Favorite quote has to be: “Frankly, I’d take any adjunct professor with ten years experience and put them in front of 50,000 people before I’d do so with any star in their field. After all, adjuncts devote practically all their professional time to providing a better educational experience”
During the early 1870s, the American industrialist Andrew Carnegie championed something called the Bessemer process, a new way of making steel that was only about fifteen years old at that time. As a result he could make more steel at a cheaper price than any of his competitors. He then took the profits from his initial success and plowed it back into the business, investing in other cutting-edge technologies and buying out his rivals who didn’t fall out of the market naturally. By the early 1890s, he was the owner of the largest steel company in the world. I’d argue that the principle that made this story possible is the first-mover advantage.
That’s not a statement about making steel, which of course had been going on for centuries before Carnegie came along, but with respect to the Bessemer process. Building steel plants was expensive, but Carnegie (who actually made his…
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