Entrepreneurs who Changed History 🌟
A 19th-century shipping and railroad magnate, Cornelius Vanderbilt was a ruthless, shrewd, and competitive businessman.
Able to offer reliable services and cheap fares without compromising on comfort, he undercut his rivals and broke down steamship monopolies.
He embraced new transportation technologies, later moving from water to rail.
Early Days.
1794, Birth — Cornelius Vanderbilt was born in New York to poor parents.
At the age of 11, he left school and went to work with his father, who was a ferryman.
Own Venture.
1805, Age 11 — He took a loan of $100 from his parents to buy a sailing boat for his own ferry business.
Within a year, he paid back his parents’ loan as well as an additional $1,000 as their share of the profits.
Steamship Success.
1810, Age 16 — Vanderbilt had learned that by undercutting the competition and marketing his ferry business aggressively, he could quickly create a large customer base.
Vanderbilt soon amassed a whole fleet of ships and saved several thousand dollars.
The ‘Commodore’.
1812, Age 18 — During the War of 1812 between the Us and Britain, the US government awarded Vanderbilt a contract to supply ships.
He was known as the “Commodore” because of his shipping success.
Railway Stint.
1864, Age 70 — Vanderbilt entered the railroad business by buying up most of the railroad stock!
By standardizing rail timetables and fares, he helped revolutionize rail travel in the US.
Business Strategy.
Vanderbilt undercut his rival businesses, both in the steamship and railways industries and broke their monopolies until they were forced to buy him out.
“You have undertaken to cheat me. I won’t sue you for the law is too slow. I will ruin you.”
- Cornelius Vanderbilt, 1857
Shram is the subconscious thought of focus, self-growth and teamwork.
This article is a part of our series: “Entrepreneurs who Changed History” where we rediscover historic business figures who left a mark so deep that it changed the world we live in today.
