Business magnate

Business magnate

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Encyclopedia
A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...

 who has reached prominence and derived a notable amount of wealth from a particular industry
Industry
Industry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...

 (or industries).

Etymology



The word magnate
Magnate
Magnate, from the Late Latin magnas, a great man, itself from Latin magnus 'great', designates a noble or other man in a high social position, by birth, wealth or other qualities...

itself derives from the Latin
Latin
Latin is an Italic language originally spoken in Latium and Ancient Rome. It, along with most European languages, is a descendant of the ancient Proto-Indo-European language. Although it is considered a dead language, a number of scholars and members of the Christian clergy speak it fluently, and...

 word magnates (plural of magnas), meaning "great person" or "great nobleman."

The word tycoon is derived from the Japanese
Japanese language
is a language spoken by over 130 million people in Japan and in Japanese emigrant communities. It is a member of the Japonic language family, which has a number of proposed relationships with other languages, none of which has gained wide acceptance among historical linguists .Japanese is an...

 word , which means "great lord," and it was used as a title for the shogun
Shogun
A was one of the hereditary military dictators of Japan from 1192 to 1867. In this period, the shoguns, or their shikken regents , were the de facto rulers of Japan though they were nominally appointed by the emperor...

. The word entered the English language in 1857 with the return of Commodore Perry
Matthew Perry (naval officer)
Matthew Calbraith Perry was the Commodore of the U.S. Navy and served commanding a number of US naval ships. He served several wars, most notably in the Mexican-American War and the War of 1812. He played a leading role in the opening of Japan to the West with the Convention of Kanagawa in 1854...

 to the United States. U.S. President Abraham Lincoln
Abraham Lincoln
Abraham Lincoln was the 16th President of the United States, serving from March 1861 until his assassination in April 1865. He successfully led his country through a great constitutional, military and moral crisis – the American Civil War – preserving the Union, while ending slavery, and...

 was humorously referred to as the Tycoon by his aides John Nicolay and John Hay
John Hay
John Milton Hay was an American statesman, diplomat, author, journalist, and private secretary and assistant to Abraham Lincoln.-Early life:...

. The term spread to the business community, where it has been used ever since.

The word mogul refers to the Mughal Empire
Mughal Empire
The Mughal Empire ,‎ or Mogul Empire in traditional English usage, was an imperial power from the Indian Subcontinent. The Mughal emperors were descendants of the Timurids...

 (mughal being Persian or Arabic for "Mongol") of Indian Subcontinent
Indian subcontinent
The Indian subcontinent, also Indian Subcontinent, Indo-Pak Subcontinent or South Asian Subcontinent is a region of the Asian continent on the Indian tectonic plate from the Hindu Kush or Hindu Koh, Himalayas and including the Kuen Lun and Karakoram ranges, forming a land mass which extends...

 that existed between 1526 and 1857: the early Mughal emperors claimed a heritage dating back to Mongol ruler Genghis Khan
Genghis Khan
Genghis Khan , born Temujin and occasionally known by his temple name Taizu , was the founder and Great Khan of the Mongol Empire, which became the largest contiguous empire in history after his death....

. The modern meaning of the word is supposedly derived from the storied riches of the Mughal emperors, who for example produced the Taj Mahal
Taj Mahal
The Taj Mahal is a white Marble mausoleum located in Agra, India. It was built by Mughal emperor Shah Jahan in memory of his third wife, Mumtaz Mahal...

.

As the term industrialist (from Latin industria, "diligence, industriousness") was more widely used in the context of "old world" physical industries such as steel, oil, newspapers, shipping and rail transport, it has largely been superseded by the other, more modern terms that encompass a wider range of virtual business and commercial activity.

Usage



Such people are savvy businessmen that usually amass substantial fortunes in the process of running their business. Some are widely known in connection with their business(es) or through other pursuits such as philanthropy
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...

. The terms "mogul", "tycoon" and "baron" were often attributed to late 19th and early 20th century North American
North American
North American generally refers to an entity, people, group, or attribute of North America, especially of the United States and Canada together.-Culture:*North American English, a collective term used to describe American English and Canadian English...

 business magnates in extractive industries
Natural resource
Natural resources occur naturally within environments that exist relatively undisturbed by mankind, in a natural form. A natural resource is often characterized by amounts of biodiversity and geodiversity existent in various ecosystems....

 such as mining
Mining
Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...

, logging
Logging
Logging is the cutting, skidding, on-site processing, and loading of trees or logs onto trucks.In forestry, the term logging is sometimes used in a narrow sense concerning the logistics of moving wood from the stump to somewhere outside the forest, usually a sawmill or a lumber yard...

 and petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...

, transportation fields such as shipping
Shipping
Shipping has multiple meanings. It can be a physical process of transporting commodities and merchandise goods and cargo, by land, air, and sea. It also can describe the movement of objects by ship.Land or "ground" shipping can be by train or by truck...

 and railroad
Rail transport
Rail transport is a means of conveyance of passengers and goods by way of wheeled vehicles running on rail tracks. In contrast to road transport, where vehicles merely run on a prepared surface, rail vehicles are also directionally guided by the tracks they run on...

s, manufacturing, including steel
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...

making, banking, and newspaper publishing
Publishing
Publishing is the process of production and dissemination of literature or information—the activity of making information available to the general public...

. This era was known as the Second Industrial Revolution
Second Industrial Revolution
The Second Industrial Revolution, also known as the Technological Revolution, was a phase of the larger Industrial Revolution corresponding to the latter half of the 19th century until World War I...

 or the Gilded Age
Gilded Age
In United States history, the Gilded Age refers to the era of rapid economic and population growth in the United States during the post–Civil War and post-Reconstruction eras of the late 19th century. The term "Gilded Age" was coined by Mark Twain and Charles Dudley Warner in their book The Gilded...

.
Examples of well-known business magnates include Sir Richard Branson
Richard Branson
Sir Richard Charles Nicholas Branson is an English business magnate, best known for his Virgin Group of more than 400 companies....

 of Virgin Group
Virgin Group
Virgin Group Limited is a British branded venture capital conglomerate organisation founded by business tycoon Richard Branson. The core business areas are travel, entertainment and lifestyle. Virgin Group's date of incorporation is listed as 1989 by Companies House, who class it as a holding...

, utility and transportation magnate Samuel Insull
Samuel Insull
Samuel Insull was an Anglo-American innovator and investor based in Chicago who greatly contributed to creating an integrated electrical infrastructure in the United States. Insull was notable for purchasing utilities and railroads using holding companies, as well as the abuse of them...

, newspaper magnate William Randolph Hearst
William Randolph Hearst
William Randolph Hearst was an American business magnate and leading newspaper publisher. Hearst entered the publishing business in 1887, after taking control of The San Francisco Examiner from his father...

 of the Hearst Corporation
Hearst Corporation
The Hearst Corporation is an American media conglomerate based in the Hearst Tower, Manhattan in New York City, New York, United States. Founded by William Randolph Hearst as an owner of newspapers, the company's holdings now include a wide variety of media...

, oil magnate John D. Rockefeller
John D. Rockefeller
John Davison Rockefeller was an American oil industrialist, investor, and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry and defined the structure of...

 of Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...

, steel magnate Andrew Carnegie
Andrew Carnegie
Andrew Carnegie was a Scottish-American industrialist, businessman, and entrepreneur who led the enormous expansion of the American steel industry in the late 19th century...

, Lakshmi Mittal
Lakshmi Mittal
Lakshmi Narayan Mittal is an Indian steel magnate. He is the chairman and chief executive officer of ArcelorMittal, the world’s largest steelmaking company....

 of Arcelor Mittal, poultry magnate Frank Perdue
Frank Perdue
Franklin Parsons "Frank" Perdue , born in Salisbury, Maryland, was for many years the president and CEO of Perdue Farms, now one of the largest chicken-producing companies in the United States.-Career:...

 of Perdue Farms
Perdue Farms
Perdue Farms is a major chicken processing company based in Salisbury, Maryland, United States with annual sales in excess of $4.6B.-Origin and war era:...

, automobile
Automobile
An automobile, autocar, motor car or car is a wheeled motor vehicle used for transporting passengers, which also carries its own engine or motor...

 magnate Ferdinand Piech
Ferdinand Piëch
Ferdinand Karl Piëch is an Austrian business magnate, engineer and executive who is currently the chairman of the supervisory board of Volkswagen Group....

 of Volkswagen Group
Volkswagen Group
Volkswagen Group is a German multinational automobile manufacturing group. , Volkswagen was ranked as the world’s third largest motor vehicle manufacturer and Europe's largest....

, and telecommunications magnate Carlos Slim.

In Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...

 and some other post-Soviet countries, the term "business oligarch
Business oligarch
Business oligarch is a near-synonym of the term "business magnate", borrowed by the English speaking and western media from post-Soviet parlance to describe the huge, fast-acquired wealth of some businessmen of the former Soviet republics during the privatization in Russia and other post-Soviet...

" has become popular.

See also


Articles
  • Entrepreneur
    Entrepreneur
    An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...

  • Investor
    Investor
    An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...

  • Business oligarch
    Business oligarch
    Business oligarch is a near-synonym of the term "business magnate", borrowed by the English speaking and western media from post-Soviet parlance to describe the huge, fast-acquired wealth of some businessmen of the former Soviet republics during the privatization in Russia and other post-Soviet...

  • Businessperson
    Businessperson
    A businessperson is someone involved in a particular undertaking of activities for the purpose of generating revenue from a combination of human, financial, or physical capital. An entrepreneur is an example of a business person...

  • Captain of industry
    Captain of industry
    "Captain of industry" was a term originally used in the United Kingdom during the Industrial Revolution describing a business leader whose means of amassing a personal fortune contributes positively to the country in some way....

  • Financier
    Financier
    Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...

  • Media proprietor
    Media proprietor
    A media proprietor is a person who controls, either through personal ownership or a dominant position in any media enterprise. Those with significant control of a public company in the mass media may also be called "media moguls", "tycoons", "barons", or "bosses".The figure of the media proprietor...

  • Robber baron (industrialist)
    Robber baron (industrialist)
    Robber baron is a pejorative term used for a powerful 19th century American businessman. By the 1890s the term was used to attack any businessman who used questionable practices to become wealthy...



Lists
  • List of billionaires (2010)
  • Sunday Times Rich List
    Sunday Times Rich List
    The Sunday Times Rich List is a list of the 1,000 wealthiest people or families in the United Kingdom, updated annually in April and published as a magazine supplement by British national Sunday newspaper The Sunday Times since 1989...



Categories
  • :Category:American railroad executives of the 20th century
  • :Category:Businesspeople in metals
  • :Category:Businesspeople in mining
  • :Category:Businesspeople in shipping
  • :Category:Businesspeople in timber