Inspiring Story of Starting Up World Famous Company FedEx
The success story which i am going to tell you fall into the category of a “must know”. This success story is of famous courier company Federal Express which was earlier known as Federal Express is the World’s largest airline cargo carrier. He was studying in Yale University. Fred Smith came with the idea of an overnight delivery service which was reliable. He had studied everything, he planned everything but unfortunately his professor was not very impressed with his idea and gave him a ‘C’ for the assignment.
His professor said, ” The concept is interesting and well-formed, but in order to earn better than a ‘C’, the idea must be feasible.”
Even after this, Fred was not discouraged, he never stopped believing in his idea. He launched the company in 1971. In 1994, Federal Express adopted the name ‘FedEx’. Within three years of the founding of the company, Federal Express was on the verge of bankruptcy. Due to the rising fuel costs, Federal Express started losing over $1 million a month. Smith left with only $5000 in his checking account.
They were delivering through airplanes, so this amount was next to nothing. The situation turned so bad but Fred never thought of giving up. Fred was so desperate for money to survive. Fred knew that if he doesn’t arrange the money for the fuel they wouldn’t be able to survive, So he gambled. Soon, Fred made $27,000 off those $5000 and left vegas. Now the time has changed and this time they made their first profit of $3.6 million in the year 1976.
Fred didn’t quit in any situation. He always said that “I was very committed to the people that had signed on with me, and if we were going to go down, we were going to go down with a fight. It wasn’t going to be because I checked out and didn’t finish.”
With the hard work and passion of Fred, today FedEx is a global giant with operations in more than 220 countries and territories and an annual revenue of US $45 billion.