The Founding Fathers of Business
Throughout the course of the semester we have learned the key necessities of being a smart but effective manager in the business world today. We have learned many different aspects of management and how to apply them to the real world by watching the Men Who Built America documentary. Carnegie, Morgan, Rockefeller, Vanderbilt, and other important people have put their mark on the business world today. Each and everyone one of these people have laid their own foundations of modern business down and their contributions to society are still talked about to this day. One question that I ask myself is if these men never impacted the business atmosphere, would business practices be the same? There’s a possibility that business practices could be the same but there’s an even greater chance that it would be completely different. In order to be an intelligent manager you should know about Carnegie, Morgan, Rockefeller and Vanderbilt because their ways of managing are all different and you can learn from the bad decisions and take account of the good ones.
One of the most important things in running a successful business in knowing when to enter and or exit a market. Managers are always looking into different markets and industries and comparing the businesses in them to their own. People are constantly leaving their current jobs for other opportunities, mainly because of better pay and better working conditions. Like people, businesses come and go also, mostly because of the rise and fall of the markets and industries that these businesses are working in. The two innovators who know the most about entering or exiting a business sector are Carnegie and Vanderbilt. The both of them saw an opportunity to exit a major industry and to enter a smaller one that, in the long run, would be more profitable to them. It’s not uncommon to see people leave their jobs for better money, better working conditions, better office relations and for better accommodations.
Vanderbilt and Carnegie didn’t have this kind of issues because the fact that they didn't have anyone to answer to except for themselves. Carnegie and Vanderbilt decided to leave these major industries, not just for the money, but because of the risk that followed with each decision they made. Vanderbilt was already a man who had quite a large sum of wealth and had no reason legitimate reason to exit the shipping industry to enter the railroad industry. The main reason I believe that he decided to enter the railroad industry is that it was a challenge that he felt he was ready to handle, and he showed just that. Even though Vanderbilt had a lot of money, he entered the railroad industry because of the future it held, he knew that boats were no longer going to be the main source of transportation and that railroads and trains were going to be the next big thing.
Carnegie, who was working under Tom Scott, first started in the bridge building company that ended up building the...