Cornelius Vanderbilt Research Paper

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Cornelius “Commodore” Vanderbilt was an entrepreneur who acquired over one hundred million dollars through different industries and business ventures such as ferry boats, shipping, and railroads. He came from a humble background with little money or education, but using determination, he still managed to become a successful businessman.
Vanderbilt was born on May 27, 1794 in Staten Island, New York to Cornelius van Derbilt and Phebe Hand. His father was a poor farmer and boatman. Vanderbilt’s introduction to business began when he quit school at eleven years old to work with his father in the ferry boat business. Becoming interested in making money of his own, he borrowed money from his parents to buy his own boat. He only charged 25 cents roundtrip, …show more content…
On December 19, 1813, Vanderbilt married his cousin Sophia Johnson. Together, they had thirteen children. Vanderbilt supplied the forts surrounding New York City during the war of 1812. In 1818, he gave up ownership of his ferryboats and became a steamboat captain. He earned the nickname “Commodore”, because he was so competitive. He and his partner Thomas Gibbons created the most lucrative ferry service running from New York to Philadelphia. This was difficult at first, because Gibbons was violating a state monopoly. However, Gibbons took the matter to the Supreme Court in Gibbons v. Ogden. The decision was made in favor of Gibbons which left interstate commerce regulation up to the federal government. During the 1840s, Vanderbilt was the largest employer in the United States. This was a result of his ownership of passenger and freight services in New York and Connecticut. He expanded his business yet again during the California Gold Rush when he opened a passenger service to San Francisco. He was always a smart business man and far ahead of the competition. His route to California was two days shorter than his competition’s. From this business alone, he earned one million dollars per year. He only left this
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