How Henry Ford BUILT an EMPIRE | The Power of Persistence

Hi, I'm Evan Carmichael, and welcome to another edition of Modeling the Masters. I believe that the fastest and most effective way to grow your business is to model the strategies of people who've already accomplished what you're trying to do. So today we're going to look at a young entrepreneur who was told he wouldn't last more than 6 started 6 months in business and went on to become one of the wealthiest people in the world. This is the story of Henry Ford and the top 3 lessons that you can learn from his success.

Henry Ford was an American icon and founder of the Ford Motor Company. He was the son of Irish immigrants and from an early age showed an interest in engineering. He set out to learn as much as he could and took various apprenticeships and jobs with manufacturing companies. When he was 36 years old, he invented the quadricycle in his spare time. It was two bicycles attached together powered by a gasoline engine. It was a very primitive car. After refining the vehicle, he went to see William H. Murphy, a lumber tycoon and investor in Detroit, who took it for a test drive. Murphy agreed with Ford that gasoline-powered vehicles would be fueling the future, and the two instantly formed a partnership. Henry Ford was in business. Ford not only revolutionized the manufacturing industry with assembly line mass production, he also became one of the richest and most well-known people in the world. According to Forbes, his net worth in today's dollars would be $188.1 billion, over 3 times richer than Bill Gates.

By following his interests and by taking steps every day to move his business forward, Ford was able to build a powerhouse company and become one of the richest people in the world. To help you power up your business, here are 3 action items you can learn from Henry Ford.

Action item number 1: Don't quit. I've profiled hundreds of famous entrepreneurs, and one characteristic that they all have in common is that they don't quit. Whatever your business is, make sure you follow your passion and never give up on your dreams. Take small steps every day to build your business, and over time, those little steps will transform into giant leaps forward. When Ford first told the world that he wanted to create a quality car that could be mass-produced and affordable, he wasn't taken seriously. Common thoughts were, "If Ford does that, he'll be out of business in 6 months." And the question that started to be asked was, "How soon will Ford blow up?" But Ford didn't quit. He kept trying until he finally invented the Model T, which went on to sell over 15 million units. —a record that stood for the next 45 years. According to Ford, "Failure is only the opportunity to more intelligently begin again." "One who fears the future, who fears failure, limits his activities." "Obstacles are those frightful things you see when you take your eyes off your goal." "There's no man living that cannot do more than he thinks he can." "Whether you think that you can or that you can't, You're usually right. When everything seems to be going against you, remember that the airplane takes off against the wind, not with it. Action Item #2: Focus on quality. As entrepreneurs, we should be proud of what we create. It's your business reputation, and you should do everything you can to create the best quality product or service possible. It'll not only bring in more customers to your door, It'll also give you the feeling that what you're doing is right and is helping make people's lives better. Believe in what you're doing and make it as good as you can. Ford put his name on the company and he wanted to make sure that it stood for quality. He felt that if one of his cars broke down on a customer, that he was personally to blame. He also didn't believe in rushing into a new business until he had 100% confidence in the quality of the product that would be created. He felt that this was one of the major reasons why many businesses fail. According to Ford, "I do not believe in starting to make until I have discovered the best possible thing. This, of course, doesn't mean that a product should never be changed, but I think that it will be found more economical in the end not even to try to produce an article until you have fully satisfied yourself that utility, design, and material are the best." Quality means doing it right when no one is looking. Action Item #3: Build a team. You can't build anything substantial on your own, and at some point you'll need to build a team around you. Make sure that you treat them like your family and give them a reason to want to come to work and get excited about what they're doing. Think about the worst boss you ever had and don't do any of the things that he or she did to you. In hiring new employees, Ford ignored all of the person's history and prior work experience. Instead, he looked for a willingness to work and believed that every person, no matter what his or her past, had good in them and only needed to be given a chance to succeed. It was this faith in his workers' abilities that inspired many of them to do their best for Ford. He also got rid of formal titles in the company. Everyone was considered at an equal level, and each had important individual responsibilities. According to Ford, "It doesn't matter to me if a man is from Harvard or Sing Sing. We hire the man, not his history. I don't believe in titles. They make people think they are superior." Coming together is a beginning. Keeping together is a progress. Working together is success. If everyone is moving forward together, then success takes care of itself.

So remember, don't quit, focus on quality, and build a team. To finish up this video, I wanted to share one of my favorite true stories about Henry Ford and some of his best quotes.

When Henry Ford implemented his assembly line idea, he found that workers were quickly getting burnt out doing the same thing over and over again. To attract the best people, Ford recommended to his stockholders that they pay the workers $5 a day, twice the daily average wage. His stockholders said no, so Ford bought them out, implemented his $5 a day salary, and quickly had people lining up to work for him.

Thank you for joining me for another edition of Modeling the Masters. If you like this video and want to see more, please give it a thumbs up below. I'd also love to hear your thoughts and feedback if you want to leave a comment under the video. Stay tuned for the next episode.