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Entrepreneurs In American History Essay

705 words - 3 pages

Corporate development during the Industrial Revolution was made in part by entrepreneurs. Entrepreneurs were the people who took responsibility for the organization and operation of a new business venture. These business men often risked the initial money for setting up different types of businesses. With the risk of large sums of money, some of these entrepreneurs made enormous profits. Two major entrepreneurs of American history are John D. Rockefeller and Andrew Carnegie. The Standard Oil Company founded by John D. Rockefeller and the U.S. Steel Company founded by Andrew Carnegie, both were two corporations that had a great impact on the lives of most Americans. The Standard Oil Company and U.S. Steel Company were made successful in different ways due to the actions of their different owners. The companies differed in their labor relations, market control, and structural organization. In the steel industry, Carnegie developed a system known as vertical integration. This means that he simply cut out the middle man. Carnegie bought his own iron and coal mines, because using independent companies was unreliable, cost too much and were inefficient. By doing this he now was able to undersell his steel making competitors, because they had to pay the competitors they went through to get the raw materials. Unlike Andrew Carnegie, John D. Rockefeller integrated his oil business from top to bottom; his distinctive innovation in movement of American industry was horizontal. This meant he followed one product through all its stages. For example, Rockefeller controlled the oil when it was drilled, through the refining stage, and he maintained control over the refining process turning it into gasoline. Although these two powerful men used two different methods of management their businesses were still very successful. Entrepreneurs or better known "Robber Barons" like Andrew Carnegie, "the steel king," and John D. Rockefeller, "the oil baron," exercised their genius in devising ways to circumvent competition. Although, Carnegie inclined to be tough-fisted in business, he was not a monopolist and disliked monopolistic...

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