Cromford mill, 2015, an average 8 year old girl would be paid 12p per week, the equivalent of £120. A 10 year old boy would have 18p, an adult woman 50p, and an adult man 75p. He would provide education to them by sending them to school on Sundays and would give any persons a job suited their ability. Eg, an old woman who could barely stand would clean the carding machine. The men would have done something like oiling or being a blacksmith whilst the children and women would work in the factory. This way, it gives Arkwright an advantage and a good reputation that can continue the flow of employees.

This connects to his business skills. His strategy of employing large families and clock workers gave him a lot of cheap employees. His sly patenting of 'his invention' earnt him a lot of money from other business that wants to copy his ideas which also earnt him a reputation of a 'tyrant' and a 'money thief.' His social skills convinced people to help him financially when he first started out, and is also used when he needed partnerships with other business men.