CASE: IF AT FIRST YOU DON'T SUCCED, SO WHAT? (25 MARKS) Thomas Waston understood what true entrepreneurs know: failure is a necessary and important part of the entrepreneurial process and it does have to be permanent. Some of the world's greatest entrepreneurs failed (some of them many times) before they finally succeeded. Henry Ford's business, the Detroit Automobile Company, failed less than two years after Ford and his partners established it. Ford's second auto company also failed, but his third attempt in the then 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 automobile industry, and is one of the biggest companies in the world. Milton Hershey launched his first candy shop at age 18 in Philadelphia; it failed after six years. Four more attempts at building a candy business also failed before Hershey finally hit on success with the 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. In post-World War II Japan, 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 created another company to build an inexpensive tape recorder that they o In post-World War II Japan, 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 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, in 1984, they tried the restaurant business: again, launched the California Pizza Kitchen, and struck pay dirt! The California Pizza Kitchen is now a successful and WEdit with WPS Office well-recognized chain Gail Borden (1801-1874) also knew about failure because he had a great deal of experience with it. One of his first inventions, the Terraqueous Wagon, a combination of well-recognized chain. Gail Borden (1801-1874) also knew about failure because he had a great deal of experience with it. One of his first inventions, the Terraqueous Wagon, a combination of wagon and sailboat that was designed to travel on both land and water, sank on its first trial run. Several years later, returning to the United States from London where he had been promoting another invention, the condensed meat biscuit (a concoction of dehydrated meat and flour), Borden saw four babies die from tainted milk. Afterward, he dropped the meat biscuit to focus on making milk safer for human consumption. He knew that the key was to remove the water from the milk, but the challenge was to do so without affecting its taste. For two years, he worked without success always ending with scorched milk. Ultimately, Borden developed a vacuum condensation process that successfully removed the water from milk without adversely affecting its flavour. After three unsuccessful attempts, Borden finally won a patent for his process in 1856 and set up a manufacturing plant. It failed. A second attempt to produce condensed milk also failed. Undaunted, Borden convinced New York financier Jeremiah Milbank to invest in a new milk processing venture, and this one succeeded! The New York Condensed Milk Company supplied much-needed nourishment to troops during the Civil War before becoming a staple in American households. Today, Borden Inc. is a multibillion dollar conglomerate that still manufactures condensed milk using the same process that Borden developed 150 years ago. When he died in 1874, Gail Borden was buried beneath a tombstone that read, "I tried and failed; I tried again and succeeded." o - + | D Page view | A Read aloud V Draw Highlight conucnistu Kompany suppreu TUTTICUCU TOUTSTITICI IV troops uuringut UTVI War before becoming a staple in American households. Today, Borden Inc. is a multibillion dollar conglomerate that still manufactures condensed milk using the same process that Borden developed 150 years ago. When he died in 1874, Gail Borden was buried beneath a tombstone that read, "I tried and failed; I tried again and succeeded." REQUIRED 1. Do the entrepreneurs described here exhibit the true, entrepreneurial spirit? If So, how? (5 marks) 2. How do these entrepreneurs view failure? Is their view typical of most entrepreneurs? (5 marks) W Edit with WPS Office 3. James Joyce said, "Mistakes are the portals of discovery." What did he mean? Do you agree? Why is Joyce's idea important to entrepreneurs? (5 marks) 4. In your view, what four other attributes do entrepreneurs need to succeed in today's business environment, and how do these attributes make or mar entrepreneurs? (10 marks)