Business magnate
Business magnate is a phrase sometimes used to describe an entrepreneur who has achieved wealth and prominence from a particular industry (or industries). Other, similar terms are czar, mogul, tycoon, baron, or oligarch.
Etymology
The word magnate itself derives from the Latin word magnates (plural of magnas), meaning "great person" or "great nobleman."
The word tycoon is derived from the Japanese word taikun (大君), which means "great lord," and it was 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 refers to the Mughal Empire (mughal being Persian or Arabic for "Mongol") of the Indian subcontinent that existed between 1526 and 1857: the early Mughal emperors claimed a heritage dating back to Mongol ruler Genghis Khan. The modern meaning of the word is supposedly derived from the storied riches of the Mughal emperors, who for example produced the Taj 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,[disputed – discuss] shipping[disputed – discuss] and rail transport,[disputed – discuss] it has largely been superseded by the other, more modern terms that encompass a wider range of virtual business and commercial activity.[disputed – discuss]
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. 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 Sir Richard Branson of Virgin Group, 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 Andrew Carnegie, Lakshmi Mittal of Arcelor Mittal, poultry magnate Frank Perdue of Perdue Farms, shipping magnate Charles T. Hinde, automobile magnate Ferdinand Piëch of Volkswagen Group, and telecommunications magnate Carlos Slim.
In Russia and some other post-Soviet states, the term "business oligarch" has become popular.
See also
- Articles
- Business oligarch
- Businessperson
- Captain of industry
- Entrepreneur
- Financier
- Investor
- Media proprietor
- Robber baron (industrialist)
- Lists
- 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
References
- ^ Cummings, Donald Wayne (1988). American English Spelling: An Informal Description. JHU Press. p. 277. ISBN 978-0-8018-3443-1. Retrieved 22 May 2012.
- ^ "tycoon". Merriam-Webster. Retrieved 22 May 2012.
Origin of TYCOON Japanese taikun
- ^ "tycoon". Merriam-Webster. Retrieved 22 May 2012.
First Known Use: 1857
- ^ Goodheart, Adam (10 November 2010). "Return of the Samurai". The New York Times. Retrieved 22 May 2012.