Andrew Carnegie was a businessman and philanthropist who was of Scottish and American descent. He was the driving force behind the growth of the steel industry.
If one takes into account the effects of inflation, his net wealth would be 375 billion dollars. He donated ninety percent of his fortune to various charitable organizations, foundations, and educational institutions.
After living in Dunfermline, Scotland, for his first 12 years, Carnegie and his family moved to Pittsburgh, Pennsylvania. Carnegie started off his professional life as a telegrapher, and by the 1860s he had built a significant fortune via investments in oil derricks, train sleeper cars, bridges, and railways. Through his work as a bond salesman, he was able to expand his fortune by contributing to the funding of American companies that had operations in Europe.
He went on to establish the Carnegie Steel Company in Pittsburgh, which he subsequently transferred to J. P. Morgan for the sum of $303,450,000. This corporation laid the groundwork for the establishment of the United States Steel Corporation. After the sale of Carnegie Steel, he became the wealthiest American, dethroning John D. Rockefeller as the previous holder of that title.
The Most Important Lessons in Business from Andrew Carnegie:
- Understand Human Nature
Andrew Carnegie was a man who did not have a strong understanding of steel technology, but he placed a significant amount of importance on being able to communicate well with others. How to deal with problems that arise among workers and motivate folks to do something remarkable. He had the ability to assess people’s capabilities and then assign work in a way that took those assessments into account. As a result, the work that was done was of the highest possible quality. In addition to this, he was a firm believer in the notion that one should know both what is necessary to know in business and what is not necessary to know in business.
- Give The Best
Andrew was someone who always stuck to the idea that customers should get the best products possible. He would never want to do anything to tarnish the name of his company by giving his clients low-cost steel of poor quality. He never stopped believing that his work, which was of the highest possible quality, would succeed no matter what. He also made it a priority to staff his company with highly skilled individuals. It is impossible to build a successful business without first starting with exceptional personnel.
- Focus on One Thing
He was not someone who believed in the value of diversity. He was of the opinion that individuals should channel all of their efforts and financial resources into a single company. He was of the opinion that if we disperse our mental energy between a number of various endeavors, we would not be able to perform to our full potential in any of those undertakings. There should not be a Plan B since it diverts our attention from Plan A and leads to complacency on our part.
“If I were giving advice to young men, I would tell them not only to devote all of their time and energy to the one endeavor in life in which they choose to get involved but also to invest each and every one of their financial resources in that endeavor.”