Quote by Eric Ries
There was a study done in the early 20th century of all the entrepreneurs who entered the automobile industry around the same time as Henry Ford there were something like 500 automotive companies that got funded, had the internal combustion engine, had the technology, and had the vision. Sixty percent of them folded within a couple of years.
Summary
This quote highlights the findings from a study conducted on entrepreneurs in the early 20th century who ventured into the automobile industry alongside Henry Ford. It reveals that out of approximately 500 funded companies with the necessary technology and vision for success, a staggering 60% of them went out of business within a short period. This emphasizes the challenges and uncertainty that entrepreneurs face, even with favorable circumstances, underscoring the difficulties of sustaining a competitive position in a rapidly evolving industry.
Topics
Technology
By Eric Ries
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