In this class, we’ve talked a lot about what it takes to be an entrepreneur the episode on the history channel “The New Machine” highlights some of the points we’ve talked about in class. The episode highlights the government's influence on entrepreneurship and how the government can influence people's decisions, it describes the destructive properties of monopolies, it shows the effects of regulations, and illustrates the hardships entrepreneurs face when creating value for a product. The best example of entrepreneurship in this episode is Henry Ford. Henry Ford reshaped the automobile industry by creating the first affordable car and will remain one of the best entrepreneurial feats in history.
Henry Ford Faced incredible backlash from the automotive industry and was still able to enter the market. At the time the automotive industry was a monopoly with one patent coving the entire idea of the automobile so obviously, they wouldn't want a man with a quality product that could jeopardize their profits to enter the market. Henry Ford's adaptability and motivation to innovate is what I found most interesting. It’s interesting because his recreation of the automobile and how it’s produced allowed the automobile industry to become what it has become today. Cars before Henry Ford were looked at as luxury items for the elite, but Henry Ford's introduction of the Model T changed that. He created the first affordable car that could be mass-produced on an assembly line something that hadn't been heard of at the time.
Henry Ford's relationship with society is one of the things that made him so successful. He was looked at as a heroic individual entrepreneur who fought against monopolies to bring competition to the market and a quality product to the people. He was young and full of dreams and ideas and the people loved him for it. His fame started after he raced Alexander Winton and won. The people loved that he was the underdog of the story and came out on top. His popularity with the public definitely contributed to his success and is a great thing to have because as we’ve seen in other movies like “The Fountainhead” public opinion means a lot and power is not money but the people who stand behind you. Henry Ford's biggest impact on society is introducing the first affordable automobile. He was once asked how did you know your car would be successful and why didn't you ask the public what they wanted first. His response was if I would’ve asked what the public wanted they would’ve said faster horses. He took the risk and it paid off he made the automobile available to all different kinds of people across America and rewrote the book for the automotive industry.
At one point in the episode, it was said entrepreneurs react to failure in one of two ways they can fail and give up or use that failure as a learning experience to adapt. I think Henry Ford is a perfect example of this he was able to adapt and overcome in so many situations when other people would’ve just given up. That is why his name remains at the top of the automotive industry today because of his willingness to sacrifice and take risks back then leading to all of his accomplishments and paving the way for the future of the automotive industry.
