Assignment

Syed Muneeb Ahmed

01-322182-021
Entrepreneurship
Submitted to: Muhammad Ali Qasim

Bahria University
Islamabad, Pakistan
Question No.2)

Cornius Vanderbuilt: Cornelius Vanderbilt started his rail empire by borrowing $100 to buy a
small ferry boat, he quickly earned the reputation of a shrewd businessman. He always got
ahead by any means necessary by hook or crook, it was pretty much win or lose. He always
tried to wipe out his competition completely. No middle ground. His single ship quickly became
a fleet of ships and he was named “The Commodore.” He quickly understood the power of
transportation – own the infrastructure and call the shot. At this peak, he does the unthinkable;
he sold all his ships and invested in railroads. In today’s speak; he revented himself. He saw the
future and was willing to bet everything on it. His decision paid off greatly and he became the
richest man in America. Vanderbilt owned the only rail bridge in NYC then; it was the gateway
to the country’s largest port and market. He understood this leverage and he wasn’t going to
spare anything that will bring his competition to their knees. His actions show that he was not
in the shipping business, he saw himself in transportation business and tried to use latest
technology for transportation.
John D Rockfeller: The person who starts out simply with the idea of getting rich won’t
succeed,” Rockefeller once said. “You must have a larger ambition.”
Kerosene was fast becoming an essential commodity and Vanderbilt wanted to become the
sole transporter. He then learns about a refinery built just close to the railroads. He quickly
reaches out to the owner. That owner was John D. Rockefeller. Rockefeller, at 27/28 years of
age, was just starting out in the oil business. Vanderbilt understood that if he controls oil
transport, he will come back on top. He invited Rockefeller to a meeting and this was going to
become a pivotal moment for both men. Later, he became the largest refiner in the country.
Soon, Rockefeller had more oil than Vanderbilt could carry. Tom Scott, another of Vanderbilt’s
fierce rival, saw this as an opportunity and moved in quickly to seal a deal with Rockefeller.
Rockefeller played the rail kings against themselves. he noticed how pipes conveyed oil from
one point to another and this led him to construct the first ever petroleum pipeline.
They both believed into changing markets and changing technologies.