Two of the focuses of my blog are Financial Literacy and Money, and Business and Entrepreneurship. Henry Ford was one of the great ‘Industrial Titans’ whose visions laid the groundwork for the modern automobile industry and literally helped shape modern America. A lot can be learned from how he built is empire. The following contributed post is thus entitled; What Henry Ford Can Teach Us About Being An Entrepreneur.
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Everyone should know who Henry Ford is and why he’s famous. He was the mastermind behind the giant corporation Ford, and his legacy lives on to this day. But, what a lot of people don’t know is that his journey was extremely rough. It’s certainly not a story of some young buck having a bright idea and shooting to success right away.
No, Ford went through plenty of hard times, which is why he’s the perfect person to study as an upcoming entrepreneur. If you’re thinking of starting a business – or have started one that’s failed – then you should pay attention to Ford’s story. Here are a few things you can learn from what happened to him:
Persistence Is Key
Unbeknownst to many, but Ford actually failed twice before he managed to successfully launch his Ford Motor Company. The two previous times, he struggled with juggling finances and promoting the business. Both times, he ended up losing money and had to file for bankruptcy.
Did this stop him? No! He came back a third time and look at what happened. The moral of the story is that persistence is vital. If you have an idea that you believe in, then don’t give up. Don’t let your failings take over and make you feel like you can’t succeed. Try again, learn from your errors, and you may end up getting it right.
Bankruptcy Offers A Second Chance
There’s a stigma surrounding the concept of bankruptcy, and it’s been around for years. Personally, I blame Monopoly! When you’re made bankrupt in that game, you lose all your money and are out of the game. So, we grow up assuming that this holds true for real life; file for bankruptcy, and that’s it, game over.
In reality, as Henry Ford has shown, bankruptcy can be helpful in some situations. As it explains on NY-Bankruptcy.com, it’s a debt solution to help you pay off creditors and get them off your back. Yes, there are plenty of hard times that come when you’re bankrupt. However, it doesn’t mean you’re left with no money and no home/job. A lot of the time, it can be used to give you a second chance. So, if your business ever fails and you’re made bankrupt, don’t take this to mean your chances of success are over in life!
Marketing A Business Is Essential
During his second attempt at starting a company, Ford had most things nailed down pretty well. He managed to balance the finances well, and the actual product was excellent. The issue was that people didn’t understand what it was, because he hadn’t marketed it correctly.
So, we need to learn from his mistakes and ensure we always market our businesses as effectively as possible. Ensure the consumer knows what you offer, and how it can benefit them. There is some handy advice on entrepreneur.com that can help you improve your marketing skills and promote your company.
The overall thing to take from Henry Ford’s success story is that good things don’t happen overnight. It will be a grind, and you may fail more than once. But, learn from your failures and don’t let them dictate your passage in life. If at first you don’t succeed, try, try, and try again.