Bartering and sales comprise the cultural fabric of the USA. Early in our lives, we look for one another’s strengths and unique qualities that indicate talent and interest. This is what one will bring to the negotiation table and exchange it for dollar bills. Then, the currency is spent on improving skills whereby one can eventually charge a premium price. The entrepreneur takes this exchange to the next level still.
Recognizing others’ positive regard for their talent, skill, or invention, the entrepreneur develops a plan to expand reception for greater profits. Several well-known developments identify this spirit of innovation and determination; the Gold Rush of 1849, the Wright Brothers’ airplane and Henry Ford’s automobile assembly line.
~ Gold Rush of 1849 ~ New Jersey carpenter James Wilson Marshall, while working at the Sutter Mill in what would become Sacramento, California, discovered gold nuggets. Throughout 1849, hopefuls traveled from all over the world to try their luck at finding some for themselves and became known as the ’49ers. By 1850, the surface land was practically depleted of the gold rendering it unreachable by commoners’ means. By then, the population of the area had soared.
Many industrious individuals and families who may not have dug up a golden nugget, managed to successfully plant roots for their own businesses that catered to the daily needs of the lucky ones and the determined. The Gold Rush of 1849 lends testament to the entrepreneurial snowball effect when people pursue a promising venture.
~ WRIGHT BROTHERS ~ The Wright Flyer successfully sailed the winds for 59 seconds on December 17, 1903. It was the product of years of toil and experimentation by Wilbur and Oliver Wright and many others around the globe who had tried during similar periods, answering the call to contests and challenges no doubt engendered by venture capitalists of their day. Production, research and development and sales were nothing new to the Wright brothers. Though neither of the two finished high school, they had jointly owned a news publication and a bicycle repair shop that they had established themselves. They also sold their own bike model. They later relocated to Paris, France where they fulfilled orders for their plane for a price.
~ MODEL-T FORD ~ Henry Ford, T.A. Edison’s next door neighbor in Florida, produced his first assembly line vehicle on December 01, 1913. Fittingly enough, his innovative idea developed from observing the processing of slaughtered animals for human consumption and wheat grain processing; namely, the assembly line format and the conveyor belt, respectively. Because it was the first Ford vehicle built on the assembly line, the Model-T Ford became the most abundant and the most popular. Its initial price was $850 and it was only available in black. Henry’s goal was to make it available to a wider market share by producing more of them without compromising quality.