Cornelius Vanderbilt is one of the five tycoons of...

Cornelius Vanderbilt is one of the five tycoons of America. He was able to use both wit and his entrepreneurial skills in order to create a very successful career and legacy. Starting off from the very beginning, young Vanderbilt was able to start his own business. At the age of sixteen, Vanderbilt decided to start his own ferry service with the loan he received by working through his Mother. With the one hundred he was able to obtain, by clearing and planting eight-acre field, Vanderbilt purchased two small vessels and carried freight and passengers from Manhattan to Staten Island. By being able to utilize his own earnings in order to start up a business for a chance to make an even more of a profit, Vanderbilt was in a road to become a†¦show more content†¦As for Gibbons and Vanderbilt, the two lowered their rates, applied services, and also tried out new technologies which all help lead them to become hugely profitable. And in 1829, Vanderbilt left Gibbons to increase his own business. Vanderbilt created his own steamship company. With a fleet of boats and a budget of $30,000 or roughly $775,000 today, Vanderbilt successfully established a company along the Hudson River. He used his usual tactic, reduced fare prices, to stir away any competitors. He then expanded between New York and New England and Long Island. What helped his business to flourish was through customer’s loyalty. Because Vanderbilt was known to have reliable, safe and cheap steamboats, Cornelius Vanderbilt’s company skyrocketed. In 1830, Vanderbilt entered the Hudson River market and competed against Steamboat Association. Due to Vanderbilt’s success, Steamboat Association purchased his Hudson River company for $150,000 in total. Because of the success he had, Vanderbilt went to Long Island for another round. His business tactic and customer loyalty served him in the right way. The Gold Rush, where many go to California in hopes for gold, allowed Vanderbilt to begin an ocean-going service, between West Coast and Central America. At the time, Clipper ship was predominantly the best type of transportation. However