00:00:12another edition of my Linda masters I
00:00:14believe that the fastest and most
00:00:15effective way to grow a business is to
00:00:17model the strategies of people who have
00:00:19already accomplished what you’re trying
00:00:20to do so today we’re going to look at a
00:00:22young entrepreneur who was told wouldn’t
00:00:25last more than six months in business
00:00:26and went on to become one of the
00:00:28wealthiest people in the world this is a
00:00:31story of Henry Ford and the top three
00:00:33lessons and you can learn from his
00:00:34success Henry Ford was an American icon
00:00:38and founder of the Ford Motor Company he
00:00:41was the son of Irish immigrants and from
00:00:43an early age children interest in
00:00:44engineering he set out to learn as much
00:00:47as he could and took various
00:00:48apprenticeships and jobs of
00:00:50manufacturing companies when he was 36
00:00:52years old he invented the quadricycle in
00:00:55his spare time it was two bicycles
00:00:57attached together powered by a gasoline
00:00:59engine it was a very primitive car after
00:01:04refining the vehicle he went to see
00:01:05William H Murphy a lumber tycoon and
00:01:08investor in Detroit who took it for a
00:01:11test drive
00:01:11Murphy agreed with for the
00:01:13gasoline-powered vehicles would be
00:01:15fueling the future and it to instantly
00:01:17formed the partnership Henry Ford was in
00:01:19business Ford not only revolutionized
00:01:22the manufacturing industry with assembly
00:01:24line mass production he also became
00:01:27where the richest and most well known
00:01:28people in the world according to Forbes
00:01:31his net worth in today’s dollars would
00:01:33be 188 point 1 billion dollars over
00:01:37three times richer than Bill Gates
00:01:41by following his interest and by taking
00:01:44steps every day to move his business
00:01:46forward ford was able to build a
00:01:48powerhouse company and become one of the
00:01:51richest people in the world to help you
00:01:53power up your business here are three
00:01:55action items you can learn from Henry
00:01:57Ford action item number one don’t quit
00:02:02I’ve profiled hundreds of famous
00:02:04entrepreneurs and one characteristic
00:02:06that they all have in common is that
00:02:07they don’t quit whatever your business
00:02:09is make sure you follow your passion and
00:02:12never give up on your dreams take small
00:02:14steps every day to build your business
00:02:16and over time those little steps will
00:02:18transform into giant leaps forward when
00:02:21Ford first told the world that he wanted
00:02:23to create a quality car that could be
00:02:25mass-produced and affordable he wasn’t
00:02:27taken seriously common thoughts were if
00:02:30Ford does that he’ll be out of business
00:02:32in six months and the question that
00:02:34started to be asked was how soon will
00:02:36Ford blow up but Ford didn’t quit he
00:02:39kept trying until he finally invented
00:02:42the Model T which went on to sell over
00:02:4415 million units a record that stood for
00:02:47the next forty five years according to
00:02:50Ford
00:02:50failure is only the opportunity to more
00:02:53intelligently begin again one who fears
00:02:56the future who fears failure limits his
00:02:59activities obstacles are those frightful
00:03:02things you see when you take your eyes
00:03:03off your goal there’s no man living that
00:03:06cannot do more than he thinks he can
00:03:08whether you think that you can or that
00:03:10you can’t you’re usually right when
00:03:13everything seems to be going against you
00:03:16remember that the airplane takes off
00:03:18against the wind not with it action item
00:03:22number two focus on quality as
00:03:25entrepreneurs we should be proud of what
00:03:27we create it’s your business reputation
00:03:29and you should do everything you can to
00:03:31create the best quality product or
00:03:33service possible it’ll not only bring in
00:03:36more customers to your door it’ll also
00:03:39give you the feeling that what you’re
00:03:40doing is right and has helped me make
00:03:42people’s lives better believe in what
00:03:44you’re doing and make it as good as you
00:03:46can Ford put his name on the company and
00:03:49he wanted to make sure that it stood for
00:03:51quality he felt that if one of his cars
00:03:54broke down
00:03:55customer that he was personally to blame
00:03:57he also didn’t believe in rushing into a
00:03:59new business until he had a hundred
00:04:01percent confidence in the quality of the
00:04:03product that would be created he felt
00:04:05that this was one of the major reasons
00:04:07why many businesses fail according to
00:04:10Ford I do not believe in starting to
00:04:12make until I have discovered the best
00:04:14possible thing this of course doesn’t
00:04:18mean that a product should never be
00:04:19changed but I think that it will be
00:04:21found more economical in the end not
00:04:23even to try to produce an article until
00:04:25you have fully satisfied yourself that
00:04:27utility design and material are the best
00:04:30quality means doing it right when no one
00:04:33is looking action item number three
00:04:37build a team you can’t build anything
00:04:40substantial on your own and at some
00:04:42point you’ll need to build a team around
00:04:43you make sure that you treat them like
00:04:46your family and give them a reason to
00:04:48want to come to work and get excited
00:04:50about what they’re doing think about the
00:04:52worst boss you ever had and don’t do any
00:04:55of the things that he or she did to you
00:04:56in hiring new employees Ford ignored all
00:05:00of the person’s history and prior work
00:05:02experience instead he looked for a
00:05:05willingness to work and believe that
00:05:07every person no matter what his or her
00:05:09past had good in them and only needed to
00:05:12be given a chance to succeed it was this
00:05:14faith in his workers abilities and
00:05:16inspired many of them to do their best
00:05:18for Ford he also got rid of formal
00:05:20titles in the company every one was
00:05:22considered at an equal level and each
00:05:24had important individual
00:05:26responsibilities according to Ford it
00:05:29doesn’t matter to me if a man is from
00:05:31Harvard or singsing we hire the man not
00:05:34as history I don’t believe in titles
00:05:37they make people think they are superior
00:05:40coming together is a beginning keeping
00:05:43together is a progress working together
00:05:46is success if everyone is moving forward
00:05:49together then success takes care of
00:05:51itself
00:05:53so remember don’t quit focus on quality
00:05:57and build a team to finish up this video
00:06:01I wanted to share one of my favorite
00:06:02true stories about Henry Ford and some
00:06:05of his best quotes when Henry Ford
00:06:09implemented his assembly line idea he
00:06:12found that workers were quickly getting
00:06:13burnt out doing the same thing over and
00:06:15over again to attract the best people
00:06:17ford recommended to his stockholders
00:06:20that they’d pay the workers five dollars
00:06:21a day twice a daily average wage his
00:06:25stockholder said no so Ford bought them
00:06:27out implemented his five dolla day
00:06:29salary and quickly had people lining up
00:06:31to work for him
00:07:09thank you for joining me for another
00:07:11edition of all in the masters if you
00:07:13like this video and want to see more
00:07:15please give it a thumbs up below I’d
00:07:17also love to hear your thoughts and
00:07:18feedback if you want to leave a comment
00:07:20under the video and stay tuned for the
00:07:22next episode
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