Everything about Business Magnate totally explained
A
business magnate, sometimes referred to as a
mogul,
tycoon,
baron, or
industrialist, is a person who has reached a prominent place in a particular industry (or set of industries) and whose wealth has been derived primarily therefrom. Such people usually amass substantial fortunes in the process, and tend to become widely known in connection with their business(es) or through other pursuits such as
philanthropy. The terms "mogul", "tycoon" and "baron" were often attributed 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,
banking, and newspaper publishing. This era was known as the
Second Industrial Revolution or the
Gilded Age.
Examples of well-known business magnates include
utility and
transportation magnate
Samuel Insull,
newspaper magnate
William Randolph Hearst of the
Hearst Corporation, oil magnate
John D. Rockefeller of
Standard Oil, steel magnate
Lakshmi Nivas Mittal of
Mittal Steel,
diamond magnate
André A. Jackson of
JFPI Corporation and
software magnate
Bill Gates of
Microsoft.
In
Russia and some other
post-Soviet countries, the term "
business oligarch" has become popular.
Etymology
The word
tycoon is derived from the
Japanese word, which means "great lord," and it was used as a title for the
shogun. The word entered the
English language in the nineteenth century 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. The term spread to the business community, where it has been used ever since.
The word
mogul originally meant
Mongol, or person of Mongolian descent. In this context, it refers to the
Mughal Empire (
mughal is the Indo-Aryan spelling of
mogul) of
India that existed between 1526 and 1857. The early emperors of Mughal claimed themselves descendants of Mongol ruler
Genghis Khan and adopted a Mongolian identity. The modern meaning of the word is supposedly derived from the excessive riches of the Mughal emperors, which for example produced the
Taj Mahal.
The word
magnate itself derives from the
Latin word
magnates (plural of
magnas), meaning "great person" or "great nobleman."
As the term
industrialist (from the English word
industry) was more widely used in the context of "old world" 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 business and commercial activity.
Further Information
Get more info on 'Business Magnate'.
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