Henry Ford and the entrepreneurial process

Essay from the year 2015 in the subject Business economics - Business Management, Corporate Governance, grade: 70, Monash University, South Africa Campus, course: Bachelor of Business Science - Management, language: English, abstract: The role of entrepreneurs in a society is highly placed. Both ancient and modern societies have revered such individuals due to their ability to promote development and see to the emergence of products that satisfy needs and wants. This paper seeks to revisit this concept by exploring the concept of the entrepreneur and the entrepreneurial process. Rather than explicating theory all through, this essay uses the theory of the entrepreneurial process to demonstrate the process a famous entrepreneur - Henry Ford - undertook on his quest to develop and establish a new market that shaped the 20th and continues to impact the 21st century. The essay begins by providing the theoretical framework for entrepreneurship and the entrepreneurial process, as well as its components. To rigidify theory, the case of Henry Ford is presented and examined to observe how a historical entrepreneur went through the entrepreneurial process and what components were relevant to him. Most of the story on Story Ford is derived from John and Dodge (2010).