How did Carnegie’s early job with the railroads greatly contribute to his success in the steel business?
Answer (2)
Carnegie's early work with the railroads contributed to his success in the steel business because of relationships and capital (money) that he acquired throughout this process. Carnegie early in his career made investments and profits from the railroad industry. After his early successes in the railroad industry he used these investments and also connections he made in this business to develop a new business venture in the steel industry. This became highly lucrative and Carnegie went on to make hundreds of millions of dollars in the steel industry.
Carnegie's early job with the Pennsylvania Railroad helped him build valuable connections, gain financial resources, and understand industry practices. These experiences paved the way for his success in steel production through strategic investments and innovative operational practices. By implementing vertical integration, Carnegie effectively controlled costs and quality, allowing him to dominate the steel market.
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