Some are widely known in connection with these entrepreneurial activities, others through highly-visible secondary pursuits such as philanthropy, political fundraising and campaign financing, and sports team ownership or sponsorship. Modern business magnates are entrepreneurs that amass on their own or wield substantial family fortunes in the process of building or running their own businesses. The term spread to the business community, where it has been used ever since. US President Abraham Lincoln was humorously referred to as the Tycoon by his aides John Nicolay and John Hay. The word entered the English language in 1857 with the return of Commodore Perry to the United States.

The term tycoon derives from the Japanese word taikun ( е¤§еђ›), which means 'great lord', used as a title for the shЕЌgun. It alludes to emperors of the Mughal Empire in Medieval India, who possessed great power and storied riches capable of producing wonders of opulence such as the Taj Mahal. The term mogul is an English corruption of mughal, Persian or Arabic for 'Mongol'. The term magnate derives from the Latin word magnates (plural of magnas), meaning 'great man' or 'great nobleman'. James Finlayson (1771вЂ“1852), a Scottish Quaker and industrialist, best known as a founder of Finlayson.

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