How Did Henry Ford Become Successful

Before Ford created a cheaper, more affordable car for the American people, Charles Edgar Duryea had created a car only affordable for the wealthy, not many Americans were as fortunate to be able to buy a car and it was considered a luxury to have. When Ford created the Model T, it changed the way cars were priced. The American people now had more options of cars to choose from so companies in the automobile business had to lower their prices to compete. As in this quote (Jim Luke, par. 7) “ With his invention of the assembly line, it allowed other industries to adopt this idea and decrease their production costs. This allowed the average American the ability to live a better life and be able to afford more than they would have before.”

Henry Ford greatly contributed to the American people. He should be classified and remembered as a Captain of Industry because of his industrial contributions such as the revolutionization of how people used transportation and by helping increase the economy through his 1908 Model T automobile. Henry Ford set great examples for other businessmen with his creation of the assembly line,making the production of industrialized goods faster and easier. Henry Ford used tactics to build his empire such as making the Model T affordable for everyone,good wages for his labor, and buying out other shareholders. With his great generosity and acts of philanthropy,he paid his employers more than average and also supported the people(affordable prices).

Thus, they are in a position to cover any debt obligations that may come up quickly. Their inventory turnover has been relatively steady over the five years of data. In year 7 their inventory turnover reached 3.2 which means inventory is moving through to customers at an increased rate over the year which correlates with their increased sales. This statement is supported by the fact that the days inventory held for stoves has dropped over the past five years from 146 days in year 3 to 114 days in year 7. These reductions have allowed for the reduction of their days in accounts payable from 51 all the way down to 11.

“One of Ford’s most astonishing moves, to combat high turnover and absenteeism caused by assembly line monotony, was to double the minimum daily wage to $5 and cut daily working hours from nine to eight” (Davis). He valued his workers since they were the ones who made his business possible in the first place. Other companies were not very keen on the idea of paying their workers more money for less hours, but eventually many other companies caught on and they started paying their workers more many for their services. Even companies outside of automotive industry were intrigued by Ford’s

The model T was the longest production run of any automobile in history (The Roaring twenty’s 8). Ford was efficient by the way they had made things mass produced. Henry ford kept his prices low by sticking to single products. The developed interchange parts. In 1929 the stock market started to crash.

Ford is well known for his unique system of production he used in his automobile factories, compared to others. While the majority of automobile factories at the time would pay employees as little as possible, and sell their cars for high prices, Ford did just the opposite. Ford instead paid his workers the highest wage he could, and produced cars that were affordable for a large majority, rather than just the upper class. Specifically, Ford paid his employees $5.00 a day, which was almost double what other automobile factory workers would typically make at the time. Ford claimed the reason he paid a $5 per day wage was in attempts to create a blue collar middle class who, with this high wage, could hopefully afford their own Ford Product.

Physics has helped the military guns in many of ways, it has also helped people who hunt for a living. Yes these advances are wonderful and they are very helpful, but they also come at a very high cost. When guns first came out in the 1800’s they costed about $50.00 and now days they can cost anywhere from $250.00 to $1,500.00 or more, For example when I was 5 years old my mom and dad bought me my first gun for my birthday. It was a .22 magnum and it costed $169.99. I eventually grew out of shooting this gun and I bought another one, it was a .270

By 1937, the food became much cheaper considering that the war ended and that people have been able to recover from the damages the war had brought on. Families later reported having spent only 35% of their income on food in the same year. The consumption of dairy products, cereal and fruit had considerably increased by the mid-20th century. The amount of fat and sugar intake had equally increased. Sugary breakfast cereals became very popular, and other new foods in the 20th century diet consisted of yeast, baking powder, custard powder, jelly, self-raising flour, and pickles.

Andrew Carnegie was also intelligent in the way he invested. Because he could better benefit from them, he invested in businesses he knew. One example would be the Sleeping Car, which he invested in because he thought it was a great idea. Also, when it came to his steel industry, he invested in everything he could to make production faster and cheaper. For all of these reasons, he should be inducted because of his ability to choose good investments and maximize profits and production

The companies will not only come and pick them up for free, but they'll also tow it away in trucks free of charge for you. Most people don't know it, but cars are made up of many parts. Sometimes a car is worth more when you pull it apart and sell off each piece. For example, you might own a fifteen year old car and it's only worth a thousand dollars the way it is. However,

Henry Ford was born July 30, 1863 in the area what is known today as Dearborn Michigan. Henry at an early age had very unique character that made him into one of the most famous and successful people in United States history. Henry Ford growing up demonstrated that he had very high mechanical abilities. Henry was a born leader who wasn’t scared to take risks this helped in creating the Ford Motor Company. Henry was a very young engineer who worked for an Illuminating Company where he eventually became the chief resident engineer.

For example, prior to the invention of the assembly line an Automobile was considered a luxury only for the rich. After Henry Ford invented the moving assembly line, middle class Americans were also able to purchase this commodity. Due to Henry Ford’s assembly line invention, factories in modern society have produced highly intelligent assembly lines. Ford’s creation has caused a reverberation throughout history and even in the 21st century. For instance, Ford’s own company, today, can create up to 605 cars in 10 hours.

America began to prosper in the 1920’s because of industrial production being up, wages were rising, and the unemployment rates were low. After World War I America was the world’s leading economic power, because of all the technological changes happening in the industrial companies. Technological changes were happening in many industries, for example Henry Ford began to make his cars on an assembly line, which enabled him to sale more cars and cheaper products. America also had a lot of natural resources, oil being one of them, which is essential in cars. Oil was also very abundant so it sold for cheap prices.

The automobile was one of the greatest developments during the twentieth century. The Model T, first produced by Henry Ford’s Ford Motor Company, in 1908, was the first affordable automobile in America. Although automobiles had already existed for decades, they were scarce and expensive. The Ford Model T made owning an automobile, which was a safer and more reliable means of transportation, a realistic achievement for the majority of the public. With the development of the automobile, came many new possibilities.

Key issues (by Kanmin) Engstrom, located in Indiana, is a private automobiles mirror manufacturer. It was extremely successful in the past years due to the implementation of Scanlon Plan. Scanlon Plan was an organization-wide incentive plan that focus on improving team work to achieve higher productivity. The basis of this plan was employees could receive 75% labor cost savings as bonus monthly. However, an industry downturn took place in 2005.