Last Updated on July 18, 2022 by Domingo E. O’Reilly
Henry Ford was a successful entrepreneur who never stopped learning. In reality, he learned from his blunders and used what he’d learned in his company. His ability to see prospects and develop were the keys to his success as an entrepreneur.
Humans tended to venture into business back in the days and even today. Sometimes, the main objective is making a profit, creating jobs, fulfilling their passion, providing service, or even satisfying a market need. Henry Ford, founder of the Ford company, oriented in the same manner, and success followed him, but what made him so successful?
Henry accomplished this through free enterprise, an economic system in which business activities and ownership are subject to few restrictions.
This system allowed Ford to start his company without the government interfering or preventing him from doing so or limiting his success. It aided Ford in achieving his commercial objectives, but it has also benefited many other entrepreneurs.
A Brief History of Henry Ford
Henry Ford was a visionary from the start. When he was a kid, he dabbed with equipment and made discoveries from everyday materials. After graduating from university, Ford began working with Thomas Edison on new types of electric motors for railroads, boats, and machinery parts. He finally grew tired of working for large corporations, so he founded the “Ford Motor Company” in 1903.
In 1903, Henry Ford was about 40 years old when he created the Ford Motor Company. “Horseless buggies” were expensive toys available only to a select few at the time.
Ford’s original idea of mass production would not only develop the first reliable, affordable “automobile for the public” in just four decades, but it would also launch a contemporary industrial revolution.
Even though Henry Ford founded the Ford Motor Company in 1903, it was not until 1908 that his company began to develop and prosper. The Model T vehicle was first released in 1908 at $825.00.
Because he invented and improved the moving assembly line while creating the Model T, he could provide the vehicle at such a cheap cost, cutting set-up time by more than half and lowering the cost of the vehicle.
The Reasons for Henry Ford’s Success
Henry Ford is among the most outstanding business people. However, what contributed to his success as an entrepreneur remains unanswered.
Ford Motor Company, which he founded, is still in business a century later. His ideas helped him achieve success by allowing him to increase output and profit. He revolutionized the vehicle business and established several new norms today. He also ensured that his employees were well-paid and committed to his company.
Ford decided to abandon the Model T in 1927 and built a new type of car dabbed the A16 model.
As new businesses like Chevrolet entered the market, the automobile industry became more competitive. When cars became more plentiful, fresh car models came to the industry earlier and faster. He eventually started experimenting with commuter tractors and planes.
Here are the reasons that might have propelled him to success:
1. Henry Ford Turned Failures to His Advantage
Ford tried and failed numerous times before ultimately succeeding. That is a very typical path for entrepreneurs to take.
Humans tend to minimize their mistakes, but the truth is that no one is immune to failure, which is good because mistakes are simply opportunities disguised as negative happenings.
“Failure is merely the opportunity to begin again more intelligently,” observed Henry Ford.
2. Improving Ideas and Persistence
Henry Ford was always persistent and passionate about what he knew better- the automobile business!
People will perceive and characterize you as a pioneer if you conduct your task with a strong presence and passion.
It’s not about sprucing up your appearance. It’s all about unleashing your ultimate truth; the better you get at it, the more people will appreciate it. This is what Henry Ford perfected.
3. He Always Presented His True Version
Ford was known for his outward modesty and informal attire. Ford later found himself in places where no one could recognize him at first glance when traveling worldwide.
Of course, by this time, Ford had become a well-known and affluent man who no longer felt the pressure of unfulfilled ambition.
However, the values that guided his dress choices are excellent advice for any business owner. “Do things right when no one is looking” goes hand in hand with; “Don’t be a walking billboard for yourself if you don’t have much to give.”
4. He Didn’t Solely Focus on Profits
“A business that only makes money is bad,” Mr. Ford said. It’s considerably better to be a genuine value supplier. Money accumulates in value as well. Many people believe that money belongs to the immoral or mind corrupt.
So many entrepreneurs succeed in terms of capital because they make a difference in people’s lives. Therefore, money isn’t the game’s goal; it’s just a natural part of every transaction.
People do not remember Henry Ford solely as a wealthy businessman. Many remember him first and foremost as the man who popularized the assembly line and, in the process, created and sold fantastic automobiles.
How Did Ford Survive and Grow During a Time Of Economic Uncertainty?
Henry Ford decided to change the Model of Production.
Ford was swept up in the Great Downturn in 1931. Model A sales plummeted after three years on the market. Chevrolet’s new six-cylinder engine and a new Plymouth model reduced Ford’s market share. Ford was once again obliged to halt operations and send workers home.
Another of Henry Ford’s inspirations, the Ford V-8, was what drew the workers back. Ford regained its dominance because of this ingenious eight-cylinder engine.
However, those who returned to work for Ford discovered that working conditions had changed. The idealistic young man had matured into a hardened industrialist who believed that the ordinary worker would not work unless enticed.
Ford established the Service Department, which consisted of a foreman and a group of supervisors, many of whom were ex-cons and boxers, who governed the plant via fear and compulsion.
Ford Continues to Produce the Favourite
When Ford Motor Company’s new V-8 debuted on the market in 1932, it was an instant hit with a populace yearning for more elegance and power. It was the fastest object on four wheels, with a top speed of more than 80 miles per hour. The fast roadster swiftly became a favorite of bank robbers and gangsters during the Great Depression.
To this date, Ford is among the most successful automobile companies. It is fair to attribute the success to the founder Henry from how he started his company to how he kept it moving to its current production F-series and the Mustangs.
The Bottom Line
From the rich history of Henry Ford, we conclude that he was a humble man full of humility. Although he started his business to generate profits, he first focused on satisfying his customers by giving them what they required at fair prices. He never shied away from trying new ideas, and that is how he came up with the mobile assembly line that mass-produced cars, leading to enormous profits. Also, don’t forget that he renumerated his workers handsomely.