Economic Approaches in the Age of Industrialization (1870-1940)

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Economic Approaches in the Age of Industrialization (1870-1940)
Globally, most of the economic and social changes took place during the age of 1800s and 1900s. During this period, industrialization had not yet taken its root across many parts of the world. However, various people were trying to come up with new ways of solving problems that existed in the society (Lagace, 3). For instance, Madame C. J Walker and Henry Ford were one of the ancient entrepreneurs that emerged during this period. The two entrepreneurs focused on bringing change to the world. Walker was an African American woman born in 1867, and her parents worked in European farms as casual laborers. The hard work that her family was experiencing in the European farms made her thrust into entrepreneurship (History.com Editors, 4). On the other hand, Henry Ford, an American man born in 1863, started to think about entrepreneurship by 1903. The minds of the two people brought a significant change in industrialization.
The two had different forces that drove them to entrepreneurship. For instance, Walker's motivation to participate in business was as an effect of the economic adversities that she encountered when her parents died (National Endowment for the Humanities, 15). Her parents died when she was only seven years old, which forced her to work and earn a living to sustain herself. Secondly, her scalp condition motivated her to enter into business (History.com Editors, 6). Living with the condition made her start looking for solutions. Thus, she conducted various experiments on different hair products and cosmetics.
Luckily, after a few tests, she managed to come up with a hair product that solved her solution. The success of inventing the hair product motivated her to start a cosmetic business that targeted most African American communities (Lagace, 5). The African Americans perceived the products in the...