Tycoon-ism: “No man will make a great leader who wants to do it all himself, or to get all the credit for doing it.” – Andrew Carnegie
He was one of the most prominent industrialist of the 1900’s. At the age of 30 he was earning $50,000 in a year. A substantial amount today even if we discounted the effects of inflation and devaluation. He was the Scottish born Andrew Carnegie. But he achieved his greatest successes when he consolidated all his efforts into the Carnegie Steel. At that time the concept of vertical integration whereby a company controlled the supply side of his manufacturing was almost unheard of. What he did was he went ahead and bought all the means of supplying his steel manufacturing including the railways needed in the delivery of the supplies. What’s more he introduced a detailed cost accounting of his processes and new and innovative ways upon which he can reduce his cost. Hence he built the most successful company of his era that survived and flourished even during the 1892 depression. In all his success he admitted and often stressed that he built his fortune on the solid foundation of his managers like Captain Bill Jones, Henry Clay Frick and even his brother Thomas M. Carnegie. He knew that the founding of an empire is dependent on good generals and administrators.
