If at First You Dont Succeed, So What!?

Thomas Watson understood what true entrepreneurs know: that failure is anecessary and important part of the entrepreneurial process and that it does no haveto be permanent. Some of the worlds greatest entrepreneurs failed before theyfinally succeeded. Henry Fords first business, the Detroit Automobile Company,failed less than two years after Ford and his partners started it. Fords second autocompany also failed, but his third attempt in the new auto manufacturing businesswas, of course, a huge success. The Ford Motor Company, which is still controlledby the Ford family, is a major player in the automotive industry and is one of thelargest companies in the world. Milton Hershey launched his first candy shop at theage 18 in Philadelphia; it failed after six years. Four more attempts at building acandy business also failed before before Hershey finally hit on success withLancaster Caramel Company, the business that was the parent of the famousHershey Foods Corporation. Today, Hershey is the leading manufacturer ofchocolate products in the United States and exports to more than 90 countries. Masaru Ibuka and Akio Morita formed a partnership to produce an automatic ricecooker. Unfortunately, their machine burned the rice and was a flop. Their companysold just 100 cookers. Ibuka and Morita refused to give up, however, and theycreated another company to build an inexpensive tape recorder that they sold toschools. Their tape recorder proved to be successful, and the company eventuallybecame the consumer electronics giant Sony Corporation. Rick Rosenfield and Larry Flax wrote a screenplay that never sold, started an Italianrestaurant that went bankrupt and developed a mobile skateboard park that quicklyflopped. Then, they tried the restaurant business again, launched the CaliforniaPizza Kitchen. The California Pizza Kitchen is now a successful and well-recognizedchain. (IBS Center for Management Research, retrieved on 28 August, 2020)

Answer all questions.

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)