ENTREPRENUERSHIP
Assignment on Real Story of a Successful Entrepreneur
Submitted to:
Submitted by:
Reg. no.
2013-MBA(Fall) 3.5-020
HUMBLE
BEGINNINGS:
Andrew Carnegies birthplace, dunfermline, was Scotlands historic medieval capital. later
famous for producing fine linen, the town fell on hard times when industrialism made homebased weaving obsolete, leaving workers such as Carnegies father, will, hard pressed to
support their families. will and his father-in-law Thomas Morrison, a shoemaker and political
reformer, joined the popular chartist movement, which believed conditions for workers would
improve if the masses were to take over the government from the landed gentry. when the
movement failed in 1848, will Carnegie and his wife, Margaret, sold their belongings to book
passage to America for themselves and their sons, 13-year-old Andrew and 5-year-old tom.
We sailed from the Broomielaw of Glasgow in the 800-ton sailing ship
Wiscasset...
Andrew Carnegie
AN
IMMIGRANTS JOURNEY:
INDUSTRIOUS YOUTH:
At the age of 13, Carnegie worked from dawn until dark as a bobbin boy in a cotton mill,
carrying bobbins to the workers at the looms and earning $1.20 per week. A year later, he
was hired as a messenger for a local telegraph company, where he taught himself how to
use the equipment and was promoted to telegraph operator. With this skill he landed a job
with the Pennsylvania Railroad, where he was promoted to superintendent at age 24. Not
just ambitious, young Carnegie was a voracious reader, and he took advantage of the
generosity of an Allegheny citizen, Colonel James Anderson, who opened his library to local
working boys a rare opportunity in those days. Through the years books provided most of
Andrew Carnegies education, remaining invaluable as he rapidly progressed through his
career.
BIRTH OF A PHILANTHROPIST:
Andrew Carnegie's philanthropic career began around 1870. Although he supported myriad
projects and causes, he is best known for his gifts of free public library buildings, beginning
in his native Dunfermline and ultimately extending throughout the English-speaking world,
including the United States, United Kingdom, Australia, and New Zealand. In 1887, Carnegie
married Louise Whitfield of New York City. She supported his philanthropy, and signed a
prenuptial marriage agreement stating Carnegies intention of giving away virtually his entire
fortune during his lifetime. Two years later he wrote The Gospel of Wealth, which boldly
articulated his view of the rich as trustees of their wealth who should live without
extravagance, provide moderately for their families, and use their riches to promote the
welfare and happiness of others. This statement of his philosophy was read all over the
world, and Carnegie's intentions were widely praised.
and associations in his adopted country and many others. His most significant contribution,
both in money and enduring influence, was the establishment of several trusts or institutions
bearing his name, including: Carnegie Museums of Pittsburgh, the Carnegie Trust for the
Universities of Scotland, Carnegie Institution for Science, Carnegie Foundation (supporting
the Peace Palace), Carnegie Dunfermline Trust, Carnegie Foundation for the Advancement of
Teaching, Carnegie Endowment for International Peace, and the Carnegie UK Trust.
READING AHEAD:
One of the most tangible examples of Andrew Carnegie's philanthropy was the founding of
2,509 libraries in the late 19th and early 20th centuries. Of these libraries, 1,679 were built
in the United States. Carnegie spent over $55 million of his wealth on libraries alone, and he
is often referred to as the Patron Saint of Libraries.
It is said that Carnegie had two main reasons for supporting libraries. First, he believed that
in America, anyone with access to books and the desire to learn could educate him- or
herself and be successful, as he had been. Second, Carnegie, an immigrant, felt Americas
newcomers needed to acquire cultural knowledge of the country, which a library would help
make possible.
Carnegie indicated it was the first reason that mattered most to him. Growing up working
long hours in Pittsburgh, he had no access to formal education. However, a retired merchant,
Colonel Anderson, loaned books from his small library to local boys, including Carnegie. As
he later wrote in praise of Anderson, This is but a slight tribute and gives only a faint idea of
the depth of gratitude which I feel for what he did for me and my companions. It was from
my own early experience that I decided there was no use to which money could be applied
so productive of good to boys and girls who have good within them and ability and ambition
to develop it, as the founding of a public library in a community.
went into the Corporations endowment. Toward the end of his life, Carnegie, a pacifist, had
a single goal: achieving world peace. He believed in the power of international laws and
trusted that future conflicts could be averted through mediation. He supported the founding
of the Peace Palace in The Hague in 1903, gave $10 million to found the Carnegie
Endowment for International Peace in 1910 to hasten the abolition of international war,
and worked ceaselessly for the cause until the outbreak of World War I. He died, still
brokenhearted about the failure of his efforts, in August 1919, two months after the signing
of the Treaty of Versailles.