Henry Ford was one of the most famous and richest people in the world. He owned the Ford Company alone and showed that people can afford to buy modern transportation at cheaper costs using mass production.
Through “Fordism” or mass production, the middle class emerged. He was eagerly concerned with providing equal opportunity to all kinds of people as he ran his business without auditing and paid his workers huge wages.
Ford also started many business and engineering innovations with the development of other car models and establishing franchises in other areas.
He changed the way the world runs factories by making sure his customers, workers and himself are satisfied by his models and services.
Henry Ford’s Get-Rich Formula
Henry Ford was the eldest of six children of a farmer couple. He didn’t like school and farming much so he began to work in Detroit as a machinist apprentice at 16 years old. Later, he worked at Westinghouse Engine Company as well as a machine shop he built on his family’s farm. When he got married in 1891, he worked at Edison Illuminating Company as an engineer then got promoted to Chief Engineer where he learned a lot about combustion and gasoline-powered engines.
In 1903, Henry Ford started the Ford Motor Company with a starting capital of $28,000 and eleven workers. He served as Vice President and Chief Engineer of the company as the workers built three cars everyday. The company became widely popular for building the affordable and functional Model T. He then improved his assembly line and car parts by creating a more systematic approach in producing cars.
This time, the new factory is able to make one car every 93 minutes. Sales skyrocketed all over the United States as Ford continued to innovate his factories, systems and models including the creation of the one-piece engine called “V-8”. The Ford Motor Company was the number one car-producing company for more than two decades.
The Henry Ford Quick Bio:
Full Name: Henry Ford
Birth Date: July 30, 1863
Birth Place: Dearborn, Michigan
Company: Ford Motor Company
Industry: Engineering and Transportation
Key success traits: ingenious inventor, astute visionary, stubbornly effective manager
Henry Ford started the Ford Foundation. He passed away on April 7, 1947 and his grandson, Henry Ford II inherited the company and served as its President. Ford continues to be a powerhouse in vehicle manufacturing and is linked to a lot of other popular names like Volvo, Aston Martin and Jaguar.