Moguls Definition Influence and Examples
Moguls: Definition, Influence, and Examples
What Is a Mogul?
A mogul is a person with power, influence, or wealth. In business, a mogul is often associated with someone who dominates an enterprise or industry. Moguls are usually founders or CEOs of important corporations. The term mogul is sometimes used synonymously with "tycoon".
Key Takeaways
– A business mogul is a wealthy and influential individual associated with a specific business or industry segment.
– In the past, moguls were often titans of industry, such as railroad and steel barons.
– Today, moguls tend to be successful entrepreneurs and tech CEOs.
– Many moguls use their influence to sway politics and business, and also contribute to philanthropy.
Understanding Moguls
Many business moguls are household names, but fame isn’t necessary to be considered a mogul. These individuals possess innovative ideas, a willingness to take risks, and the keen business sense to make their ideas profitable.
Moguls might also be called business magnates, barons, tycoons, or captains of industry. The term media mogul is often used for someone who dominates or controls a large media enterprise. Examples of media moguls include Oprah Winfrey and Steve Forbes.
Mark Zuckerberg became a mogul when Facebook became the dominant global online social network. Jack Welch is considered a mogul for his success as former chair and CEO of General Electric Company. Henry Ford revolutionized the automobile industry with his assembly-line production method and the Model-T car.
Moguls possess innovative ideas, a willingness to take risks, and the ability to turn this into profits.
Historical Moguls
The term mogul is often used when referring to major historical figures who were business magnates during the late 19th and early 20th centuries, including:
– Andrew Carnegie in the U.S. steel industry
– John D. Rockefeller in the oil industry
– J.P. Morgan in the banking industry
– Cornelius Vanderbilt in the shipping and railroad industries
Other historical figures often called moguls include Henry Ford for automobiles, Aristotle Onassis for shipping, and William Randolph Hearst for publishing. In contemporary times, well-known moguls include Donald Trump for real estate, Sir Richard Branson for airlines and telecommunications, Jay Z for media and the music industry, and Warren Buffett for business and finance.
A Mogul’s Influence
Moguls commonly exercise a great deal of influence in the political, economic, and social spheres. They provide large sums of money to political candidates, new business ventures, and charitable causes. Warren Buffett has invested enormous sums of capital in businesses from insurance to restaurants, exerted a high degree of influence in U.S. political affairs, and donated billions of dollars to charitable causes through Berkshire-Hathaway.
Bill Gates has been a powerful charitable force in Africa and other regions. The Bill & Melinda Gates Foundation has spent billions of dollars to eradicate contagious diseases such as polio with extensive vaccination programs.
Elon Musk has effected a unique influence by focusing his efforts on major innovations that most others have found too risky, such as the proposed Hyperloop transportation system, the VTOL supersonic jet aircraft, self-driving autos, and the Musk electric jet.
What Is a Synonym for Business Mogul?
Business moguls may also be called business magnates, barons, tycoons, or captains of industry.
Where Does the Word Mogul Come From?
The word mogul comes from the Arabic word "Mughal," also spelled "Mongol," which was the name given to the powerful rulers of India from the 16th to 18th centuries.
What Is a Real Estate Mogul?
A real estate mogul is someone considered a leader in the property market. To qualify, they must have amassed great wealth from real estate and be powerful and influential.
The Bottom Line
Moguls are important people who are rich, powerful, and wield lots of influence. Historically, titans of industry, such as Rockefeller or Ford, were given this title, as well as people working in the media or film industry. Today, some of the best-known moguls are tech innovators, such as Jeff Bezos and Elon Musk.
