Henry Ford and Entrepreneurship Term Paper Example | Topics and Well Written Essays - 2000 words

Henry Ford and Entrepreneurship - Term Paper Example In 1891, Ford was hired by the Edison Illuminating Company as an engineer from where he polished his skills later becoming a chief engineer in 1893. 1896 saw the birth of the Ford Quadricycle, a horseless carriage he had in mind. In 1898, he made his second car and it was more technologically advanced than the first one. At this point, he managed to share his initially blurred vision with the masses bringing them on board. This was despite the failures he encountered as it was a big risk trying to convince the business moguls of that time to pump capital into a business that had fallen not once but twice. However, the success of the racing cars baited more financial bankers who now wanted to be party to Ford’s success. The eve of June 16, 1903, marked a breakthrough for Ford with the incorporation of Ford Motor Company. This therefore marked and footnoted him as a force to reckon with. Over the years, scholars have come up with different entrepreneurship theories that entrepre neurs can be categorized. As much as the words entrepreneur and entrepreneurship are used interchangeably, what are their meanings? Van Praag (1999), Essai sur du commerce, in general, admits to Richard Cantillon being the first economic scholar to bring to light an entrepreneur as a pivotal in economics. Say (2001) describes an entrepreneur as the main agent of production in any economy. He further illustrates an entrepreneur as an input in the process of production hence a manager of the firm.