Maryam Aman

[TYPE THE COMPANY NAME] [Type the document title] [Type the document subtitle] Student Name [Pick the date] [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] Table of Contents Introduction ............................................................................................................................................ 2 Henry Ford -).......................................................................................................................... 3 Production and Workforce Improvements ......................................................................................... 3 Sergey Mikhaylovich Brin (1973 - present) ............................................................................................. 4 Bibliography ............................................................................................................................................ 6 Introduction Entrepreneurship can be defined as a procedure that can take place in diverse circumstances and results in certain alterations in the economy through a number of novelties and innovations that are generated by people that have the ability to recognize financial opportunities and create value for themselves and the society as well. An entrepreneur can be defined as a person that is highly responsive to change and innovation and perceives opportunities of growth and innovations that other people might fail to see. Entrepreneurs have the ability to mobilize their assets and come up with innovative ideas. In short, entrepreneurs are the people who undertake entrepreneurial activities for growth and development of their business and the society [1]. Different companies that are growing at a fast pace have been studied by many scholars for more than a decade now. The purpose of those studies has mainly been scrutinizing the main elements that result in rapid growth for some companies in comparison to the other organizations. Most of the studies, so far, have been focusing on the founder of the organization, his personality, objectives, goals, and his management skills. Academic discussions focus mainly on the question that circle around the debate that discusses if the entrepreneurial abilities can be taught to the inexperienced people or not. Research and studies related to entrepreneurship claims that there are two main dimensions of entrepreneurship. The first one is the individual trait approach which has two schools of thought; one is the psychological characteristics school and the other one is the great person school. The second dimension of entrepreneurship is behavioural approach which is divided into minimum and maximum methodology that comprises of a diverse number of constituents, taken into account. Both these approaches have firm believe that creation of new value provides fuel for financial growth of the organization. The main framework of entrepreneurship has six key components which are; the entrepreneur, his entrepreneurial team, the organization, value creation (entrepreneurial process), remote environment and close environment [2]. This framework can play an important role in growth of the entrepreneurial organization if an environment of high level of motivation and trust is developed by the entrepreneur. He also needs to avail all of his assets and resources in the form of social and human capital and should be able to recognise opportunities in the market with his entrepreneurial behaviour. This capability of the entrepreneur generally plays a vital role in starting the creative entrepreneurial progression [5]. The business holds the position of an arbitrator in the association between the entrepreneur, his entrepreneurial line-up as well as the other establishments and structures. The creation of new value and entrepreneurial procedure are characterized by the same set of activities and procedures, that is why new value creation is kept as an essential element of the entire entrepreneurship framework. As far as the real nexus or basics of entrepreneurship are reflected from behavior or procedure view point, there are three main components of the entrepreneurship framework that can be distinguished from each other but not separated from one another. These components are; the entrepreneur, his entrepreneurship procedure/system and created new value [3]. This paper will take into account two famous entrepreneurs and will discuss their achievements over the course of their lifetime. This paper will further discuss the similarities and differences between these two entrepreneurs. Henry Ford -) Henry Ford -), creator of Ford Motor Company was an American entrepreneur and the benefactor of the growth and expansion of the assembly line method of mass production. He worked as an engineer in Detroit. As an employee for Edison Illuminating Company, he created the Quadricycle which was his first ever gasoline-powered horse-less wagon in the shed behind his house. At the age of 30, Ford set up his own company called Ford Motor Company, which introduced its first Model T., five years later [4]. In order to keep up with the prodigious demands for the innovative vehicles, Ford presented ground-breaking novel mass-production approaches and systems, which included huge production factories, in addition to the utilization of standardized, substitutable parts. This led to the introduction of first moveable assembly line of vehicles of the world. Not only was Ford popular in the world of mass production, he was also highly opinionated as far as the political realm of America is concerned. He was caught up in a controversy for his conciliatory attitude during World War I which resulted in prevalent disapproval for his antiSemitic view point and writings. Ford spent a lot of time and effort in building the Quadricycle which was a gasoline-powered horseless wagon and was completed in 1896. The Quadricycle comprised of a light-weight frame of metal that was fitted with four wheels of a bicycle and had a power source of a two-cylinder, four-horsepower gasoline machine [6]. Although his design had some glitches, Ford was unwavering in his decision to enhance his prototype. He sold the prototype Quadricycle so that he can attain some capital so that he can keep on building other automobiles based on his prototype. Though he had financial issues he was lucky enough to receive financial help from a number of investors in the next seven years of his struggle, some of these investors were a part of Detroit Automobile Company which later became the Henry Ford Company in 1899. Due to increased pressure from his partners, Ford left the company as his partners wanted to introduce a passenger car in the market while Ford insisted on improving the design. After leaving his namesake organization, Ford established his own company in 1903 [6]. Ford introduced his first model of the Ford car in the market one month after the establishment of his company. This car was a two-cylinder, eight-horsepower and was called Model A. This model was assembled at a factory in Detroit. During the start of the business, only a handful of cars were assembled each day as Ford didn’t have enough employees at that time. Two or three workers would work together in groups to get the parts assembled that were being ordered from other enterprises at that time. Ford was devoted to the fabrication of an effective and unswerving vehicle that can be afforded by everyone. This idea resulted in the conception of Model T, which was introduced in the market for the first time in October 1908 [4]. Production and Workforce Improvements Model T was named “Tin Lizzie,” which proved to be an overnight success for the Ford Motor Company. This success opened doors for more orders and soon the company was being snowballed with orders that could not be completed by the present number of employees at that time. So, as a result of overwhelming demands for the vehicles produced by the Ford Motor Company, Henry Ford introduced new techniques for mass production in the company. These techniques played a major role in revolutionizing the American mass production industry. The company started using interchangeable and standardized parts, larger production plants and a line of moving assemblies for mass production. The most important aspect of Ford’s innovation was that mass production considerably decreased the time that was needed to create a single vehicle. This helped in keeping the manufacturing costs low. In 1914, he also augmented the day-to-day wages for an eight-hour shift for his employee to $5 from a mere $2.34 for a nine-hour shift, this helped in setting a standard for the automobile industry. Even after the increase in labour force, the demand was still quite high for the Tin Lizzie. By the end of 1918, almost fifty percent of all the cars in the US were Model T’s created by Ford Motor Company. Moreover, Ford appointed his son as the president of the company in 1919, but he still controlled all the operations of the company. In 1920, as a result of a court battle between the stockholders and Ford, he had to buy out all the minority stockholders. Seven years later Ford moved all of his mass production to a huge industrial complex that was built by him alongside the River Rouge located in Michigan. This huge complex comprised of a glass manufacturing factory, a steel mill, and an assembly line in addition to all other important components of the vehicle production. At the same time, Ford stopped producing Model T and started the mass production of Model A and introduced it as a new model in the market. This new model featured an enhanced horsepower and better brakes in addition to other improvements in comparison to Model T. by the time For introduced Model A in the market, the company had become one of the most renowned organizations of all times. The company had successfully produced approximately, 15 million Model T’s at that point and was known as the most successful automotive manufacturing company in the world. Ford managed to open many plants in different parts of the world. Ford Motor Company had a net worth of 188.1 billion in the year 2008 [4]. Sergey Mikhaylovich Brin (1973 - present) Sergey Mikhaylovich Brin is an American computer scientist who is most widely known as the co-founder of Google. He is an internet entrepreneur and is the president of the parent company of Google which is known as Alphabet Inc. In July 2017, Brin became the 12th richest person around the globe and has an estimated net worth of about US$45 billion. He met Larry Page after enrolling for the acquisition of a Ph.D. degree from Stanford University in Computer sciences [7]. Together, Page and Brin filled their dorm room with low-priced computers so that they could apply data mining system designed by Brin in order to be able to create a web search engine. This program soon became quite popular at Stanford University. Observing the success of their program Page and Brin suspended their Ph.D. program and rented a garage to start up their own web-based company. Brin was referred to as an Enlightenment Man by an economist as Brin believes in the dissemination of knowledge as it is most definitely better than ignorance. His beliefs can be seen as summed up in the form of a mission statement by Google as it aims to consolidate the information of the world and make it entirely reachable and beneficial [8]. The conversion of backlink data, which was collected by web crawler of BackRub, into a quantity of significance for a certain web page on the internet, Brin and Page succeeded in developing the PageRank algorithm and soon realized that it can be used for creating a search engine which could be far better than the ones that existed at that time. The new algorithm developed by Brin and Page depended on a new type of technology that mostly evaluated the significance of the backlinks that linked one webpage to another one. The pair began to conglomerate their concepts and ideas in Page’s dorm room which were being used by them as a machine laboratory. They created a device that they specifically designed for connecting the promising search engine with a broadband network of Stanford University. This device was created by using spare parts from low-priced computers. Since Page’s room was converted into a machine room by the two partners, Brin’s room became a programming center and was used by them as an office. They tested their new design of the search engine in programming center on the web so that they could point out any bugs in the program. As their project grew; computing infrastructure of Stanford University experienced some problems. The pair made use of the HTML programming capabilities of Larry Page for setting up a humble search page for their users, seeing as the pair did not have webpage developing skills for the creation of something that would be visually elaborated or attractive. As the number of searches and the number of users grew, they started using any and every computer part they could possibly find for assembling the required computing power for handling the numerous searches by a multitude of users. As their search engine became more and more popular with the passage of time, the additional load of searches needed more servers for processing the queries. Finally, the preliminary version of Google was made publically available for all the internet users which were still on the Website of Stanford University in August 1996. There are some people who compared the success of Brin and Page with the inventor of modern printing, Johannes Gutenberg. In the 15th century, Johannes Gutenberg familiarized Europe with the automated printing, by printing the Bible for mass consumption. His technological innovation was allowed for manuscripts and books only that were previously copied by hand. Printing of books made it quite easy for mass producing the same book at a faster pace than ever before. As a result disseminating information and assisting to accompany in the European Renaissance. Google has accomplished something similar to this [8]. This comparison of Page and Brin with Johannes Gutenberg was observed by the authors of The Google story as well. The author pointed out this similarity and stated that after the innovation by Gutenberg, none of the other inventions have endowed the people individuals and reshaped the access to knowledge and information, as overwhelmingly as Google. The pair also played a significant role in digitizing books that were beyond the access of the web and helped in increasing health information for the people in general. The one thing that Ford and Brin had in common was the innovative ideas and consistent effort. Innovation has become an essential part of today’s market due to harsh competition in today’s market. In Ford’s time, the competition was not quite as harsh as it is today. Making a noteworthy difference with management and other skills has become a must for the new entrepreneurs in this time where social media has become a necessary part of everyone’s life. The use of renewable energy and sustainable development has a very strong impact on the success of any business due to the awareness that people have now regarding climate change and negative effects of anything new on the climate incurs a negative response from the people which eventually results in failure of the business. Entrepreneurs have to keep in mind all these factors while starting up anything new so that they can become successful in the present market. Bibliography [5] D. Baran and R. Veličkaitė, "5th International Scientific Conference Business and Management 2008", Vilnius, 2008. [7] "Forbes Welcome", Forbes.com, 2017. [Online]. Available: https://www.forbes.com/profile/sergeybrin/. [Accessed: 30- Jul- 2017]. [6] H. Ford and S. Crowther, My life and work. [Champaign, IL.]: [Book Jungle], 2007. [2] E. Lumsdaine and M. Binks, Entrepreneurship from creativity to innovation. Victoria, B.C.: Trafford Pub., 2009. [3] C. Matthews and R. Brueggemann, Innovation and entrepreneurship. New York: Routledge, 2015. [1] D. Politis, "The Process of Entrepreneurial Learning: A Conceptual Framework", Entrepreneurship Theory and Practice, vol. 29, no. 4, pp. 399-424, 2005. [8] "Sergey Brin", Biography.com, 2017. [Online]. Available: https://www.biography.com/people/sergey-brin-. [Accessed: 30- Jul- 2017]. [4] H. T, "Henry Ford - Facts & Summary - HISTORY.com", HISTORY.com, 2017. [Online]. Available: http://www.history.com/topics/henry-ford. [Accessed: 30- Jul- 2017].