What happens, with whom, and why is it entrepreneurial?

This clip talks about the men who didn't just discover America, but who "built" it. After McKinley, the current president, was assassinated, Theodore Roosevelt moved up to president and immediately passed many business regulations. The main focus of this clip is entrepreneur, Henry Ford's, new invention, a gas-powered car - Model T. After his model being turned down, having multiple failed designs, and racing his cars to become famous, he was finally successful. He used the assembly line for maximum production. The main focus of this car was for it to be affordable and become an option for more people. He also made it possible for the Panama Canal to open up new trade routes. Rockefeller and JP Morgan were also very important men mentioned who eventually became philanthropists and helped build America and shape American business.

Why is it interesting?

With how advanced the world is today, it is easy to look past the effort it took to get to where we are. It is interesting to me to dive into the past and learn about entrepreneurs stories and what they went through to have an extremely successful invention. It is interesting to see the struggles they faced but that didn't stop them. It is also amazing to see how far we've come today all because of their inventions. These men are the foundation of American business and it is amazing to see the impact they put on America that still shows today.

How does this aspect of entrepreneurship affect society?

This entire clip showed how every aspect of entrepreneurship will affect society. In this case, to start, if it weren't for these men changing American business it would be very difficult to have a small businesses. Not just anyone would be able to start a business as they please like we see today. In Henry Ford's case he changed so many people lives by providing them with an affordable way of transportation. He also did it in a quick manner where he was able to provide multiple people with cars in a short amount of time. With his use of the assembly line he also gave very many people jobs and also completely changed transportation, which opened up many new ways. JP Morgan and Rockefeller also made a huge change in society by the amount of money they gave away.

How does society affect this aspect of entrepreneurship?

Society was in need of a change which is what leads entrepreneurship into action. If it weren't for the business world needing to change Rockefeller and JP Morgan would not have made that big of an impact. For Ford, society is what led him to be successful. First off, people needed jobs and were willing to work for him which allowed him to put the assembly line into action and produce so many cars. Then on the other hand, the amount of customers that bought from him and found his car valuable is what allowed him to be successful and continue making them and eventually many more models. Society runs entrepreneurship; entrepreneurs find a solution to society's problems and it is up to society to find it valuable.

What is the interaction between entrepreneurship and society?

There is a direct relationship between this aspect of entrepreneurship and society. Ford providing multiple people with jobs is directly interacting and it is allowing them to have an income that provides them and their families with a comfortable life. Entrepreneurship and society also interacts as each customer purchases a car. The customer find value in their purchase and this will allow them to have a way of affordable transportation at any time they need it. As workers and customers interact with Ford's business it is allowing the business to continue to grow. Entrepreneurship and society are always interacting and both rely on each other.