Case Scenario If at First You Don’t Succeed, So What!? Thomas Watson understood what true entrepreneurs

Question: Case Scenario If at First You Don’t Succeed, So What!? Thomas Watson understood what true entrepreneurs know: that failure is a necessary and important part of the entrepreneurial process and that it does no have to be permanent. Some of the world’s greatest entrepreneurs failed before they finally succeeded. Henry Ford’s first business, theSee the answerSee the answerSee the answer done loadingCase Scenario If at First You Don’t Succeed, So What!? Thomas Watson understood what true entrepreneurs know: that failure is a necessary and important part of the entrepreneurial process and that it does no have to be permanent. Some of the world’s greatest entrepreneurs failed before they finally succeeded. Henry Ford’s first business, the Detroit Automobile Company, failed less than two years after Ford and his partners started it. Ford’s second auto company also failed, but his third attempt in the new auto manufacturing business was, of course, a huge success. The Ford Motor Company, which is still controlled by the Ford family, is a major player in the automotive industry and is one of the largest companies in the world. Milton Hershey launched his first candy shop at the age 18 in Philadelphia; it failed after six years. Four more attempts at building a candy business also failed before before Hershey finally hit on success with Lancaster Caramel Company, the business that was the parent of the famous Hershey Foods Corporation. Today, Hershey is the leading manufacturer of chocolate products in the United States and exports to more than 90 countries. Masaru Ibuka and Akio Morita formed a partnership to produce an automatic rice cooker. Unfortunately, their machine burned the rice and was a flop. Their company sold just 100 cookers. Ibuka and Morita refused to give up, however, and they created another company to build an inexpensive tape recorder that they sold to schools. Their tape recorder proved to be successful, and the company eventually became the consumer electronics giant Sony Corporation. Rick Rosenfield and Larry Flax wrote a screenplay that never sold, started an Italian restaurant that went bankrupt and developed a mobile skateboard park that quickly flopped. Then, they tried the restaurant business again, launched the California Pizza Kitchen. The California Pizza Kitchen is now a successful and well-recognized chain. (IBS Center for Management Research, retrieved on 28 August, 2020)
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1. Describe the way these entrepreneurs view failures in their early days of business. (20 marks) 2. Explain the entrepreneurial spirit exhibited by the entrepreneurs in the above case. (20 marks) 3. Describe any FIVE (5) mistakes that caused business failures to Thomas Watson. (30 marks) 4. Explain any FIVE (5) forces that are driving the growth of entrepreneurship. (30 marks)
1. Henry Ford, Milton Hershey, Masaru Ibuka and Akio Morita, and Rick Rosenfield and Larry Flax all view failures as a way to learn and grow their businesses. They understand that mistakes are part of the process of entrepreneurship and are willing t…View the full answer