Hannan Badar's entrepreneur profile

Henry Ford

Henry Ford, one of the first entrepreneurs of America due to his idea of the Model T car that was released in the early 20^th century and was owned by every American by the 1920s-1930s.

One reason why Henry Ford was such a successful entrepreneur is because of his characteristics. Successful entrepreneurs are always ambitious to be successful and to never give up. Failure is never an option and if entrepreneurs do end up loosing their money, they will start over again. Entrepreneurs are also big risk takers and they will never think about what will happen if they fail.

Although Henry Ford was a successful entrepreneur, he had some failures in the beginning before we was successful. In 1901, Ford’s first company ‘Detroit Automobile Company’ went bankrupt due to what the customers say ‘ high prices and low quality’. Ford’s second business, ‘Henry Ford Company’ collapsed due to fighting with his partner. His third attempt at his company almost collapsed due to his low sales.

From his mistakes, Henry Ford was able to come back with a way to sell his product. With the assembly line concept, Ford was able to produce Model T automobile much faster and was able to get cheaper labour. Because of his assembly line concept, he was able to sell a vast amount of automobiles and allowed the average man or woman to be able to own a automobile.

In the beginning, Henry Ford had to calculate the risk of the Model T not selling and in the end there were many customer complaints. Because of the complaints Henry Ford made sure to produce the perfect automobile. With his assembly like concept he believed that there were no risks in the concept and he was successful.

The best we can do is size up the chances, calculate the risks involved, estimate our ability to deal with them, and then make our plans with confidence.