FINAL TERM

PAPER
ENTREPRENEURSHIP

SUBMIT BY: Muhammad Shariq

REGISTRATION NO: 2171019
SUBMIT TO: SIR INTEZAR JAVED
 1. Explain what kind of entrepreneur Henry Ford was? An effectual,
casual or creative casual entrepreneur?
ANS
Henry Ford is one of the best entrepreneurs in the world. He is very known for his collective
contributions to the entrepreneurship industry. Henry Ford, the founder of the American
automaker Ford Motor Company, is widely recognized not only for his accomplishments, but for
his way of thinking and leading. His legacy is filled with terrific quotes and memories which
collectively point toward a powerful philosophy of entrepreneurship. He then, is considered an
effectual entrepreneur because he focuses on the things that are within his control to create his
own future. An Effectual entrepreneur looks at who they are, what they know, and who they
know, to determine the means at their disposal to start a new venture.

2. Apply the six entrepreneurial traits on Henry Ford

Ans
1. A Curious Mind 

An effectual entrepreneur is an entrepreneur who see the future as unpredictable and

will use the resources available at the time to achieve his objective while adapting to
the changing times. Henry Ford 's possession of one of the most curious minds is an
omnipresent reality. He had obtained the characteristic of being an inquisitive person
during his infancy and teen years. He was known for breaking apart and then putting
together playthings of his siblings to learn how they worked. He later gained a
reputation as a watch repairman because of his outstanding performance in the removal
and installation of friends and neighbors' timepieces. It is this curious mind of his
which led to Model-T and Quadricycle invention.

2. Thirsty for More 

Henry was a man who could never be happy with what actually existed at the moment.
His most admired concept was the Quadricycle which he worked to ameliorate
countless times. Since 2 consecutive years he had been working to improve the
technology and later made it one of the most significant inventions in the automotive
industry 's history. In addition, Ford engineered Model-T which was the 19th century's
most affordable and recognized car, surpassing any other machinery of this kind. Henry
Ford was a person who had gained and carried the characteristic of being persistent
without resignation. Henry had founded two other companies for the sole purpose of
designing automotive machinery before being successful. Though the companies he
launched were shut down early. Henry was forced in the initial years to work on his
father's farm, which was a job he hated but was forced to do in order to raise funds to
grow his dreams of creating an automotive empire. He finally persuaded Thomas
 Edison to create his brainchild the Quadricycle and from there he embarked on the path
to become one of the most successful businessmen in his time.

3. A Man of Quality 

Henry Ford was a man who believed and gave preference to quality above everything
else. He claimed his name was supposed to represent quality; hence, he placed it on the
company. He has also focused on providing his customers the finest possible services
and goods in whatever conditions. His idea of making a product was to ensure the
consistency of the design and material used to produce the product. According to him,
if a car runs malfunctions under the name of his company, he was the one responsible
for not providing the customers with the best quality.

4. A Team Builder 

Henry Ford admired what he did but made sure he didn't do it all. Some of Ford's most
admired virtues was that he established a team and gave them a respectable wage. He
knew his imagined business would prosper only if he recruited the best people for his
venture. He was known to disregard an individual's history and concentrate on his
willingness to work for the company.

5. Viewer of the Larger Picture 

As described above, Henry Ford was lauded as his employees' caretaker but the
automotive genius had an ulterior motive several times. Another such incident was his
undaunted task of raising his workers' salaries to $5 a day. Rumor has it, Henry
launched the concept of the increase to attract the best engineers and mechanics from
all over the city and eventually, he managed to employ the best of all the locations.
Furthermore, he had increased the pay to make sure the workers purchased their own
company-made vehicles, earning Henry more money and free publicity.

6.Character is a Must 

Henry Ford was a great virtuoso man. He firmly criticized the notion of dads smoking,
drinking, and being incompetent. He had created a social department in his company to
ensure he didn't employ a person with any such vices. The department had set clear
standards and those standards were compatible with what Ford considered to be a
decent man in society. The social department had the final say in recruiting people, and
who would benefit from the company's profits.
 3. Explain how his failures provided him a base for the future success?
Once Ford created the Quadricycle, an car prototype, he wished investment to begin
paintings on improving it. Capital become hard to attain, however, and withinside the
overdue 1800s nobody had set up a preferred enterprise version for the car industry. Ford
satisfied William H. Murphy, a Detroit businessman, to returned his car manufacturing. The
Detroit Automobile Company resulted from this union; however troubles arose rapidly after
its creation. In 1901, 12 months and a 1/2 of after the enterprise started out operations,
Murphy and the shareholders were given restless. Ford desired to create the proper car
layout, however the board noticed little results. Soon after, they dissolved the enterprise.
Ford recalibrated his efforts after his first failure. He found out that his preceding car layout
relied on serving severe customer needs. He satisfied Murphy to offer him a 2nd chance, an
extraordinary prevalence withinside the early 20th century. However, their 2nd venture, the
Henry Ford Company, stumbled from the start. Ford felt that Murphy forced him to put
together the car for manufacturing and set unrealistic expectancies from the beginning.
Shortly after Murphy delivered in an out of doors supervisor to oversee Ford’s process, Ford
left the enterprise and all of us wrote him off.
These disasters might have been career-ending, however Ford continued. Several years after
the second one parting with Murphy, Ford met Alexander Malcomson, a coal multi-
millionaire with a risk-taking spirit like Ford. Malcomson gave Ford complete manage over
his manufacturing, and the enterprise brought the Model A in 1904
For Henry Ford, failure did not hinder innovation, but served as the impetus to hone his
vision for a technology that would ultimately transform the world.
.