Econ 220 – Entrepreneurship
Instructor: Geoff Malleck
Salvatore Curcio ID#20300001
Jenna Ortwein ID#20383970
Matthew Montgomery ID#20338248
Fatima Munir ID# 20239890
Kyle Georges ID# 20298815
“People can have the Model T in any colour--so long as it's black.” - Henry Ford
“All Fords are exactly alike, but no two men are just alike. Every new life is a new thing under the sun; there has never been anything just like it before, never will be again. A young man ought to get that idea about himself; he should look for the single spark of individuality that makes him different from other folks, and develop that for all he is worth. ...view middle of the document...
Also, Henry was not one to accept others ideas. For lack of better terms he was stubborn and power hungry. He believed the stockholders were in the way of what he ideally wanted for the company.
The idea of buying out a majority of stockholders was not beneficial to Ford because it limited his knowledge in the car industry, especially with the expansion of the car industry (General Motors). Suggestions from others create greater opportunities in businesses and therefore having stockholders is beneficial. All in all, it is not beneficial for any entrepreneur to buy out their stockholders just for the soul purpose of power - this decision could lead to failures down the road.
What strategy did Henry Ford adopt to motivate his workers?
Henry Ford used ethical and unethical strategies to motivate the workers of his factories. The ethical methods were increasing wages to the $5.00 work day when average daily wages were only $2.34. Workers were lining up in masses when news of the $5 work day was released – clearly workers were motivated. The unethical methods used were the hire of service workers to instil fear and coercion among labourers, motivating them to work at a rapid (more efficient) pace.
Though he was never the same after his son had passed away, and they had collaborated on a model A that was proven successful, why do you think Henry Ford always put his son down?
Henry Ford put his son down and did not give his son credit for his great ideas due to the fact that Henry was stubborn and strived for power. Henry was very fearful of someone overstepping his goals in the empire of Ford Motor Company, an empire he had created. It was truly hard for Henry Ford to see his son as a successful man in the company Henry created.
Though in the biography we see the limitations of his stubbornness, is being stubborn a strength of an entrepreneur?
As a group we do not think that being stubborn a good trait for an entrepreneur because it limits suggestions by others and opportunities of the industry. Although in Henry Ford’s case, his stubbornness helped him follow through with his ideas and pursue what he thought was right. He would not be president of Ford Company if it were not for his stubbornness.
How did Henry Ford’s failures lead to his success?
Henry Ford failed twice in the creation of his Ford Motor Company. The first time he failed was when he could not create enough vehicles as the demand was too high. With the struggle of the quadricycle production, Henry was forced to create another automobile, but this took time. Eventually, the Model A was created and a production line was created to keep up with demand. Here Henry Ford learned that he had to change production to become a more successful company and satisfy customers. In other words Ford, learned from the failure of not having enough production. Note...