With successful entrepreneurs, Andrew Carnegie may not be the first to think about it. His name still marks some of New York City’s most famous landmarks, but we often don’t think of him the same way that today’s giant wealthy sports stars, tech innovators and public friends.
But Carnegie’s name is down as one of the most well-known in American business. He was one of the most prosperous entrepreneurs of the 19th century, and his hard work and success set the tone for companies for years to come.
But like many of the most successful, Andrew Carnegie didn’t come to a place that had no hard time. Before he was one of the richest men in the world (with net worth at the height of his $310 billion career, adjusting for inflation), and Andrew Carnegie, one of the most important doers of his era, faced an extraordinary struggle. Let’s take a look at some of these struggles – and more importantly, how he overcame them.
Migrants flee poverty in Scotland
Andrew Carnegie was born in Scotland on November 25, 1835. His family lived in the typical weaver’s cottage: it had the only main room (shared between Carnegie and the neighboring weavers’ family) that served as a bedroom, living room and dining room.
Related: How Andrew Carnegie got to $1.20 to $309 billion a week.Then it’s all round
Karangis, who struggled to meet during the Great Depression, borrowed money from Andrew’s uncle. They hoped to find a richer life, but the Carnegie Trawlers continued in the United States as Andrew’s father struggled to sell goods to the corridors he was not interested in.
He never lost hope when he made $1.20 a week.
In 1848, Andrew Carnegie made his debut as a Bobin’s son in a cotton mill. Here, he worked 12 hours a day, six days a week, earning a starting wage of $1.20 per week (about $39, adjusted for inflation).
But in 1849, Carnegie’s efforts began to pay for the first time. Working as a Telegraph messenger boy in the Pittsburgh office of the Ohio Telegraph Company, he proved himself a hardworking employee and was promoted to operator within a year.
He hired someone to go for him and evaded the draft.
In 1864, Andrew Carnegie was drafted by the Army into the American Civil War. But instead of serving, he paid $850 to another man to report his duties on his behalf.
This may seem distrustful today, but it was a common practice at the time. In fact, what Carnegie did was perfectly legal: the Military Act (passed by Congress last year) made certain exemptions for those prepared to pay for “commuting.”
If Andrew Carnegie had reported to the war, the whole process of history might have been different because the steel industry played a major role in the development of america’s economy and infrastructure.
He risked his house to start investing.
Four-year-old Andrew Carnegie, who worked for the Ohio Telegraph, caught the attention of Thomas Scott, director of the Pennsylvania Railroad Company. Carnegie quickly climbed the company ranks and eventually replaced Scott as director of the Pittsburgh division.
Instead of being bitter, Scott decided to help Carnegie start his investment career. When Scott informed him that a sale of 10 shares in Adams Express was imminent, Carnegie didn’t last long to deliberate what to do. Her mother, Margaret, risked everything they had, mortgaged their house to get the $500 needed to buy shares.
The bold action paid off: dividends quickly began to come and eventually helped Carnegie secure a series of other investments, including Keystone Bridge Corp. and Union Iron Mills. Carnegie worked its way from $1.20 a week to $50.0 a year to age 30, thanks to its efforts, risk-taking spirit and the success of its investments.
Carnegie used its investment funds to find carnegie steel company in 1892. Thanks to innovative manufacturing methods (and the fact that he owned whatever was needed through every step of the production process), Carnegie was able to dominate the industry and earn his enormous fortune. About a decade later, in 1901, he sold Carnegie Steel to banker John Pierpont (JP Morgan) for $480 million.
he believed in giving back the world .
In 1889, Carnegie published an essay, “The Gospel of Wealth,” in a Critique of North America. In the piece, he claimed that the rich “have a moral obligation to distribute [their money] in a way that promotes the well-being of ordinary people,” some doubted the meaning, but Carnegie went on to declare that “those who die so rich die in scandal.”
By the time of his death, Carnegie had donated $445 million of his $475 million personal fortune to charities and charitable causes. He funded more than 2,500 public libraries around the world and established numerous trusts (charitable foundations) that established many organizations still in operation, including carnegie music hall and Carnegie Mellon University.
Regardless of the obstacle, you can overcome it
Carnegie’s nods to rich stories symbolize the American dream. His dedication and hard work prove that you can achieve success, no matter where you start in life.
Not every one of the richest people in the world will return to Bern’s history because of their contribution to society. The point is that disadvantages and hardships can’t prevent you from working as far as you can towards your goals. As is the case with Andrew Carnegie, it’s not your situation, it’s their making that dictates your path in life.