What qualities or factors allowed men like Carnegie, Rockefeller and Morgan to succeed in business?
What qualities or factors allowed men like Carnegie, Rockefeller and Morgan to succeed in business?
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What qualities or factors allowed men like Carnegie, Rockefeller and Morgan to succeed in business?
Expert Solution
Introduction
Andrew Carnegie, John D.Rockefeller, and J.P.Morgan changed the face of American Business. Their business gambles and companies accelerated the growth of the American economy. The shift from technical Innovation to massive Industry happened because of these Rich Americans.
Explanation
The factors/Qualities that allowed men like Carnegie(steel), Rockefeller(oil), and Morgan(banking) to succeed in business are as follows:-
- Rapid Industrialization and changes of the late 19th century helped them in their big businesses.
- Skill, luck, and ambition guided these men along their journey.
- They had unique, inventive ideas and turned these ideas into industrial growth.
- Carnegie, Morgan, and Rockefeller tried different tactics to eliminate competition and eventually established a monopoly.
- All three used the same management models based on vertical and horizontal integration, investment brokerages, holding companies, and trusts.
- They overturned earlier redundant order and changed the lives of Americans.
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