Frederick W. Smith - The Entrepreneur who Created an Industry
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Case Details:
Case Code : LDEN023
Case Length : 15 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : FedEx Corp.
Industry : Logistics
Countries : USA
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Introduction Contd...
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He's a legend and
great visionary."5 Smith was genial and
understanding towards his employees at FedEx and he in-turn received tremendous
support and confidence from them. By adopting the People Service Profit
management philosophy in as early as 1971, Smith set an example to the corporate
community about the significance of employees in the success of any company.
Smith created an open, informal work culture where in the talent of employees
was well recognized and rewarded.
Commenting on confidence and loyalty that employees had on Smith, Art Brass, a
FedEx employee said, "If Fred lined up all Fed Ex employees and told them to
jump from a bridge, 99.9% would jump."6
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Smith was one of the few business leaders who first anticipated the
application of Internet in business operations resulting into the launch of
the website www.fedex.com in 1994, enabling customers to do business online.
However, like all successful men, Smith was not spared from criticism. A few
analysts accused him of resorting to unethical means while doing business.
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Background Note
Frederick W. Smith was born in an affluent family in August 1944, in Marks,
Mississippi, US. When Smith was four-years old, his father expired. Smith
studied in the prestigious Memphis University School,7
where he was named the "best-all-round student" in his senior year. Apart
from being a keen observer, Smith was also an avid reader. He read books on
history and famous personalities. Right through his childhood, Smith was
inclined towards becoming an entrepreneur. In 1959, at the age of 15, he
started his first business - the Ardent Record Company in a small garage
with two friends. The company recorded songs using sound recording equipment
and sold them... |
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