Henry ford business philosophy
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#26 My Life and Work The Autobiography of Henry Ford
Theory of Business and Service
- Henry Ford views machinery and money as means to an end, not the end itself.
- Ford's business theory emphasizes making the world a better place and prioritizing service over profit.
- Commercial success is used to validate the effectiveness of his business theory.
- The current industrial system is criticized for encouraging waste and hindering service.
- Ford advocates for better planning and adjustment in the industry.
"Power and machinery, money and goods are useful only as they set us free to live. They are but a means to an end."
This quote underlines Ford's philosophy that material gains are secondary to their utility in improving life and freedom.
"I am thinking of service. The present system does not permit of the best service because it encourages every kind of waste."
Ford criticizes the existing economic system for not being conducive to providing the best service, as it promotes inefficiency and waste.
Frugality and Waste
- Frugality is seen as a remedy to the waste encouraged by the current system.
- Ford's autobiography, "My Life and Work," is highlighted as an essential read for understanding his business and life philosophies
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Useful Business Lessons from Henry Ford, History's Best Entrepreneur
In 1863, a baby boy was born on a farm in Michigan. That baby would grow up to masterfully repair watches, invent 'Fordism' (producing tons of inexpensive goods while paying workers well), and then build an empire based on assembly lines and mass production.
Henry Ford's success isn't just a story in a history book. What he did was built on a strong foundation of good business practices. Everything from how he treated his customers to his management of employees contributed to the rise of Ford Motor Company.
It’s been a while since Ford was in business, but his strategies and the lessons drawn from them are still super relevant in today’s business world.
1. Know Your Market
“If I had simply asked people what they wanted, they would have asked me for faster horses!” – Henry Ford
Knowing your target market goes much deeper than simply knowing what they want. Ford believed in offering his customers solutions to problems they didn’t even know they had.
Henry Ford knew he was going to build an automobile. Before he built it, though, he conducted extensive research on who would buy it, how much they could afford to pay, and what they would want and need in a car.
By the time the Model T was introduced,