Fred Smith, the founder of FedEx, has passed away at the age of 80. As a highly successful entrepreneur, his legacy is complex, with both luck and hard work playing significant roles in shaping the company’s success.
A key story from early times highlights Smith’s ability to capitalize on fortunate breaks. According to Roger Frock, the first general manager and chief operating officer of FedEx, Smith took a risk by winning $27,000 at a casino in Las Vegas after a meeting with the General Dynamics board fell through. This move kept the company operational for another week.
However, it’s worth noting that such luck often requires preparation and hard work to be in position to take advantage of opportunities as they arise. Smith’s own experiences also demonstrate this point. He was wounded twice during his time in Vietnam before starting FedEx, and the federal government’s deregulation of the air cargo industry in 1977 provided significant opportunities for the company.
Other successful companies have also credited luck or big gambles to their early success. Microsoft’s Bill Gates reportedly sold an operating system that he didn’t yet own to IBM under favorable terms, while Twitter started as a side project by some Odeo team members. Zoom benefited from being in the right place at the right time during the pandemic.
Rather than relying solely on luck or high risk tolerance, successful entrepreneurs often work to minimize risks and capitalize on opportunities. As Louis Pasteur said, “chance favors the prepared mind.” Smith’s focus on his work and desire for success over legacy are also traits of successful leaders.
Smith’s approach serves as a reminder that both hard work and good fortune can contribute to entrepreneurial success. His legacy will be remembered by the continued success of FedEx and potentially inspire future generations of entrepreneurs.
Source: https://www.inc.com/bill-murphy-jr/rest-in-peace-fred-smith-founder-of-fedex-and-maybe-the-luckiest-entrepreneur-of-all-time/91205142