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For one he utilized the art of vertical integration. This entailed total him governing all aspects of his business. From the mining of pig iron and other materials, to their refinement, and finally to the sales of his product. This way he would receive maximum profits.
He also stressed efficiency, competition amongst workers, and a cheap product. He promote competitiveness among top employees, rewarding winners and firing failures. This is how he maintained employing the best of the beset. He was able to cut the cost of steal from 58 dollars a ton 25 which is why EVERYONE bought from him. It was his skill in mass production that made him so successful.
To be honest I stumbled across this question because I'm writing a paper on the same thing. Hope this helps, know there is more behind it though. My professor is asking a more fundamental question. What characteristic traits did he acquire from his parents and others that helped him to accomplish all of this. Tough information to come across easily on the internet
Good luck my friend
-M
What else can I help you with?
What was Andrew Carnegie's monopoly?
Andrew Carnegie's Monopoly is the extreme case in capitalism.
What did Andrew Carnegie use to create a monopoly?
toothpaste
What were Andrew Carnegie's views on capitalism?
Andrew Carnegie was a very strong advocate of capitalism. He believed in the power of the individual to create his own destiny through hard work. He did not believe in the redistribution of wealth, nor did he believe in leaving too much to his children. He felt that if you give too much to your children it will make them dependant on this money and unwilling to work for themselves.
What did Andrew Carnegie do after he sold his company and he became what?
After selling his steel company to J.P. Morgan in 1901 for $480 million, Andrew Carnegie became one of the world's wealthiest individuals and a prominent philanthropist. He dedicated the remainder of his life to charitable endeavors, focusing on education, libraries, and peace initiatives. Carnegie established foundations and donated vast sums to create public libraries, universities, and cultural institutions, embodying his belief in the "Gospel of Wealth." His legacy includes the establishment of over 2,500 libraries worldwide and significant contributions to various educational and scientific causes.
Who can be called someone who is willing to take a chance in business with the hope of being successful and making a profit?
Someone who is willing to take a chance in business with the hope of being successful and making a profit can be called an entrepreneur. Entrepreneurs often take risks to innovate and create new products or services, aiming to fill a market need. Their willingness to invest time, resources, and capital in pursuit of their vision is a key characteristic of successful business leaders.
What was Andrew Carnegie's monopoly?
Andrew Carnegie's Monopoly is the extreme case in capitalism.
What did Andrew Carnegie use to create a monopoly?
toothpaste
Why did Andrew Carnegie and John d Rockefeller practice philanthropy?
Andrew Carnegie and John D. Rockefeller practiced philanthropy as a way to give back to society, improve their public image, and create a positive legacy. They also believed in the concept of "gospel of wealth," where the wealthy have a responsibility to use their fortune to benefit others.
Andrew Carnegie's gospel of wealth?
Andrew Carnegie's gospel of wealth was the belief that wealthy individuals have a responsibility to use their fortunes to benefit society. He argued that it is the duty of the rich to donate their wealth to philanthropic causes to help address social issues and support communities. Carnegie believed that philanthropy could help create a more harmonious society by redistributing wealth in a productive and beneficial way.
What were Andrew Carnegie's views on capitalism?
Andrew Carnegie was a very strong advocate of capitalism. He believed in the power of the individual to create his own destiny through hard work. He did not believe in the redistribution of wealth, nor did he believe in leaving too much to his children. He felt that if you give too much to your children it will make them dependant on this money and unwilling to work for themselves.
Use enterprising in a sentence?
To be successful in a business you have to be enterprising and be able to create new ideas.
What was Andrew Carnegie able to create by buying up all aspects of the steel industry?
Andrew Carnegie was able to create a vertically integrated steel empire by acquiring control over all aspects of the steel production process, from raw materials to transportation and manufacturing. This approach allowed him to reduce costs, improve efficiency, and maintain quality control, ultimately making steel more affordable and accessible. Carnegie's strategy not only revolutionized the steel industry but also contributed significantly to the industrialization of the United States. His success established him as one of the wealthiest individuals of his time.
Why is a business idea important?
According to me, business idea is considered to be very important. Without a business idea, one cannot start a business. If you want to run a successful business it is necessary to have a business idea.
How can one set up a successful home business?
To setup a successful home business, you first must have a plan and idea of what you want the business to be. You will also need to have all of the tools needed for a job like a phone, computer, etc. Once your business is setup, create a website and network to promote your business.
What is the significance of the gospel of wealth?
it helped snoop doggy dog to create his most magnificent album to which was inspired from the gospel's teaching. from the excerpt of Slaveius chapter 15 verse 2, And Andrew Carnegie said, "yo let there be biches and hoes for all, and for all should be given cause we rich as hell, and as the words of promince fluttered out through our prophet's mouth it came to be true"
What did Andrew Carnegie do after he sold his company and he became what?
After selling his steel company to J.P. Morgan in 1901 for $480 million, Andrew Carnegie became one of the world's wealthiest individuals and a prominent philanthropist. He dedicated the remainder of his life to charitable endeavors, focusing on education, libraries, and peace initiatives. Carnegie established foundations and donated vast sums to create public libraries, universities, and cultural institutions, embodying his belief in the "Gospel of Wealth." His legacy includes the establishment of over 2,500 libraries worldwide and significant contributions to various educational and scientific causes.
Is conformity an important issue for carnegie?
Yes, conformity is a significant issue for Andrew Carnegie, particularly in the context of his views on individualism and social responsibility. Carnegie believed that while individuals should strive for personal success, they also have a duty to contribute to society, which can sometimes create tension between personal ambition and societal expectations. His philanthropic efforts aimed to encourage individuals to use their wealth for the greater good, reflecting his belief that true success involves both achievement and benevolence.
