Henry Ford, American industrialist and the founder of the Ford Motor Company is yet another famous personality who had to file for bankruptcy.
Henry Ford was born on July 30, 1863 in Dearborn, Michigan. After leaving home in 1879, he worked as a machinist for several years and learned a lot about fabrication processes. In 1891, he was hired as an engineer at Edison Illuminating Company and was promoted to the position of chief engineer in only two years. In his free time, he started building prototype internal combustion engines and testing them. In 1896, he built his first full vehicle, which he named the Quadricycle.
This convinced him that there was a future in automobiles. Thereafter, he left his engineering job to start the Detroit Automobile Company with several investors. Unfortunately, this gifted engineer, focused heavily on the mechanics of his auto, and completely ignored the idea of marketing his invention resulting in poor sales. Ford’s first product failed to capture the public attention, and Ford was forced to leave his company and file his first bankruptcy.
However, bankruptcy did not deter him from continuing with his passion. Ford saw bankruptcy as a way to start over and approach his goals in a more intelligent fashion. In 1903, at the age of forty with about $30,000, he started the Ford Motor Company and showed the world that he meant business by breaking a land speed record with one of his designs.