How Entrepreneurs Help America’s Economy Essay

1825 words - 7 pages

Entrepreneurs is truly what business is about, these businessmen worked hard and long hours to grow their businesses so that they could provide goods for consumers at a reasonable prices. With these reasonable prices consumers could get what they need, and both society and the business would benefit. Entrepreneurs of this time expanded their businesses, helped society get through the depression, and gave back to the society so that they continue to have strong education, and a better future for America. Big businessmen should be known as entrepreneurs.
Throughout the late nineteenth century, businesses became larger creating entrepreneurs. Some might say that these big businessmen should be considered robber barons because when monopolies were legal, they used them to eliminate other businesses so they would not have competition (Stiles). Even though some might argue this, why were monopolies bad? For certain items like railroads, oil, and more it did not make sense. More competition for these industries would mean more money than necessary would be spent. Economically speaking, why should two companies spend a large amount of initial money to invest and start a new company where a larger and more developed company already has business from society with lower prices. They did not eliminate their competition through unethical ways. America’s economy is based around the Capitalism system. In this system, entrepreneurs are able to operate there business at the prices and wages the owner feels is correct. Within this system the laissez-faire, which allowed entrepreneurs to run businesses without the government intervening. Although some people believed at this time all businesses should have a fair chance, same ability to participate in the different industries, that’s not fair because these entrepreneurs, like John D. Rockefeller, have worked extremely hard for their enormous success (John D. Rockefeller Biography). John D. Rockefeller’s company, Standard Oil, grew rapidly, quickly controlling the oil industry. Throughout this time Rockefeller started to buy railroads, refineries, pipelines, and oil storage tanks (Poole). His hard work paid off and made his business boom. With Standard Oil controlling ninety percent of the oil industry in America, prices for consumers were lower and even though there was no major competition for Rockefeller, he kept his prices low and fair for the consumers (Chapter Sixteen). Over the course of the companies history, the prices of how much oil cost per gallon it started at thirty-five cents per gallon in 1866. When the company started up it was much more expensive to produce because Rockefeller had to build a foundation for the business. Thirty-eight years later, the price dropped greatly from thirty-five cents per gallon to about 7 cents per gallon (Chapter Sixteen). This chart has shown that even though Rockefeller did not have any competition, he kept dropping his prices as the years went...

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