Henry Ford's Biggest Business Secret

Nov '23 in Other

Henry Ford networth at its PEAK was $22 Billion Dollars 🧑‍💼🚗

This is his Biggest Business Secret...

A Thread 🧵

Ford grew up on a farm in rural Michigan. As a young man, he was fascinated by machinery and left home to become an apprentice machinist.

He later found work at the Edison Illuminating Company, where his mechanical talents caught Thomas Edison's attention.

Edison encouraged Ford to keep tinkering, telling him "there's a great future in the gas engine." Ford went on to build his first car prototype in 1896.

Over the next few years, he made improvements to his design and incorporated the Ford Motor Company.

At the time, cars were a luxury item for the wealthy. Ford envisioned making them affordable for the average person.

Ford lived by the 80/15/5 rule - if you ask 100 people about a product:

• 80 can't describe their needs

• 15 have mild detail on needs

• 5 know their needs exactly/what to buy

Ford didn't solve a problem for the last 5. He created a new market for the 95%.

The Model T embodied this vision. Its moving assembly line allowed Ford to produce cars efficiently and lower costs.

By following the 80/15/5 rule, Ford transformed the automobile from an elitist toy to an essential part of modern life.

Here are brief key lessons an entrepreneur can take from Henry Ford's story:

- Keep product simple and reliable

- Constantly refine and improve

- Leverage technology to enable scaling

- Relentlessly reduce costs

- Democratize access to your product

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