Guest: James Keyes

In this episode, Dr. Allen Lycka interviews James Keyes, a world-renowned business leader who rose from humble beginnings in Central Massachusetts to become the CEO of 7-Eleven and Chairman of Blockbuster. They discuss James' journey, his approach to learning, overcoming adversity, and the valuable lessons he has gleaned from his experiences.

The Power of Learning

James attributes his success to the concept of "learning to learn." He explains how his ability to adapt, grow, and master new skills has allowed him to excel in various fields, from flying airplanes to running major companies. This philosophy has been the cornerstone of his achievements, emphasizing the importance of continuous learning and curiosity.

Overcoming Adversity

James reflects on his challenging childhood, growing up in poverty with numerous hardships, including a condemned home and a lack of basic necessities. He shares how these experiences shaped his resilience and taught him to view adversity as an opportunity for growth. James highlights the importance of a positive response to challenges, which can turn difficult situations into opportunities for success.

The Role of Imagination and Creativity

James discusses how growing up without material wealth led him to develop a rich imagination, which became a key asset in his later life. He contrasts his experience with wealthier children who had more material comforts but less freedom to explore their creativity. This freedom of imagination, he argues, was more valuable than money and played a significant role in his development.

Leadership and Resilience

James and Dr. Lycka talk about the challenges of being a leader, including dealing with envy and resistance from others. They agree that successful leadership often involves upsetting others, but it's essential to focus on one's goals rather than the negativity of others. James also shares insights from his time learning about business, including his association with Dan S. Kennedy, who emphasized the importance of making bold decisions as a leader.

The 7-Eleven Journey

James recounts his time at 7-Eleven, explaining how the company was in bankruptcy when he joined. He describes how the company's focus on convenience, rather than just selling products, was the key to its turnaround and eventual success. James highlights the importance of innovation and adapting to changing customer needs, which allowed 7-Eleven to grow into the world's largest convenience retailer with 80,000 stores globally.

The Blockbuster Story

James addresses the common misconception that Blockbuster failed because it didn't adapt to digital streaming. He provides a detailed account of how Blockbuster was actually ahead of its time, partnering with Enron in the early 2000s to develop a digital movie delivery system. However, the financial crisis of 2008 and the company's heavy debt load hindered its ability to fully transition to streaming. James also discusses the potential for the Blockbuster brand to return as an aggregator of streaming content in the future.

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