“I would like to sit down some time and put a few thoughts down on paper,” says Smith. “I've got a few observations that might be useful for someone. It'd be fun for me to do it, and I intend to at some point. Other than that, I enjoy my family, enjoy the business and get to see a lot of the world, so I have no complaints.”
And so he shouldn’t. With Federal Express ranking fourth on Fortune Magazine’s 2006 list of the World’s Most Admired Companies, Smith has little to complain about. How did this one-time pilot become one of the most successful businessmen in America?
He Took Risks: “Luck, naďveté, willingness to roll the dice to do something productive, were all individual parts of the puzzle,” says Smith. He knew that what he had written about in his Yale essay was a revolutionary idea that would get few supporters at first. But, Smith was also convinced that it was an idea that could and would work. It was his enthusiasm and readiness to take a chance that propelled Smith to the top.
He Was Determined: “You've got to enjoy what you're doing, and have some fun, and be able to laugh at yourself a bit,” says Smith. Indeed, the path to success is never a smooth one, and Smith was not immune to hardship. But, from his critics to his own mistakes, Smith bounced back even more determined to persevere, using each opportunity as a lesson and further fuel for his fire and desire to succeed.
He Worked As a Team: “I don't think we have many people who've worked at FedEx, particularly in the executive ranks, who don't have good feelings about the company,” says Smith. “I hope that's because they feel they were treated fairly and got their shot at glory and opportunity.” From the plant workers to the pilots to senior management, Smith worked hard to ensure that everyone at Federal Express felt like they were a valued part of the team.
He Guaranteed Quality: With a corporate money-back guarantee that is good down to a 60-second delay, Smith has built a reputation on ensuring top quality and efficient service. By focusing on continuous improvement and being unsatisfied with even the slightest margin of error, Smith grew his company to become synonymous with excellence.
He Was Adaptable: “We have a culture that allows us to change without threatening the people that work at the company,” says Smith. Smith knew that a static company would quickly become an unsuccessful company. Unless he was able to create a flexible management system that could respond to the demands of the changing economy, Smith knew that his company would not last very long. By staying on top of current trends, Federal Express has also stayed at the top of its industry.
When Smith received back his Yale University paper that first outlined his idea for Federal Express, the management professor had written on it: “The concept is interesting and well-formed, but in order to earn better than a 'C', the idea must be feasible.” Smith proved his professor wrong by creating his billion-dollar company and making it a leader in its field for almost 40 years. “If you keep working at it, in the last analysis, you win,” says Smith. “They’ve got to kill us a hundred times. All we have to do is kill them once.”
Father of the Overnight Delivery Business: How Smith Revolutionized an Industry
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