Andrew Carnegie
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Was Andrew Carnegie a courageous, self-made man in life? I believe he was because he developed successful business practices, gave money to many organizations and had a good employee relations. Andrew Carnegie is known as the king of steel. He was born in Scotland in 1835. In 1848 his family left to America and ended up in Pittsburgh where they lived in a small house and had very little money. Growing up Carnegie had to work at many various jobs , where he received a law salary in order to help support his family. As he got older his jobs improved and by the age of 25 he had made a good amount of money and owning a portion of the Pennsylvania railroad. In 1872 he traveled to England where he met Henry Bessemer, the man who converted iron into steel. He took Bessemers brilliant steel making process back to America and built several steels mills in Pennsylvania. At the age of 65 he finally decided it was time to move on from the mills and he sold the Carnegie steel company to J.P Morgan for $480,000,000
Andrew Carnegie used his numerous good ideas and strategies to become a successful businessman. His most successful business strategy was his method of vertical integration , which is when one person controls all the steps in the production process. Instead of just owning the steel mills he also owned the iron ore fields where the iron used to make the iron come from along with the boats and rail roads used to transport the iron to his steel mills. Even though his technique awarded him with a vast amount of money he also used this process to give many unemployed people jobs that awarded them as well. Carnegies process of vertical integration was a business technique that improved future businesses. Part of why he was a such successful businessman was because he was always informed of his finances and how his business was doing. He also was informed of other businesses finances in order to insure that he had lower prices and more customers than his competition. Over the years he decreased his selling prices because production cost lowered and competition increased. Even though he was always decreasing his selling price he made sure that his total selling price was always higher than his production cost.