One of the most fascinating stories in the business world is the tale of Fred Smith and how FedEx bet their entire company in a casino. This captivating story showcases the boldness and risk-taking nature of Smith, the founder of FedEx.

In the early 1970s, Fred Smith had a vision to revolutionize the delivery industry by creating an overnight delivery service. However, he faced numerous challenges in turning his vision into reality. One of the biggest hurdles was the need for a substantial amount of capital to fund the operations and infrastructure required for such a service.

Desperate for funds, Smith decided to take a massive gamble. He took the remaining $5,000 in FedEx's bank account and flew to Las Vegas. With this small sum of money, he played blackjack, hoping to turn it into enough funds to keep the company afloat.

Smith's bold move paid off. By the end of the weekend, he had turned the $5,000 into $27,000. This was enough to cover the company's fuel bill and keep the planes flying for a few more days. It bought FedEx the time it needed to secure additional funding and eventually become the global delivery giant we know today.

This story is a testament to Smith's unwavering belief in his vision and his willingness to take risks. It showcases his determination to do whatever it took to make FedEx succeed, even if it meant risking everything in a casino.

While the story of Fred Smith and FedEx's casino bet is widely known, it is important to note that some details may have been embellished over time. However, it serves as an inspiring example of entrepreneurial spirit and the lengths some founders are willing to go to turn their dreams into reality.

References:

1. Biography.com - Fred Smith
2. Business Insider - FedEx founder Fred Smith once saved the company by gambling in Las Vegas