1)

A) Creative and Innovative

Creativity and innovation are essential to entrepreneurship. Creative and novel business
expansion strategies are regularly developed by great entrepreneurs. Their innovative
thinking enables them to keep one step ahead of the competition and to run a profitable
business. Here, Ford’s curiosity, leadership, mechanical ability and willingness to take risks
produced innovations in transportations, manufacturing, and assembly line techniques.
B) Focus on Growth and Learning
Successful entrepreneurs are continually looking for methods to develop and learn since the
business environment is ever-changing. They are aware that constant business improvement
is necessary to stay ahead of the competition. They also understand that learning is a lifetime
process, therefore they are continually looking for new opportunities to pick up new
knowledge and abilities.
C) Persistent and Resilient
Entrepreneurs that are successful are also tough and resilient. They can bounce back from
setbacks and have no fear of failing. They are not afraid to put in a lot of effort and are
constantly looking for new ways to improve their businesses. When they encounter any
challenging circumstance, they are able to find a resolution and proceed despite the
difficulties.
D) Ability to Take Risks
Successful entrepreneurs are not afraid to take risks, which is crucial when launching a new
business. They are aware that there is always a chance of failure, but they are prepared to take
that chance in order to succeed. They are confident in their ability to make judgements and
take chances even if they are aware that not every choice will be successful.
All of these qualities were exhibited by Henry Ford. To enable individuals to purchase a car
at a reasonable price, Ford took a chance and defied social conventions. Ford, who started the
modern industrial revolution, also took a great deal of risks.
2) Explain any three entrepreneurial abilities of Henry Ford.
Confidence, a desire for taking risks, leadership abilities, and a vision of what the future
should be. Henry Ford possessed all of these attributes. Ford has displayed one of the most
attributes that are important, the ability to express a vision and persuade others to follow.
This was illustrated by the development of Ford's first car, the Model A, which fostered the
rapid manufacture of automobiles while also encouraging others to utilise his product due to
its affordability, which he continued to enhance. Ford defined his idea of a better, more
affordable "motorcar for the great multitude." Since "horseless carriages" were then produced
for those from higher social classes, Ford took a risk and broke social norms to make it
possible for people to purchase an automobile at an affordable price. Ford also took
enormous risks as he sparked the modern industrial revolution. This was demonstrated by
Ford building a car that the average American could afford.
3) Yes, he was an enlightened entrepreneur. He was constantly learning, and that made him a
prosperous businessman. In reality, he utilised the lessons he acquired through mistakes to
grow his business. Innovation and the capacity to spot opportunities were crucial to his
business success.
Characteristics of an enlightened entrepreneur
 Happiness: The happiest individuals in the world are Enlightened Beings. They are
not self-centered and consider the big picture.
 Emotionally stable—difficult it's for others to influence them negatively
 Patient and understanding—takes the time to consider other viewpoints
 Speaks about themselves in a humble manner without bragging or boasting
 Open-minded, perceptive, wise, and capable of thinking outside the box

Henry ford had all the above traits which made him an enlightened entrepreneur.

4) The main reasons for Henry Ford’s Business success:

1. Innovativeness: Ford was a genius at it. He was continuously trying to find
ways to make his goods and manufacturing processes better, and he was not
hesitant to take risks. By creating the assembly line, which significantly
enhanced efficiency and reduced costs, he revolutionised the automobile
business.
2. Customer-centricity: Ford was dedicated to offering his customers things that
were both reasonably priced and of excellent quality. He fought hard to make the
idea that everyone should be able to buy a car a reality.
3. Vertical integration: Ford was one of the first entrepreneurs to use vertical
integration, which entails controlling every stage of the production process, from
raw materials to completed goods. As a result, he was able to keep production
costs under control and maintain quality at all times.
4. Good management: Ford was a great manager who saw the value of selecting
the best candidates and assigning duties. In addition, he valued treating his
employees with respect and paying them well, which contributed to the
development of a devoted and driven staff.
5. Strong brand identity: Ford was a branding expert, with a strong sense of
identity. With the distinctive Ford emblem and the catchphrase "Fordism," he
established a powerful brand identity for his corporation that later came to stand
for his creative approach to business and production.