Masterminds of Success: Insights from Famous Entrepreneurs

Cornelius Vanderbilt, a selfmade industrialist who rose to fame during the railroad age in America, was one of its most famous businessmen. 

Some saw Vanderbilt as a ruthless robber baron, while others admired his business acumen and entrepreneurialism.

Vanderbilt was born into modest circumstances, but his entrepreneurial spirit and hard work allowed him to make a fortune in railroads. 

Vanderbilt was not afraid to exploit his influence and wealth for his benefit, sometimes using dubious methods in the pursuit of his goal.

He had enough power that his efforts at consolidation and expansion were influential within the railroad industry and the wider economy.

Some saw Vanderbilt’s monopolistic strategies as necessary for the economy, while others saw it as a hindrance to innovation and progress. 

Vanderbilt’s battle with Erie Railroad, one of his main competitors was a key example.

Using his immense resources, Vanderbilt bought shares in Erie Railroad stock to gain control. Jay Gould, however, used his vast financial resources to defeat the Vanderbilts by buying all of their shares.

Andrew Carnegie

Andrew Carnegie is considered a classic example of overcoming poverty. Carnegie’s story is inspiring.

From his humble beginnings in bobbin-boy to one of the wealthiest people on Earth, Carnegie reminds us that anyone can succeed with persistence and hard work. 

Carnegie’s story is an inspirational testament to anyone who puts in the effort and perseverance necessary to achieve success.

The Bessemer Process, which he used to produce mass quantities of steel on large scales, was a key innovation and strategic investment. 

Vertical integration allowed him to have complete control over all production aspects, allowing him to determine the prices and quality. 

He was also known for being generous, giving over 90% of the fortune he had earned to different causes and founding 1687 libraries to ensure everyone could access education.

Carnegie had a complex view of trade unions. Carnegie supported peaceful negotiations and employee rights on one hand but believed that workers should work hard to earn their own money. 

The dichotomy was evident in Carnegie’s treatment of the Homestead Strike at his Pennsylvania steel plant where Henry Clay Frick, his business partner took a more aggressive stance which led to violent clashes between management and workers.

Steve Jobs

Steve Jobs revolutionized the technology world with his revolutionary products. He is a co-founder and entrepreneur of Apple Computer, one of the most respected entrepreneurs in the world. 

His life was not only an inspiration to hard work but also perseverance and success.

Jobs, born in 1955 was raised by his adoptive parents. Jobs dropped out of high school to work as a board assembler at Atari, where he later met Steve Wozniak, who went on with him to create Apple Computer in 1976 and produce its first computer, the Apple I. Apple II was released a year after the Apple I, creating a revolution in computing.

Jobs’ negotiation abilities helped him secure deals and partnerships that expanded his company. 

Jobs was an avid reader, according to reports. He read 800 hours per year. Tobias Lutke, CEO of Shopify and another successful entrepreneur shares the same passion for reading that Jobs does.

Jobs’ willingness to push the boundaries and take risks is something to remember, even when investors were trying to get him to change direction.

Warren Buffett

Warren Buffett, the chairman of Berkshire Hathaway and a man known for investing skills, is amongst the richest people in history. 

He is estimated to have a fortune of $72 billion. His principles and his work ethic make him one of the most successful businessmen in history.

He learned early on the importance of investing in profits. In high school, he invested with a friend in a pinball game that they then leased to barbershops.

Each profit generated was used to further invest in eight more machines. They eventually sold their business and the proceeds were used to buy stock. He became a millionaire at age 35.

His lifestyle is relatively modest, he tries to limit wasteful expenditure and lives in the house that he bought in 1958. 

A large portion of his wealth is also donated to charities. According to him, cheerfulness and generosity were the key to success.

Investors often overlook him when he is looking for undervalued stocks. He is known for his honest and frugal approach and has achieved exceptional returns with this method.