Self made millionaire – Fred Smith
Self made millionaire Fred Smith pioneered overnight delivery and changed the world in terms of expectation and speed. He did not come out with the idea of a central hub and spoke system but tailored i.e. copied it from the bank clearinghouse system. This idea made a ton of money for him and others.
His millions or billions came about from an observation that
- computers or automation will replace processes done by people
- if you computerize or automate that device have to run all the time or you have to fix it fast.
By the way, Fred Smith wrote a paper in Yale of his observation. Several years later as he saw his prediction coming true, the question he asked is “how do we solve this?’
And the rest, as they say is history. Not quite. If you read his whole story, there was still a whole network to build, funding etc.
The learning point here is:
- look around for problems. Fred Smith looked and saw a problem and the opportunity to solve that problem. Many new businesses and industry started that way
- is there an existing solution from another industry that can be adopted. Instead of coming out with a totally new idea, look around. Many solutions are already right in front.
- make it happen. It wasn’t easy to make your plans come to fruition. Stick with it. Fred Smith idea took years to finally evolve into what it is today.
Follow these few points and you could be the next millionaire. If you solve people’s problems and they will give you money for it. Solve a big problem and they will pay you lot’s and lot’s of money.
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