Business magnate

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Howard Hughes was a major American aviation and film maverick during the 20th century. Howard Hughes.jpg
Howard Hughes was a major American aviation and film maverick during the 20th century.

A business magnate or industrialist is an entrepreneur of great influence, importance, or standing in a particular enterprise or field of business. The term characteristically refers to a wealthy entrepreneur or investor who controls, through personal business ownership or dominant shareholding position, a firm or industry whose goods or services are widely consumed. Such individuals may also be called czars , moguls , proprietors, tycoons, taipans, barons , or oligarchs .[ citation needed ]

Tsar title given to a male monarch in Russia, Bulgaria and Serbia

Tsar, also spelled czar, or tzar, is a title used to designate East and South Slavic monarchs or supreme rulers of Eastern Europe, originally Bulgarian monarchs from 10th century onwards. As a system of government in the Tsardom of Russia and the Russian Empire, it is known as Tsarist autocracy, or Tsarism. The term is derived from the Latin word Caesar, which was intended to mean "Emperor" in the European medieval sense of the term—a ruler with the same rank as a Roman emperor, holding it by the approval of another emperor or a supreme ecclesiastical official —but was usually considered by western Europeans to be equivalent to king, or to be somewhat in between a royal and imperial rank.

Magnate noble family

A magnate, from the late Latin magnas, a great man, itself from Latin magnus, "great", is a noble or a man in a high social position, by birth, wealth or other qualities. In reference to the Middle Ages, the term is often used to distinguish higher territorial landowners and warlords such as counts, earls, dukes, and territorial-princes from the baronage, and in Poland for the richest Szlachta.

Baron is a rank of nobility or title of honour, often hereditary. The female equivalent is baroness.

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Etymology

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

Latin Indo-European language of the Italic family

Latin is a classical language belonging to the Italic branch of the Indo-European languages. The Latin alphabet is derived from the Etruscan and Greek alphabets and ultimately from the Phoenician alphabet.

American retailer and founder of company Amazon, Jeff Bezos, who as of April 2018 is the wealthiest person in the world. Jeff Bezos 2016.jpg
American retailer and founder of company Amazon, Jeff Bezos, who as of April 2018 is the wealthiest person in the world.

The word tycoon derives from the Japanese word taikun (大君), which means "great lord", used as a title for the shōgun . [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.

Japanese is an East Asian language spoken by about 128 million people, primarily in Japan, where it is the national language. It is a member of the Japonic language family, and its relation to other languages, such as Korean, is debated. Japanese has been grouped with language families such as Ainu, Austroasiatic, and the now-discredited Altaic, but none of these proposals has gained widespread acceptance.

<i>Taikun</i>

Taikun (大君) is an archaic Japanese term of respect derived from Chinese I Ching which once referred to an independent ruler who did not have an imperial lineage. Its literal meaning is "Great Lord/Prince" or "Supreme Commander". In the Edo period, this word was used as a diplomatic title designating the shōgun of Japan in relations with foreign countries, as an attempt to convey that the shōgun was more important than the Japanese Emperor. The official name is "Nihon-koku Taikun".

<i>Shōgun</i> de facto military dictator of feudal Japan (1185-1868)

The Shōgun was the military dictator of Japan during the period from 1185 to 1868. In most of this period, the shōguns were the de facto rulers of the country, although nominally they were appointed by the Emperor as a ceremonial formality. The shōguns held almost absolute power over territories through military means.

The word mogul is an English corruption of mughal, Persian or Arabic for "Mongol". It alludes to emperors of the Mughal Empire in the Medieval India, who possessed great power and storied riches capable of producing wonders of opulence such as the Taj Mahal.

Mughal Empire dynastic empire extending over large parts of the Indian subcontinent

The Mughal Empire, or Mogul Empire, founded in 1526, was an empire that comprised the majority of the Indian subcontinent. It was established and ruled by the Timurid dynasty, with Turco-Mongol Chagatai roots from Central Asia, claiming direct descent from both Genghis Khan and Timur, and with significant Indian Rajput and Persian ancestry through marriage alliances; the first two Mughal emperors had both parents of Central Asian ancestry, while successive emperors were of predominantly Persian and Rajput ancestry. The dynasty was Indo-Persian in culture, combining Persianate culture with local Indian cultural influences visible in its court culture and administrative customs.

Medieval India refers to a long period of the history of the Indian subcontinent between the "ancient period" and "modern period". Definitions of the period itself vary widely, and partly for this reason, many historians now prefer to avoid the term completely.

Taj Mahal Marble mausoleum in Agra, India

The Taj Mahal is an ivory-white marble mausoleum on the south bank of the Yamuna river in the Indian city of Agra. It was commissioned in 1632 by the Mughal emperor, Shah Jahan, to house the tomb of his favourite wife, Mumtaz Mahal. It also houses the tomb of Shah Jahan, the builder. The tomb is the centerpiece of a 17-hectare (42-acre) complex, which includes a mosque and a guest house, and is set in formal gardens bounded on three sides by a crenellated wall.

Usage

John D. Rockefeller John D. Rockefeller 1885.jpg
John D. Rockefeller
Andrew Carnegie Andrew Carnegie, three-quarter length portrait, seated, facing slightly left, 1913.jpg
Andrew Carnegie
Henry Ford Henry ford 1919.jpg
Henry Ford

Modern business magnates are entrepreneurs that amass on their own or wield substantial family fortunes in the process of building or running their own businesses. Some are widely known in connection with these entrepreneurial activities, others through highly-visible secondary pursuits such as philanthropy, political fundraising and campaign financing, and sports team ownership or sponsorship.

Philanthropy means the love of humanity. A conventional modern definition is "private initiatives, for the public good, focusing on quality of life", which combines an original humanistic tradition with a social scientific aspect developed in the 20th century. The definition also serves to contrast philanthropy with business endeavors, which are private initiatives for private good, e.g., focusing on material gain, and with government endeavors, which are public initiatives for public good, e.g., focusing on provision of public services. A person who practices philanthropy is called a philanthropist.

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 such as automaking and steelmaking, in banking, as well as newspaper publishing. Their dominance was known as the Second Industrial Revolution, the Gilded Age, or the Robber Baron Era.

North America Continent entirely within the Northern Hemisphere and almost all within the Western Hemisphere

North America is a continent entirely within the Northern Hemisphere and almost all within the Western Hemisphere. It is also considered by some to be a northern subcontinent of the Americas. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the west and south by the Pacific Ocean, and to the southeast by South America and the Caribbean Sea.

Natural resource Resources that exist without actions of humankind

Natural resources are resources that exist without actions of humankind. This includes all valued characteristics such as magnetic, gravitational, electrical properties and forces etc. On Earth it includes sunlight, atmosphere, water, land along with all vegetation, crops and animal life that naturally subsists upon or within the heretofore identified characteristics and substances.

Mining The extraction of valuable minerals or other geological materials from the earth

Mining is the extraction of valuable minerals or other geological materials from the earth, usually from an ore body, lode, vein, seam, reef or placer deposit. These deposits form a mineralized package that is of economic interest to the miner.

Examples of well-known business magnates in the western world include historical figures such as oilman John D. Rockefeller, automobile pioneer Henry Ford, shipping and railroad veterans Aristotle Onassis, Cornelius Vanderbilt, Jay Gould, and James J. Hill, steel innovator Andrew Carnegie, newspaper publisher William Randolph Hearst, retail merchant Sam Walton, and banker J. P. Morgan. Contemporary industrial tycoons include e-commerce entrepreneur Jeff Bezos, investor Warren Buffett, computer programmer Bill Gates, technology innovator Steve Jobs, steel investor Lakshmi Mittal, telecommunications investor Carlos Slim, airline owner Sir Richard Branson, technology entrepreneur Elon Musk, Formula 1 manager Bernie Ecclestone, media entrepreneur Rupert Murdoch, and poultry technologist Frank Perdue.

See also

Lists

Related Research Articles

Mogul may refer to:

A media proprietor, media mogul or media tycoon refers to a successful entrepreneur or businessperson who controls, through personal ownership or via a dominant position in any media related company or enterprise, media consumed by a large number of individuals. Those with significant control, ownership, and influence of a large company in the mass media may also be called a tycoon, baron, or business magnate. Social media creators and founders can also be considered media moguls, as such channels deliver media to a large consumer base.

A syndicate is a self-organizing group of individuals, companies, corporations or entities formed to transact some specific business, to pursue or promote a shared interest.

Mikhail Fridman Russian businessman

Mikhail Maratovich Fridman is a Russian business magnate, investor and philanthropist. He also holds Israeli citizenship. He co-founded Alfa-Group, a multinational Russian conglomerate. According to Forbes, he was the seventh richest Russian as of 2017. In May 2017, he was also ranked as Russia's most important businessman by bne IntelliNews.

Arne Næss Jr. was a Norwegian businessman, shipping magnate, mountaineer, and the second ex-husband of Diana Ross.

Assis Chateaubriand Brazilian journalist and entrepreneur

Francisco de Assis Chateaubriand Bandeira de Melo, best known as Assis Chateaubriand and also nicknamed Chatô, was a Brazilian lawyer, journalist, politician and diplomat. He was one of the most influential public figures in Brazil during the 1940s and the 1950s, becoming notable as a journalist, an entrepreneur, an arts patron as well as a politician. Chateaubriand was appointed Ambassador of Brazil to the United Kingdom, position he held from 1957 to 1961. He was also a lawyer and professor of law, writer and member of the Brazilian Academy of Letters, occupying its 37th chair from 1954 until his death in 1968.

In the late 19th century a captain of industry was a business leader whose means of amassing a personal fortune contributed positively to the country in some way. This may have been through increased productivity, expansion of markets, providing more jobs, or acts of philanthropy. This characterisation contrasts with that of the robber baron, a business leader using political means to achieve personal ends.

Russian oligarchs are business oligarchs of the former Soviet republics who rapidly accumulated wealth during the era of Russian privatization in the aftermath of the dissolution of the Soviet Union in the 1990s. The failing Soviet state left the ownership of state assets contested, which allowed for informal deals with former USSR officials as a means to acquire state property. Historian Edward L. Keenan has drawn a comparison between the current Russian phenomenon of oligarchs and the system of powerful boyars which emerged in late-Medieval Muscovy.

Robber baron (industrialist)

"Robber baron" is a derogatory metaphor of social criticism originally applied to certain late 19th-century American businessmen who were accused of using unscrupulous methods to get rich, or expand their wealth, for example Cornelius Vanderbilt taking money from government-subsidized shippers, in order to not compete on their routes.

<i>Sid Meiers Railroads!</i> 2006 video game

Sid Meier's Railroads! is a business simulation game developed by Firaxis Games on the Gamebryo game engine that was released in October 2006 and is the sequel to Railroad Tycoon 3. Although Sid Meier created the original Railroad Tycoon, subsequent versions were developed by PopTop Software. Railroads! was the first game in the series since the original to have direct input from Sid Meier himself. After a visit to Miniatur Wunderland in Hamburg, Germany, Meier was inspired to reinvent his original creation. A version for the Mac OS X was published by Feral Interactive on November 1, 2012, under the latter's Feral Legends label.

Giannis Vardinogiannis is a Greek billionaire shipping magnate, the eldest son of petroleum tycoon Vardis Vardinogiannis. He is included in the Lloyd's List Most influential people in the shipping industry.

A tycoon is a business magnate, an entrepreneur of great influence or importance.

Business history is a historiographical field which examines the history of firms, business methods, government regulation and the effects of business on society. It also includes biographies of individual firms, executives, and entrepreneurs. It is related to economic history. It is distinct from "company history" which refers to official histories, usually funded by the company itself.

The Ukrainian oligarchs are a group of business oligarchs that quickly appeared on the economic and political scene of Ukraine after its independence in 1991, just as happened in neighboring post-Soviet state Russia. In 2008, the combined wealth of Ukraine's 50 richest oligarchs was equal to 85% of Ukraine's GDP. In November 2013 this number was 45%. By 2015, due to the Ukrainian crisis, the total net worth of the five richest and most influential Ukrainians had dropped from $21.6 billion in 2014 to $11.85 billion in June 2015.

E. S. Babcock industrialist

Elisha Spurr Babcock was an industrialist, tycoon, businessman, and entrepreneur. He is most famous for founding the Hotel del Coronado.

Nationalisation in Pakistan Pakistani economic policies

The Nationalisation process in Pakistan was a policy measure programme in the economic history of Pakistan, first introduced, promulgated and implemented by the first democratically elected Prime Minister Zulfikar Ali Bhutto and the Pakistan Peoples Party to lay the foundation of socialist economics reforms to improve the growth of national economy of Pakistan. Since the 1950s, the country had undergone a speedy industrialisation and became an industrial paradise in Asia. But, as time progressed, the labour trade unions and labour-working class had increasingly strained relations with the industrial business oligarch class, having neglected to improve working conditions and failing to provide a healthy and safe environment for the workers in these industrial industries.

The Australian mining industry has had a series of people who have had significant impact on the Australian economy as well as the mining industry due to their wealth, and their investment in the industry. Sometimes they are designated as Mining Magnates, and they are ascribed other titles such as Mining Tycoons, however in most cases they are significantly very public figures in the media of their times. Also during various changes in the national economy and mining industry some smaller players have had to adapt to the change.

Following the final collapse of the Mughal Empire in 1857 and the proclamation of the British Indian Empire, the British continued to maintain and recognise many of the old Mughal and Hindu styles and titles, introducing a compound honours system which awarded those titles along with British noble and aristocratic titles and knighthoods. Uniquely amongst the countries under British dominion, India was the sole country where British hereditary titles were conferred upon British subjects not of European ancestry. All British titles and honours became obsolete after the formation of the modern Republic of India in 1950, though they continue to be recognised by the British government.

References

  1. Cummings, Donald Wayne (1988). American English Spelling: An Informal Description. JHU Press. p. 277. ISBN   978-0-8018-3443-1 . Retrieved 22 May 2012.
  2. "tycoon". Merriam-Webster. Retrieved 22 May 2012. Origin of TYCOON Japanese taikun
  3. "tycoon". Merriam-Webster. Retrieved 22 May 2012. First Known Use: 1857
  4. Goodheart, Adam (10 November 2010). "Return of the Samurai". The New York Times. Retrieved 22 May 2012.