Renowned industrialist and philanthropist, Andrew Carnegie, had once advised that one should focus their efforts on a single venture and monitor its progress closely to achieve wealth. In an interview published in 1902, in The Empire of Business, the steel tycoon gave the key to becoming wealthy.
Quote of the day by Andrew Carnegie: “The way to become rich is to put all your eggs in one basket and then watch that basket.”
Andrew Carnegie, who built a steel empire and reshaped the relationship between wealth and responsibility, rose to become one of the richest men in the world. His most popular belief was that wealth carries responsibility and to set an example he gave away his fortune and funded more than 2,500 free public libraries around the world. His famous quote, “the man who dies rich dies disgraced” is a testament to his ideology.
The Scottish-American industrialist, who led the expansion of the American steel industry in the late-19th century, started with very humble beginnings. Born in Dunfermline, Scotland, on 25 November 1835, to William Carnegie and Margaret (Morrison), he immigrated to Pittsburgh, Pennsylvania, with his parents in 1848.
An immigrant, who became a bobbin boy in a cotton factory at the age of 12, gave away around 90 percent of his fortune — nearly $350 million to charities, foundations and universities. He heavily invested in different sectors, including railroads, railroad sleeping cars, bridges and oil derricks.
Andrew Carnegie founded Pittsburgh’s Carnegie Steel Company. A pivotal figure in America’s industrial rise, Andrew Carnegie sold the world’s largest steel producer business to JP Morgan in 1901 for a whopping $303,450,000, forming the basis of the US Steel Corporation.
‘Andrew Carnegie was successful because…’
President of the Carnegie Corporation of New York, Dame Louise Richardson said, “He (Carnegie) used to say the mantra in his factory was take care of the costs and the profits will take care of themselves,” CNBC reported.
Reflecting on Andrew Carnegie’s achievements, Dame Louise said, “He built the largest steel company in the world. In fact, in the 1890s it was producing more steel than all of Britain, Carnegie Steel in Pittsburgh, and he was successful because he was innovative. He was always looking for talent. He was very aware that he wasn’t educated, so wanted to surround himself by people who were more highly educated than he was. So, he brought in talent.”
He advocated progressive taxation and an estate tax. He called on the rich to use their wealth to improve society in his 1889 article proclaiming “The Gospel of Wealth.” His rich legacy continues to inspire and motivate the current generation.
