Career Ownership: Are You Entrepreneurial FRED?

From Ideas … to Customers!

Fred Smith is the Founder and Executive Chairman of FedEx Corporation. The story goes that while he was a student at Yale, Fred wrote an economics term paper outlining an idea for an overnight delivery service serving the modern computer age. His paper earned him a “C” grade because his professor said the concept was … “interesting but unfeasible”. Fred was undeterred, as his paper eventually became the premise for starting Federal Express (now FedEx). The rest of the story is a case history study for today’s MBA students.

Oh. There’s ALSO the anecdote about his impetuous tactic to raise capital at a Las Vegas blackjack table; more on that below. The bottom line: It’s difficult to deny Fred Smith’s amazing success –

… even for a UPS / Jim Casey guy – like me!

This is my 4th in a series of five (5) articles asking the Career Ownership question from the introductory article: Who OWNS Your Career? And, …

**Are YOU F.R.E.D. ?** (Frustrated, Retired recently, Entrepreneurial, or Downsized?)

Entrepreneurial FRED Smith is Part 4 of 5 in this series asking the question “Who OWNS Your Career?”

Back to Fred Smith …

Fred Smith learned a lot before he ever got to Yale. He enlisted, and became a U.S. Marine combat pilot during the Vietnam War. He learned a great deal about logistics, – AND leading people– during his two tours of flying over 200 combat missions.

This start-up required a substantial amount of capital, but Fred raised it, and launched his business in 1971. Less than three years later, Federal Express was on the brink of bankruptcy, having lost $29 million in its first 26 months. Worse: It was losing over $1 million a month, primarily due to rising fuel costs. The company had just $5,000 in the bank when Smith made one last plea to General Dynamics for more funding. His request was turned down.

Ordinary business-minded executives would have simply folded, and shut down the company. Not Fred Smith. What he did next was … beyond bold – way beyond a “calculated risk”. It’s difficult to imagine a more daring move by the founder of a company facing bankruptcy. What did he do?

Fred Smith, on an impulse, and in desperation to save FedEx from bankruptcy, flew to Las Vegas that weekend – WITH the company’s remaining bank balance of $5,000. Why? To play … blackjack.

For the record: I do NOT recommend the “blackjack tactic” outlined here!

Come Monday afternoon, the accounting department experienced quite a surprise. FedEx suddenly had $32,000 in its bank account, which was enough to cover the immediate fuel bill for their planes, and buy the additional time and “runway”Fred needed to secure new funding and investors

“The $27,000 (blackjack winnings) wasn’t decisive, but it was an omen that things would get better” … ” 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”, Smith says.

And, … as they say, the rest is history

FRED Smith’s Entrepreneurial path was high risk; even “lucky” at one pivot point. Yours doesn’t have to be!

Fred Smith had a vision, and worked hard to realize it. In a word: Entrepreneurial!

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**Let’s explore more about Entrepreneurial FRED:**

Some common characteristics of entrepreneurial people
The catalysts that drive them
How entrepreneurs gain personal satisfaction from their experiences.

But first, let’s look at semantics.

Webster’s definition for “entrepreneur” is okay, but I’m going to take some license in narrowing it a bit to emphasize two characteristics:

Or, … was it Nikola Tesla who said this? 😉

Personal vision and
Career ownership – as a business venture.

For the purposes of this discussion, let’s say that vision doesn’t necessarily imply that you had to “invent” something – only that you’ve envisioned something as a reality for yourself.

Likewise, ownership doesn’t necessarily mean the concept originated with you – only that you are taking control and responsibility going forward. So, using that foundation, let’s move on.

The “Entrepreneurial StrengthFinder” preceded “Born to Build”

The Gallup organization conducted years of research and identified 10 talents (or traits) of highly successful entrepreneurs / builders. These were cited in their book “Born To Build”(Clifton / Badal).

No particular degree of importance is implied in the order of this list:

Do many of those sound like YOU?

NOTE: A few of my clients in past years took the Gallup BP10 (Builder Profile) Assessment as part of my service to them. Let’s look at a few of these traits as they relate to (1) personal vision and (2) personal ownership of a new small business enterprise:

Determination and Confidence drive the entrepreneur. We all know the wonderful stories of tech pioneers from Thomas Edison to Steve Jobs. Whether it takes you a thousand tries to succeed or you’re criticized as a crazy dreamer: There’s something energizing about an entrepreneur’s determination and confidence that drives them to win. Another word for it: Perseverance!

“Risk-taker” is a relative term to the entrepreneur. Risk compared to what? Status quo? Doing nothing? Trying a different venture? The prudent entrepreneur assesses risk with eyes wide open to the potential reward. He or she sees obstacles for what they are: Something to overcome; NOT future iceberg death-traps that prompt abandoning ship – before you even leave the shore! Is the vision a reward worthy of the tackling the risks – and does it provide a great return on the required investment? Fear of the obstacles is not the primary concern. Value, return, and envisioning potential pathways to success (“glass half-full” mindset) are the key questions for the entrepreneur.

Interestingly, the entrepreneur’s road to success often goes right through the “downtown business district” of failure – and yet, that possibility doesn’t deter them.

So, Consider this definition:

Entrepreneurship is the art of turning an idea into a customer.

Fred Smith certainly did that, and I have clients doing the very same thing. But, with MUCH LOWER risk! How?

Franchising.

I’ve had the pleasure of seeing people realize their personal vision and career ownership goals to reap the benefits of entrepreneurship. The joy of seeing YOUR venture grow and prosper into business success is a thrill that never gets old! Doing it YOUR way, on YOUR terms, just adds to the experience. YOUR results cascade from YOUR efforts. And, there’s nothing like it!

A recent job satisfaction survey revealed that 75% of Americans want to be “self-sufficient” in their careers. Yet, only about 5% choose to pursue that course. The 70% “gap” between those two groups should really consider franchising. Why?

Franchising offers you a refined idea – that you can make your own (Ray Kroc and McDonald’s comes to mind), and then hands you the reigns to make it happen. It’s owning and running your own business – without having to “invent” it! Risk is greatly mitigated by the framework of a proven and time-tested franchise system, so you can experience the benefits of entrepreneurship without the greater risk of starting from scratch.

So, are you an entrepreneur in the 70% gap? Or …more simply …

Are YOU Entrepreneurial FRED? If so, you’re NOT alone! And, there IS something practical and specific you can do to leverage your position: Reach out to me! I help people though career transition, specializing in their exploration of self-sufficient career options. My services are complimentary (yes, “FREE”!) to those I work with, so don’t hesitate to contact me.

The Bottom Line: You owe it to yourself to see what vocational options are out there for you!

An Entrepreneurial (ad)venture may be exactly what you need!

Next time, we’ll look more closely at “Downsized FRED”, and why many professionals are looking for something better than a return to corporate employment.

To your success!