Fred smith what makes a business successful

But for the first two years, he and the company struggled. In his quest to get money for the business, Smith had forged signatures on some bank documents. She and Laura Smith later sued Fred to get back some of the money lost. In May , with most of his money gone and his debt rising, Smith told his banker he was considering suicide.

But Smith did not give in to his depression. As he faced the forgery charge and his sisters' lawsuit, he told the press in , "I know my intentions were absolutely correct and am confident this complicated matter will be decided favorably.

Smith was right. He was found innocent of forgery, and in , he settled the suit with his sisters out of court. He kept looking for ways to expand the company, turning to overseas ventures and then entering ground shipping. At the same time, established shipping companies entered the air-express market, trying to copy FedEx's methods.

Although FedEx was always Fred Smith's company, he had help getting it off the ground. One important person was Vince Fagan, whom Smith hired in Fagan was in charge of marketing and advertising, and was one of the few senior executives willing to challenge Smith and fight for his own ideas. Fagan wanted to target ads at secretaries and executives, not just the people in companies who ran mailrooms and shipping departments.

He also wanted to stop using the old-fashioned method of having salesmen call on companies to ask for their business. Instead, Fagan announced, FedEx should advertise, especially on television.

That decision led to the famous FedEx TV ads. Some of the humorous ads showed clerks and secretaries who were afraid they would lose their jobs if a package did not arrive on time. The most well-known FedEx ads featured actor John Moschitta playing a fast-talking executive working in a fast-paced office. The company's slogan became, "Federal Express.

When it absolutely, positively has to be there overnight. As FedEx grew into a multibillion-dollar corporation, Smith made sure national political leaders understood his company's needs.

His activity in Washington, D. It continued into the s as Smith let members of Congress fly on FedEx jets on short notice. The company also hired several lobbyists, people who tried to convince representatives and senators to vote favorably on issues that affect FedEx. Smith also lobbied himself. Along with running FedEx, Smith has an interest in the movie industry.

But in the time-honored style of the true innovative visionary, Smith listened to his own counsel, and single-handedly changed the way the world does business. Scott Bartnick. Peter Daisyme. Albert Santalo. Steve Taplin. Skip to content Profile Avatar. Subscribe to Entrepreneur. Magazine Subscriptions. Fred Smith An Overnight Success.

October 9, Opinions expressed by Entrepreneur contributors are their own. More About Growth Strategies. Reimagining the Way We Work. Scott Bartnick Nov 11, Show Caption. Hide Caption. Fred Smith introduces FedEx robot. FedEx chief Frederick W.

Smith spoke about innovation and introduced a company robot during an appearance at the National Council on Undergraduate Research annual conference at University of Memphis Thursday. So while I look at all of those packages being loaded in and out of our Boeing s and see a global transformation — small businesses should be looking at them and seeing their biggest opportunity.

I believe there are essentially four ways a business can make money. Ultimately, the small businesses that are able to move up this ladder — and evolve from local opportunities to national and global opportunities — will be the ones best-positioned for big success. Today, the most significant factor is over-regulation. In the U. Similarly, enhancing free trade policies around the world nurtures a global marketplace where equal opportunity exists for business of all sizes.

At FedEx, we support free-trade agreements because barriers to access are barriers to prosperity for businesses. We encourage smart policy decisions that make global connections easier.