The Entrepreneurial Aspect:
Henry Ford innovated a new and improved automobile for the everyday man to transport where needed. He lowered the price, made it easy to operate, and durable. After beating Alexander Winton in a car race, Henry Ford's name was put on the map and he was able to use his fame to his advantage in order to sell the Model T. He was able to score a manufacturing building and was selling up to 15 cars a day. He used the resources around him to innovate a better creation for the market.
Why is this Interesting?:
This is interesting because throughout his process and success, the Model T was a symbol specifically for the middle class. This innovation drove the middle class to find new opportunities. The Model T opened up a lot of areas fro potential entrepreneurs. If Henry Ford was rejected permanently or never tried to put out the car, what would the unrealized be instead? What would the cars we know now turn out to be like instead?
How did this Affect Society?:
This created a whole new area for the middle class to thrive in because the vehicle was so affordable and sustainable. He wanted the average man to be able to drive a car to enjoy life. No matter what you think of Ford cars now, you have to understand that this was a really big deal when it originally came out. Henry Ford made the first reliable car that was inexpensive. This innovation allowed more people to move into bigger cities, creating an asphalt jungle.
How does Society Support, Affect, or Stifle this Aspect?:
This lead to people who lived in rural areas to be able to connect with other people in other areas that they may have not reached because they couldn't afford an automobile before hand. Although the market loved Henry Ford, there were a lot of regulations put into place during this time. At one point Henry Ford was taken to court by the Association of Licensed Automobile Manufacturers to decide if he could continue to freely sell his vehicles. The royalties that the Association wanted would drive up the original price of the Model T car making it unavailable for the regular working class to buy and use. This would go along with every other car that was out on the market to being recognized as a luxury vehicle only for the upper class.
What is the interaction between Entrepreneur and Society like?:
During this specific time in the world, it was really important for Henry Ford to manage great customer service and give the people the respect that they deserved. He took all of his failures as learning experiences to provide better innovations for his consumers. The video that I watched over this recognized Henry Ford as this "Anti-monopolist" and a "Heroic Individual Entrepreneur". Ford actually ended up paying his employees over double the original amount of US Factories. This allowed many people to have a livable wage and a sustainable job while the Rockefeller's were making their employees work in dangerous conditions, and "gap between the rich and the poor is bigger than it's ever been". In the end, Henry Ford was a successful Entrepreneur who thought about the world and innovations in a unique way that was different from everyone else. He understood his market and that they wanted durable, affordable products.
