Carnegie

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Warm Up:

What do you think about the following person? Grew up in a poor family Worked very hard Started a business that became very successful Paid their workers minimally Warm Up Is that acceptable?

Andrew Carnegie & Henry Clay Frick :

Andrew Carnegie & Henry Clay Frick Positive Innovators or Greedy Businessmen?

Targets:

I can identify business tactics used by Carnegie and Frick to maximize profits. I can explain why I feel Carnegie and Frick should be considered to be either positive innovators or greedy businessmen. Targets

Andrew Carnegie:

Irish immigrant Family was poor He was a self-made man He started off small and made the most of his opportunities Andrew Carnegie

1848:

Carnegie was 13 First job was as a bobbin boy Earnings: $1.20 Per week 1848

Telegraph Jobs:

1849: Messenger boy in a telegraph office $2.50/ Week He advanced because he learned Morse Code Could translate through hearing 1853: personal telegrapher and assistant to superintendent of PA railroad $35/ month Telegraph Jobs

Investments:

1856: Invested $217.50 in a Sleeping Car Company Turned into $5,000 annually Investments earned him 3x his railroad salary 1859: Invests $11,000 in oil Receives $17,868 after 1 year 1863: Income = $42,000 Investments

End of Career:

1868: Pledges to resign from business in two years Writes a letter to himself Stop working at 35 Live on income of $50,000/ year Begin philanthropic works 1889: Annual profits = $25,000,000 1901: Sells company to J.P. Morgan for $480 million End of Career

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