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Business Ideas – 3 Business Lessons From Henry Ford
Today we’re going to look at how an entrepreneur who was told he wouldn’t last six months in business refused to give up and went on to become one of the wealthiest men in the world. This is the story of Henry Ford and the top 3 lessons that you can learn from his success.
“You can do anything if you have enthusiasm.” – Henry Ford
Henry Ford (July 30, 1863 — April 7, 1947) was an American business icon and founder of the Ford Motor Company. He was the son of Irish immigrants and from an early age showed an interest in engineering. He set out to learn as much as he could and took various apprenticeships and jobs with manufacturing companies.
When he was 36 years old he invented the Quadricycle in his spare time. It was two bicycles attached together, powered by a gasoline engine. It was a very primitive car. After refining the vehicle he went to see William H. Murphy, a lumber tycoon and investor in Detroit, who took it for a test drive. Murphy agreed with Ford that gasoline-powered vehicles would be fuelling the future and the two instantly formed a partnership. Henry Ford was in business.
Ford not only revolutionized the manufacturing industry with assembly line mass production, he also became one of the richest and most well-known people in the world. According to Forbes, his net worth in today’s dollars would be $188.1 billion, over three times richer than Bill Gates.
Action Item #1: Don’t Quit
Action Item #2: Focus on Quality
Action Item #3: Build a Team
When Henry Ford implemented his assembly line idea he found that his workers were quickly getting burnt out doing the same thing over and over again. To attract the best people, Ford recommended to his stockholders that they pay the workers $5 per day, twice the daily average wage. His stockholders said no so Ford bought them out, implemented his $5 a day salary and quickly had people lining up to work for him.
“Wealth, like happiness, is never attained when sought after directly. It comes as a by-product of providing a useful service.”
“A market is never saturated with a good product, but it is very quickly saturated with a bad one.”
“Most people get ahead during the time that others waste.”
Confessions of a Futurist: Sheryl Connelly
Sheryl Connelly is manager of global trends and futuring for Ford Motor Company, tracking shifts and trends in topics as far reaching as the environment, politics and millennials and analyzing those shifts to predict consumer preferences. Her insights inform the company’s automotive design, product development and corporate strategy and help anticipate the needs and desires of car buyers. Sheryl, a licensed attorney with an M.B.A. and a bachelor’s degree in finance, also teaches design research at the Center for Creative Studies in Detroit, MI. She has guest lectured at Massachusetts Institute for Technology, University of Michigan, and Wharton School of Business. She has also been featured in Forbes, the Wall Street Journal, Reuters, Financial Times and on the BBC.
Ford CEO on Lincoln rebirth
Alan Mullaly says that Lincoln MKZ is only the beginning of the rebirth of the 90 year old car brand.