Andrew Carnegie by David Nasaw
1) You read about an entrepreneur:
·
What surprised you the
most?
He
didn’t get married until fifty to Louise Whitfield Carnegie (30) but did not
have a child for another ten years making Louise 40-years old. I was also
surprised by the fact that he came from a poor immigrant family but went on to
become the wealthiest man in the world at that time.
·
What about the
entrepreneur did you most admire?
He donated about $200 million through libraries and schools. Towards
the end of his life, he became heavily involved in world peace and anti-war
causes. He sought to donate all is money through charities before he died and
set up the Carneige Endowment, which was a dedicated to world peace. When he
died all of his wealth went into the trust which would disperse the money to
charities even after his passing.
·
What about the
entrepreneur did you least admire?
He
made much of his money by unethical means, floating bonds and shares on
companies that were on their way to becoming broke. Along with this he would
gamble with shares, he knew in advance whether a company was worth it or not
and would sell his bonds ahead of time. He also fought against unions in his
company, after winning he raised working time to 12 hours a day and lowered
wages to $1.30-1.50 a day.
·
Did the entrepreneur
encounter adversity and failure? If so, what did they do about it?
He
went against his brother’s better judgement and bought two British patents for
creating stronger railway rails. When these failed, he lost much of the family
wealth.
2) What competencies did you notice that the entrepreneur
exhibited?
He had many jobs and interests through his lifetime; these
included oil drilling, developing metal bridges, steal business, and investments.
Carnegie was able to see that steal was going to be a in big demand in the
future and took this opportunity to expand his company before most.
3) Identify at least one part of the reading that was confusing
to you.
I was confused as to why a man who became so charitable could be
so greedy at the same time. The money he made would go back into his community
or to fight for world peace but was unethical with his bonds and share. Not to
mention he created horrible working wages and hours for his employees.
4) If you were able to ask two questions to the
entrepreneur, what would you ask? Why?
Do you believe coming from a poor background to achieving great
wealth in this day’s economy?
- I would ask this as today becoming successful depends heavily
on education and resources. Whereas Carnegie’s time working hard and getting
into an industry at the right time was the main way to achieve such wealth.
If you could do things differently, would your business still
provide products to the military?
- I would ask Carnegie this as later in his life he became
heavily involved in anti-war causes.
5) For fun: what do you think the entrepreneur's opinion was of
hard work? Do you share that opinion?
I believe Carnegie’s idea of hard work was dependent on the
monetary value behind it, his driving force was money whether making it through
unethical means or otherwise. My main driving force is being passionate about
my work rather than based on wealth, so I would say I do not share the same opinion.