A business that makes nothing but money is a poor business

A business that makes nothing but money is a poor business

Henry Ford, the founder of Ford Motor Company, was a visionary entrepreneur who revolutionized the automotive industry with his innovative assembly line production and mass production techniques. However, Ford's philosophy went beyond just making money. He believed that a business that solely focused on profits was a poor business.

Ford understood that a successful business should not only be concerned with making money but also with creating value for society. He believed that a business should serve a higher purpose and contribute to the well-being of its employees, customers, and the community at large. Ford famously said, "A business that makes nothing but money is a poor business."

One of the ways Ford demonstrated his commitment to creating value for society was through his implementation of the $5 workday in 1914. At a time when the average wage for factory workers was around $2.34 per day, Ford doubled the wages of his employees to $5 per day. This move was not just about increasing profits or productivity; it was about ensuring that his workers could afford to buy the cars they were producing. By paying his employees a higher wage, Ford was able to create a loyal and motivated workforce, reduce turnover, and stimulate economic growth in the communities where his factories were located.

Ford also believed in providing affordable and reliable transportation for the masses. He famously introduced the Model T, the first affordable automobile that revolutionized the way people traveled. By making cars more accessible to the average consumer, Ford was able to democratize mobility and improve the quality of life for millions of people.