Enzo Ferrari

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Ferruccio. He was a mechanic who had a strong passion for cars. The original fortune was realized after he made farm tractors but that was not enough to shift his attention far from sports cars. Lamborghini was the first company which became important in helping to rebuild Italy’s economy (Williams, 2002). The mechanic built his first Ferrari car but later discovered that it contained major flaws. The vehicle was thought to be too noisy, and the clutch system was also poorly designed. Furthermore, the interior was built badly, hence making it a bit crude for being used on the roads. He (Ferruccio) pointed out the flaws to Enzo Ferrari who dismissed him. According to Carlei and Castellitto (2002), the ignorance was based on the fact that the mechanic had specialized in making tractors and Ferrari assumed that he lacked knowledge about cars. In business, it is good to listen to sincere advice from consumers. The insult from Ferrari made Lamborghini to decide to make sports cars. In doing so, Ferrari was forced to adjust and make the necessary improvements. Failure to take the advice made Enzo Ferrari to give his rival an idea that later deprived him some customers.

Failure Lessons from Enzo Ferrari

​Many business lessons exist from Enzo Ferrari’s journey of entrepreneurship. A brand’s power comes from what the business says to its customers and not through the quality of its services or products. As a former sports car driver, Enzo Ferrari ended up manufacturing the first Ferrari back in 1947. The philosophy he used was that opportunities in life should be taken fast and wanted his products to always reflect such kinds of attitudes. In essence, the Ferrari brand reflects simple but basic life philosophies that attract consumers who have the same principles in life (Williams, 2002). Studies have revealed that Ferrari’s marketing campaigns had a bright red color and a logo with a wild horse that had close associations with his imaginations. Further, Ferrari explained what the logos stood for and made prices to almost become irrelevant (Bradley, 2009). The sales declined for some time, but the company still made profits that rose up due to the ability to raise prices and the power of the brand.

​To start building a good business brand, business people should familiarize themselves with good entrepreneurial skills that aim for success. Producers need to find out what their brand says to consumers and why everyone should be concerned. Equally, success in business branding originates from a person identifying a core philosophical path that the firm lives with each day. When producers decide to re-evaluate their branding, there is no guarantee of where the journey can take them and possible outcomes. Enzo Ferrari never knew where his journey would lead him to, but he had a passion for the business which later became something successful (Bradley, 2009). Enzo Ferrari advises companies to have integrity-based cultures. The love for business implies that much focus should be put towards the compliance officer who Ferrari wanted to be on the prevention part. Employees should be informed and educated on basic skills that go together with the company and personal values (Baglieri, Secchi, & Croom, 2007). Such kind of information is enough, especially for the hardworking employees who give their best for propelling the firm forward. Managers should also be aware of the individuals who seek quick profits and can bypass the public laws and company rules. Therefore, there should be an armed compliance department that can identify such groups and provide the necessary advice accordingly.

​In conclusion, the early life of Enzo Ferrari did not weaken his spirit, and it was only after discovering his passion that he decided to pursue the journey of entrepreneurship. After working as one of the drivers for the sports car company, Ferrari started selling car parts to teams and later started his own firm that has over the years grown and provided Italy with an economic boost. Enzo Ferrari was not perfect and neglected an idea from a consumer which later matured into a rival company. Likewise, in the modern businesses, entrepreneurs should learn to deal with customer complaints effectively as they indicate some of the areas where enterprises might be failing to administer quality services.

References

Baglieri, E., Secchi, R., & Croom, S. (2007). Exploring the impact of a supplier portal on the buyer–supplier relationship. The case of Ferrari Auto. Industrial Marketing Management, 36(7), 1010-1017.

Bradley, M. (2009). Ferrari. Tarrytown, NY: Marshall Cavendish Benchmark.

Carlei, C., & Castellitto, S. (2002). Enzo Ferrari. W. Long Branch, NJ: Whitestar.

Williams, R. (2002). Enzo Ferrari. 1st ed., London, Yellow Jersey.