Assignment 13A - Reading Reflection No. 1 - Darren Liebegott

Assignment 13A - Reading Reflection - Darren Liebegott

I read Andrew Carnegie by David Nasaw, here is my assessment:

1) You read about an entrepreneur:

• What surprised you the most? What I found to be the most surprising aspect of this biography was the large sums of money that Andrew Carnegie gave away in philanthropic efforts to make a difference in the world. You would think that someone coming from his very financially limited background would try to guard his wealth for his own future generations, but Carnegie was motivated to make a difference for all.
• What about the entrepreneur did you most admire? The most admirable trait that I found in reading about Andrew Carnegie was his persistence to a cause. If Carnegie decided that something was to be done, he would not rest until he saw it through to completion. This may be the single most important trait for a successful entrepreneur.
• What about the entrepreneur did you least admire? Throughout the book there were instances that suggested that Carnegie would make decisions based upon financial growth that would sometimes cause others misfortunes or setbacks. If I had to choose a trait that I least admired it would be his self-righteous view of his own businesses, however, this is what enabled him to amass such large fortunes to share with the world. So, his business decisions early on made him less likable to some, but his philanthropy in later years made him loved by most.
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it? Not all of Carnegie's business decisions turned out exactly how he wanted them to. When things didn't go the way he planned, Carnegie had an ability to move on with his idea and make a better arrangement when things weren't working the way he liked. There is much mention in the book of Carnegie being in the right place at the right time, which was true to an extent. However, there were many people living at the same time that lacked the type of vision that Carnegie had. That vision is what enabled him to overcome adversities in a truly remarkable fashion.

2) What competencies did you notice that the entrepreneur exhibited?

     Andrew Carnegie exhibited many traits that helped him to become one of the richest men of all time. It is mentioned that he showed a deep interest in many things, and that he was always willing to have engaging conversations with anyone who would listen. This enabled him to learn much about human nature, and the feelings of those around him. With a keen sense of what was needed and the problems of his time, Carnegie was able to find solutions to a great deal of them. He also did not hesitate when undertaking a new opportunity. This helped him to capitalize on opportunities at a fast rate and move on to newer, more exciting ventures.

3) Identify at least one part of the reading that was confusing to you.

     There were times throughout the book when Carnegie would leave and go on elaborate trips. He claimed that he needed these experiences to fulfill his life. When going on these trips he would request extended leaves from prominent positions. This did not seem as confusing to me as it did seem to be quite unlikely to occur in today's business environment. He was fortunate enough  to have the funds to cover all of his expenses, but the companies that he supported were forced to get along without him on these extended leaves. I see this more as a challenge for those who relied on Carnegie, rather than a misunderstanding of Carnegie's reasoning for these trips.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

     First, I would ask Mr. Carnegie what his secret was in winning people over. He had an innate ability to connect with people in powerful positions. This is how he got his start in business, and it is ultimately what enabled him to rise at such a fast pace. Secondly, I would ask Mr. Carnegie what his true motivation was behind his vast philanthropic efforts. I would like to gain some wisdom in learning what he felt he was gaining from such massive donations.

5) For fun: what do you think the entrepreneur's idea was of hard work? Do you share that opinion? 

     Andrew Carnegie came from a long line of hard working people. This gave him the ability in the start to do what was necessary to put him in the position to prosper. As Carnegie started to amass his fortune, he no longer believed in hard work. He believed in a concerted effort to build wealth through dedicated decision making. I agree with Carnegie's understanding of the usefulness of hard work, but that it should only be used as a tool to get you to a position of greater wealth and understanding.