Entrepreneur henry ford


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Entrepreneur henry ford

  1. 1. A Assignment Of Entrepreneur Henry ford SUBMITTED BY: Jenish Sopariwala – 3157 SUBMITTED TO: Ms. Nidhi Mam DATE OF SUBMISSION: 29th july, 2013. In partial fulfillment of requirement of the subject In the Third Year (SEM V) BBA Programme. NAVNIRMAN INSTITUTE OF MANAGEMENT (N.I.M-BBA COLLEGE),BHARTANA, SURAT Affiliated to VNSGU,Surat ACADEMIC YEAR 2013-14 Page 1
  2. 2. (Henry ford) Page 2
  3. 3. Birth:Henry ford was born on july 30, 1863 the family farm near Dearborn, Michigan, Detroit. His father His father, William Ford (1826–1905), His mother, Mary Litogot Ford (1839–1876), was born in Michigan as the youngest child of Belgian immigrants; her parents died when she was a child and she was adopted by neighbors, the O'Herns. Henry Ford's siblings were Margaret Ford (1867–1938); Jane Ford (c. 1868–1945); William Ford (1871–1917) and Robert Ford (1873–1934). That time Abraham Lincoln was president of 24 states of the Union. He left school at the age of 15 to work in father’s farm. Studied from Detroit business institute. In 1879 he moved to Detroit where he became an apprentice in a machine shop. To help him survive on his low wages he spent his evenings repairing clocks and watches. Ford returned to Greenfield after his father gave him 40 acres to start his own farm. he disliked farming and spent much of time trying to build steam road carriage and farm locomotive. Unable to settle at Greenfield, ford returned to Detroit to work as an engineer for the Edison illuminating company. Henry ford was not easily settled in any job. He was a movable person from one job to another. He was a mechanical person. His hobby is repair machinery and innovate something new. Ford 1st car was not a public car. It’s a waggon car. He was used in his farm for placing the cattlefeed to one place to another. It’s a steam car. It’s a hand made car. Ford read an article in the World of Science about how the german engineer, Nicholas Otto, had built a internal combustion engine. Ford now spent his spare time trying to build a gasoline car. His first car, finished in 1896, was built in a little brick shed in his garden. Driven by a two-cylinder, four-cycle motor, it was mounted on bicycle wheels. Named the Thin Lizzie, the car had no reverse gear or brakes. Page 3
  4. 4. BUSINESS CAREER In 1891, Ford became an engineer with the Edison Illuminating Company. After his promotion to Chief Engineer in 1893, he had enough time and money to devote attention to his personal experiments on gasoline engines. These experiments culminated in 1896 with the completion of a self-propelled vehicle which he named the Ford Quadricycle. He test-drove it on June 4. After various test drives, Ford brainstormed ways to improve the Quadricycle. Also in 1896, Ford attended a meeting of Edison executives, where he was introduced to Thomas Edison. Edison approved of Ford's automobile experimentation. Encouraged by Edison, Ford designed and built a second vehicle, completing it in 1898. Backed by the capital of Detroit lumber baron William H. Murphy, Ford resigned from the Edison Company and founded the Detroit Automobile Company on August 5, 1899. However, the automobiles produced were of a lower quality and higher price than Ford wanted. Ultimately, the company was not successful and was dissolved in January 1901. With the help of C. Harold Wills, Ford designed, built, and successfully raced a 26horsepower automobile in October 1901. With this success, Murphy and other stockholders in the Detroit Automobile Company formed the Henry Ford Company on November 30, 1901, with Ford as chief engineer. In 1902, Murphy brought in Henry M. Leland as a consultant; Ford, in response, left the company bearing his name. With Ford gone, Murphy renamed the company the Cadillac Automobile Company. Teaming up with former racing cyclist Tom Cooper, Ford also produced the 80+ horsepower racer "999" which Barney Oldfield was to drive to victory in a race in October 1902. Ford received the backing of an old acquaintance, Alexander Y. Malcomson, a Detroit-area coal dealer. They formed a partnership, "Ford & Malcomson, Ltd." to manufacture automobiles. Ford went to work designing an inexpensive automobile, and the duo leased a factory and contracted with a machine shop owned by John and Horace E. Dodge to supply over $160,000 in parts. Sales were slow, and a crisis arose when the Dodge brothers demanded payment for their first shipment. In response, Malcomson brought in another group of investors and convinced the Dodge Brothers to accept a portion of the new company. Ford & Malcomson was reincorporated as the Ford Motor Company on June 16, 1903, with $28,000 capital. The original investors included Ford and Malcomson, the Dodge brothers, Malcomson's uncle John S. Gray, Malcolmson's secretary James Couzens, and two of Malcomson's lawyers, John W. Anderson and Horace Rackham. Ford then demonstrated a newly-designed car on the ice of Lake St. Clair, driving 1 mile (1.6 km) in 39.4 seconds and setting a new land speed record at 91.3 miles per hour (147.0 km/h). Convinced by this success, the race driver Barney Oldfield, who named this new Ford model "999" in honor of the fastest locomotive of the day, took the car around the country, making the Ford brand known throughout the United States. Ford also was one of the early backers of the Indianapolis 500. Page 4
  5. 5. The Model T was introduced on October 1,1908.it had the steering wheel on the left side. The entire engine and transmission were enclosed; The car was very simple to drive, and easy and cheap to repair. It was so cheap at $825 in 1908($21,080 today)(the price fell every year)that by the 1920s, a majority of American drivers had learned to drive on the model T. Ford created a huge publicity of their new product. Sales passed 250,000 in 1914.by 1916,as the price dropped to $360 for the basic touring car, sales reached 472,000 (Using the consumer price index, this price was equivalent to $7,020 in 2008 dollars.) By 1918,half of all cars in America were model T’s. All new cars were black; as ford wrote in his autobiography, "Any customer can have a car painted any color that he wants so long as it is black". The final total production was 15,007,034. The record stood for the next 45 years. This record was achieved in 19 years from the introduction of the first Model T (1908). Sales of the model T began to decline due to rising competition. which usually included more modern mechanical features and styling not available with the Model T. Qualities of henry ford :- 1. Disciplined These individuals are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. They have overarching strategies and outline the tactics to accomplish them. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives. 2. Confidence The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do. Page 5
  6. 6. 3. Open Minded Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. They have the ability to look at everything around them and focus it toward their goals. 4. Self Starter Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters and make sure that projects follow that path. They are proactive, not waiting for someone to give them permission. 5. Competitive Many companies are formed because an entrepreneur knows that they can do a job better than another. They need to win at the sports they play and need to win at the businesses that they create. An entrepreneur will highlight their own company’s track record of success. 6. Creativity One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions which are the synthesis of other items. They will repurpose products to market them to new industries. 7. Determination Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity for success. They are determined to make all of their endeavors succeed, so will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done. 8. Strong people skills The entrepreneur has strong communication skills to sell the product and motivate employees. Most successful entrepreneurs know how to motivate their employees so the business grows overall. They are very good at highlighting the benefits of any situation and coaching others to their success. 9. Strong work ethic The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. They will come in on their days off to make sure that an outcome meets their expectations. Their mind is constantly on their work, whether they are in or out of the workplace. Page 6
  7. 7. 10. Passion Passion is the most important trait of the successful entrepreneur. They genuinely love their work. They are willing to put in those extra hours to make the business succeed because there is a joy their business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better. Barriers :1.) A big new challenge for the Blue Oval Because so many other automakers have struggled recently, few observers were surprised when Ford CFO Bob Shanks warned in June that the Blue Oval's losses in Europe were about to widen considerably. Even fewer raised eyebrows when Ford reported a $404 million. Then Ford views the problems as "more structural than cyclical in nature" – in other words, the auto industry's challenges in Europe go much deeper than the present economic mess, and won't be fixed by a healthier economy. 2.) Ford F-250 becomes thieves' favorite target Upcoming new technology of ford company thieves already knew. A newly technology was about a ford car security. And thieves get the solution of that technology how to broke the system. So, thieves mostly preferred to stole a ford car. This is a big problem ford motor and a customer who willing to buy ford car. 3.) : Lincoln doubling the number of MKZ hybrids Unlike every other automaker out there, Lincoln doesn’t charge a premium for hybrid models. The 2013 Lincoln MKZ Hybrid costs exactly the same price as the standard MKZ sedan, giving customers an option between fuel economy or performance at the same price point. But apparently Ford didn’t expect so many customers to opt for hybrids, and the Blue Oval is now planning to double production of the hybrid model. 4.) corporate affairs There are certain corporate affairs which is affected to ford company. Like government policy, executive, financial management, that certain affair may affected to the ford. That barriers for the ford but after sometime the ford may come with better planning and design and make a new launch of car so that they get better finance in the market. Page 7
  8. 8. Ford competitors in the market : The are several competitors in the market General motors Co. Bayerische Motoren Werke AG Daimler AG Toyota motor corp. Honda motor Co. Ltd. Volkswagen AG Nissan motor Renault SA Tata motors ltd. There are competitors in the market which is affected to the market of ford. Today, the ford company have larg firm and large mbussiness in the market and it make a large name in the market because of henry ford strength and vision ability, today this company at maturity stage and make customer happy with give a better quality and also a shareholder to give a better dividend so that company is mist valuable mototr company in the market. Page 8