The paper "Henry Ford as an Entrepreneur " is a perfect example of a business case study. Entrepreneurship has been defined by many economist and businessmen as a way of reasoning, thinking and acting on the certain opportunity which generates profit and the end run. This is a process which involves the creation of new value in a commodity to be traded at a higher price to generate income to the stakeholders and participants in an organization or a business entity. This dynamic process is normally aimed at increasing the wealth of an individual or an organization.
In this essay, we will be focusing on a case example of an entrepreneur who had some successful entrepreneurship skills. According to Nelson, (2012), An entrepreneur is someone who can unite all factors of production and be able to find the value of the products that are re-established of the entire capital the employees and the value of their wages. The interest and wages incurred from the value of the products are paid and profits are enjoyed by the entrepreneur. An entrepreneur develops various skills from an early age and continues to pursue his/her dreams of being an entrepreneur.
Many entrepreneurs while young develop skills like repairing and reusing materials rather than buying others. In this essay, we will discuss extensively the life of Henry Ford as an entrepreneur and a businessman. Fords father was an Irish farmer, and he was born on July 30, 1863, and brought up to their farm in Greenfield Township, Michigan. He gained a reputation for repairing watches and farm tools for his neighbours. Although he did not invent the automobile or the production line he revolutionized the way production of the automobile was perceived.
He changed the fact people thought that automobiles were not affordable to poor people but only the rich. When he was aged 15, he left their farm to work in Detroit as a mechanical engineer after a couple of years he returned to work in their family farm and was later hired by Westinghouse to service steam engines. He had experienced his trigger was with hindsight that his life’ s work was then dedicated to the production of a motorized replacement for the ubiquitous horse and cart, and a tractor to do the work of the horses on the farm.
His experimenting continues after he left the family farm and started working in a steam engine workshop at the age of sixteen to work for Thomas Edison. Ford became manager of one of Edison power generating plants. Edison was aware that Ford was using and refining the gasoline-driven internal combustion engine invented by Daimler and Benz in Germany to produce early motor cars, and he encourages him in this endeavor.
The two men never lost touch, and Edison’ s laboratory has been reconstructed for Ford's world-famous Greenfield village museum (Curcio, 2013). Part B: Entrepreneur background analysis Henry Ford is long remembered by many Americans and other people who never believed to one day be able to afford to buy an automobile. The automobiles which were produced by Ford were relatively cheap, and moderate people in the society were able to buy them unlike those from other manufacturers who produced expensive cars. With the affordability of the automobiles produced by Ford, people became civilized and transformed into a society with great freedom of when and where they live and work.
This has enabled the development of modern lifestyles like the existence of malls and drive-through restaurants. Ford had a greater imagination that people will one time be able to move freely from one point to another for a cheaper cost. The production line techniques that he applied in his company showed that he possessed a strong ego and an entrepreneur with a conscience. He was able to compensate his workers with a higher rate compared to what was prevailing in the market hence enhanced the efficiency of his employees.
He was able to provide his employees with a good working condition with a five-day working plan at eight hours a day which was far better than the existing working environments in many industries at that time (Barreto, 2013).
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