ACCT 6282 Lecture Notes - Lecture 2: Henry Villard
19 Jul 2016
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From the myth of the robber barons: identify and describe four successful market entrepreneurs who became successful in large part by focusing on cost-cutting and increasing efficiency. Cornelius vanderbilt, james hill, charles schwab, john rockefeller. They valued quality and innovation and believed in making high quality products with low cost, will increase revenue in the long term. Cornelius vanderbilt used iron instead of wood for his ships. Even though it costed more it was more efficient. In addition, james hill imported high quality rails with high prices but it would benefit in the long run. He also focused on efficiency by finding the shortest distances for train traveling with low costs: distinguish market entrepreneurs and political entrepreneurs and give at least two examples of each. Political entrepreneurs: they seek and rely on federal aid, bribing, vote buying and are driven by greed.
