Industrialist

"Tycoon" redirects here. For the video game genre, see business simulation game.


A business magnate (or industrialist) is an individual who has achieved significant wealth, power, and prominence from industrial or entrepreneurial success. In particular, the term refers to one who controls through personal business ownership or via dominant shareholding position any private venture or firm where the organization's goods, products, or services are widely consumed. Such individuals may also be called czars, moguls, tycoons, taipans, market makers, barons, or oligarchs.

Etymology

The word magnate derives from the Latin magnates (plural of magnas), meaning "a great man" or "great nobleman".

The word tycoon derives from the Japanese word taikun (大君?), which means "great lord", used as a title for the shogun.[1][2] The word entered the English language in 1857[3] with the return of Commodore Perry to the United States. U.S. President Abraham Lincoln was humorously referred to as the Tycoon by his aides John Nicolay and John Hay.[4] The term spread to the business community, where it has been used ever since.

The word mogul is an English corruption of mughal, Persian or Arabic for "Mongol". It alludes to emperors of the Mughal Empire of the Indian subcontinent that existed between 1526 and 1857 who possessed great power and storied riches capable of producing wonders of opulence such the Taj Mahal.

Usage

Business magnates are venture or firm owners that amass on their own or wield substantial family fortunes in the process of building or running their enterprises. Some are widely known in connection with these activities, others through high-visibility secondary pursuits such as philanthropy and sports team ownership or sponsorship.

The terms mogul, tycoon and baron were often applied to late 19th and early 20th century North American business magnates in extractive industries such as mining, logging and petroleum, transportation fields such as shipping and railroads, manufacturing, including steelmaking, in banking, and in newspaper publishing. Their dominance was known as the Second Industrial Revolution, the Gilded Age, or Robber Baron Era.

Examples of well-known business magnates include such historical figures as oilman John D. Rockefeller, automobile pioneer Henry Ford, shipping and railroad giant Cornelius Vanderbilt, steel innovator Andrew Carnegie, newspaper mogul William Randolph Hearst, banking king J.P. Morgan, and aviation and film maverick Howard Hughes. Contemporary industrial tycoons include investor Warren Buffett, software developer Bill Gates, airline owner Sir Richard Branson, poultry visionary Frank Perdue, real estate developer Donald Trump, and telecommunications power Ruppert Murdoch,

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