Dick Smith – The Legend
It was well past midnight when I found myself on the Dick Smith Wikipedia page:
“In 1968, with a A$610 investment by him and his then fiancé Pip, Smith founded Dick Smith Car Radios, a small taxi radio repair business in the Sydney suburb of Neutral Bay, New South Wales, then later expanded into the car radio business at Gore Hill, naming himself the “Car-Radio ‘Nut'”. This business later became electronics retailer Dick Smith Electronics which grew rapidly in the late 1970s, particularly through the sales of Citizens Band radios and then personal computers, with annual sales of about $17 million by 1978. In 1980, he sold the business to Woolworths for $25 million. Though Smith retained no shares nor role in the company after 1982, the business continued to trade with his name prominently displayed in every aspect of its operations. Sales reached $1.4 billion in 2014.”
There were many retailers in the car audio and CB businesses in the 70s but there was only one Dick Smith. And contrary to what we think we know about the business: it went from $610 to $14 million in turnover in less than ten years. That was it – Dick rode the wave, showed everyone how it’s done, cashed in, and bowed out, like a gentleman.
I wish I could have five minutes with Dick. There would be just one question to ask: what is the secret of operating a successful electronics retail business? Being mentored by a legend: priceless!
Yes, the glory days of CB radio, car audio and homemade personal computers are behind us, never to return. And one of the crucial ingredients of success is being at the right place, at the right time. My plan is simple: to build a strong and lasting relationship with customers, a strong and lasting relationship with suppliers and offer a variety of premium quality equipment for serious amateurs, always in stock, always ready for immediate delivery.
Courtesy of Nick ( VK2DX ) DXing.com.au
Links of interest