During the Industrial Revolution, businesses like Andrew Carnegie's steel company perfectly demonstrated the principles of free enterprise. Carnegie embodied entrepreneurship by identifying market opportunities, investing his capital, and creating a massive steel production company that met growing industrial demands. His business model showcased key free enterprise concepts: private ownership, voluntary exchange, profit motivation, and competition. Carnegie could make independent economic decisions, set prices, hire workers, and reinvest his earnings into expanding his steel manufacturing. By competing with other steel producers and responding to consumer needs, he exemplified how businesses in a free-market system can innovate, grow, and generate wealth through individual initiative and minimal government interference.