If at First You Don’t Succeed, So What!? Thomas Watson understood what true entrepreneurs know: that failure is a necess

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If at First You Don’t Succeed, So What!?
Thomas Watson understood what true entrepreneurs know: thatfailure is a necessary and important part of the entrepreneurialprocess and that it does no have to be permanent. Some of theworld’s greatest entrepreneurs failed before they finallysucceeded. Henry Ford’s first business, the Detroit AutomobileCompany, failed less than two years after Ford and his partnersstarted it. Ford’s second auto company also failed, but his thirdattempt in the new auto manufacturing business was, of course, ahuge success. The Ford Motor Company, which is still controlled bythe Ford family, is a major player in the automotive industry andis one of the largest companies in the world. Milton Hersheylaunched his first candy shop at the age 18 in Philadelphia; itfailed after six years. Four more attempts at building a candybusiness also failed before before Hershey finally hit on successwith Lancaster Caramel Company, the business that was the parent ofthe famous Hershey Foods Corporation. Today, Hershey is theleading manufacturer of chocolate products in the United States andexports to more than 90 countries.
Masaru Ibuka and Akio Morita formed a partnership to produce anautomatic rice cooker. Unfortunately, their machine burned the riceand was a flop. Their company sold just 100 cookers. Ibuka andMorita refused to give up, however, and they created anothercompany to build an inexpensive tape recorder that they sold toschools. Their tape recorder proved to be successful, and thecompany eventually became the consumer electronics giant SonyCorporation.
Rick Rosenfield and Larry Flax wrote a screenplay that neversold, started an Italian restaurant that went bankrupt anddeveloped a mobile skateboard park that quickly flopped. Then, theytried the restaurant business again, launched the California PizzaKitchen. The California Pizza Kitchen is now a successful andwell-recognized chain.
(IBS Center for Management Research, retrieved on 28 August,2020)
4. Explain any FIVE (5) forces that are driving the growth ofentrepreneurship.
. Please write all answers in essay format NOT POINT FORM. EachQuestion needs min 1000 words. Please answer in your own words.