Henry Ford

Henry Ford was born into a wealthy farming family in Michigan in 1863. Interested in engineering from an early age, his ultimate aim was to democratise the motorcar. Ford believed every American should own one.

The way to achieve this - he figured - was to produce the largest number of cars, to the simplest design, for the lowest possible cost. With the help of investors, he set up the Ford Motor Company in 1903. Ford slashed production costs by adapting the conveyor belt and assembly line to build simple, standardised cars. The finest example was Ford's Model T, which sold in excess of 15 million units.

Within five years Ford was soon able to outdistance all his competitors and become the largest automobile producer in the world. He also paid his employees $5 for an eight hour day - way over the going rate. He also organised a profit-share plan, distributing $30 million a year amongst his workers.