Anda di halaman 1dari 5

SMALL& MEDIUM SIZE

ENTREPRENUERSHIP
Assignment on Real Story of a Successful Entrepreneur

Submitted to:
Submitted by:

Sir Javaid Paracha


Waleed Afzal

Reg. no.

2013-MBA(Fall) 3.5-020

ANDREW CARNEGIE: Pioneer. Visionary. Innovator.


Meet the Father of Modern Philanthropy
Andrew Carnegie (18351919) was among the wealthiest and most famous industrialists of
his day. Through Carnegie Corporation of New York, the innovative philanthropic foundation
he established in 1911, his fortune has since supported everything from the discovery of
insulin and the dismantling of nuclear weapons, to the creation of Pell Grants and Sesame
Street. The work of the Corporation and its grantees has helped shape public discourse and
policy for more than one hundred years. Millions of people have benefited from Carnegies
foresighted generosity a legacy of real and permanent good.
To try to make the world in some way better than you found it is to have a noble motive
in life.
Andrew Carnegie
The Empire of Business

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:

Andrew Carnegies family decided to settle in Allegheny, Pennsylvania, a suburb of Pittsburgh


where they had friends and relatives. Their ship landed in New York City, which he found
bewildering: New York was the first great hive of human industry among the inhabitants of
which I had mingled, and the bustle and excitement of it overwhelmed me, Carnegie wrote
in his autobiography. Next the family traveled west by canal and steamboat, arriving in
Allegheny three weeks later (a 370-mile, six-hour trip by car today). They moved into two
rooms above a relatives weaving shop, which his father took over, but the business
ultimately failed, putting the family once again in need of money.

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.

KEEN EYE FOR OPPORTUNITY:


Thomas A. Scott, superintendent of the western division of the Pennsylvania Railroad and
Andrew Carnegies boss, initiated the future millionaires first investment when he alerted
Carnegie to the impending sale of ten shares in the Adams Express Company. By mortgaging
their house, Margaret Carnegie obtained $500 to buy the shares, and soon the first stream of
dividends began rolling in.
While associated with the railroad, Carnegie developed a wide variety of other business
interests. Theodore Woodruff approached him with the idea of sleeping cars on railways,
offering him a share in the Woodruff Sleeping Car Company. Carnegie secured a bank loan to
accept Woodruff's proposal a decision he would not regret. He ultimately bought the
company that introduced the first successful sleeping car on a U.S. railroad.
By age 30, Carnegie had amassed business interests in iron works, steamers on the Great
Lakes, railroads, and oil wells. He was subsequently involved in steel production, and built
the Carnegie Steel Corporation into the largest steel manufacturing company in the world.

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.

WEALTHIEST MAN IN THE WORLD:


Andrew Carnegie sold his steel company to J.P. Morgan for $480 million in 1901. Retiring from
business, Carnegie set about in earnest to distribute his fortune. In addition to funding
libraries, he paid for thousands of church organs in the United States and around the world.
Carnegie's wealth helped to establish numerous colleges, schools, nonprofit organizations

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.

GIVING AND LEGACY:


In 1911 Andrew Carnegie established Carnegie Corporation of New York, which he dedicated
to the advancement and diffusion of knowledge and understanding. It was the last
philanthropic institution founded by Carnegie and was dedicated to the principles of
scientific philanthropy, investing in the long-term progress of our society. Carnegie himself
was the first president of the Corporation, which he endowed in perpetuity with his remaining
fortune $135 million to be used principally to promote education and international
peace. While his primary aim was to benefit the people of the United States, Carnegie later
determined to use a portion of the funds for members of the British Overseas
Commonwealth. For the Trustees of the Corporation, he chose his longtime friends and
associates, giving them permission to adapt its programs to the times. Conditions upon the
earth inevitably change, he wrote in the Deed of Gift, hence no wise man will bind Trustees
forever to certain paths, causes or institutions. They shall best conform to my wishes by
using their own judgment.

CHAMPION FOR PEACE:


By the time of his death, Andrew Carnegie, despite his best efforts, had not been able to give
away his entire fortune. He had distributed $350 million, but had $30 million left, which

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.

Anda mungkin juga menyukai