Entrepreneurship
Entrepreneurship is a capability or willingness to innovate, manage and organize a commercial venture putting I mind its risks but aiming at making profits. The most common elastration of entrepreneurship is being a sole proprietor of a given business started by a person. Henry Ford for this case is classified to be the most profound industrialist and inventor in the 20th century. He sparked the industrial revolution by creating an improved version of a horseless carriage with an assembling line factory. His invention carried on even after his demise. He paved a way for millions of other entrepreneurs how followed his way to being successful (Chequemate).
Economic Impact
Henry made a noticeable impact on the American economy by boosting it is enormously. His big credit lies in his system of assembling line, which joined different workers working as a joint effort to give multiple finished products to be assembled. He created a culture of the automobile in the America economy. From his invention, the impact shifted to the transport, housing and tourism industries. One of the factors that he focused on was specialization hence from this he was able to attain efficiency in every product segment that he produced. Productivity was fastened this way because several cars were produced at a small period.
Social and Economic Standards
The cars that were manufactured from the assembling line were all affordable to all classes of people from the poorest to the wealth class (Henry). This boosted the social and economic standards of living for most of the people by improving their standards of living. San example of his exemplary invention used gasoline, a T-model vessel that was created to run on hemp.
Managerial Skills and Innovation
The managerial skills as implemented by Ford facilitated communication efficiency between different departments of the company. It created a platform of competition among deferent departments within the company hence promoting more and quick innovation. Ford advocated a good employment ethics, sustainability, and economic involvement. Consumer respect and trust were attained by perfecting its performance to the community.
Works cited
Henry Ford. "Economic Impact." Henry Ford Changing the Production Model, Ford, 2018, henryfordchangingtpm.weebly.com/economic-impact.html. Accessed 11 Mar. 2018.
Chequemate. "Entrepreneur of the Decade - Henry Ford." TheRodinhoods, 13 Nov. 2017, therodinhoods.com/post/entrepreneur-of-the-decade-henry-ford/. Accessed 11 Mar. 2018.
