Introduction
Crucial professional knowledge can come to mind in many ways. Some learn through practice, while others gain insights from theory. It comes through revelation to the most fortunate ones after significant introspection or processing of just a single thought.
Fortunately, information flow in the modern world is fast due to digital technology, allowing innovative insights to be shared more effectively. What is also fast is the change in global business paradigms. In the relatively recent past, the quality of what the company offered and its marketing reach determined the entity’s success. Although these factors have not lost their relevance and criticality in business, they are no longer the decisive factors. At least this is what some entrepreneurs say, and the message of one of them will be explained in this paper.
About the Content
The informational content described and discussed below is a YouTube Video from TEDx Talks. This video is a recording of Jonathon McKay’s powerful speech about how he lost the meaning of accomplishing results and found a new one. He lived for a considerable period with a self-centered perspective, and his primary goal was to surround himself with people and things that suited him.
However, one day, he stopped seeing the meaning in this. A revelation, or “epiphany,” came to him (TEDx Talks, 2019, 1:10). He realized that a more altruistic approach, one of serving others, was a much healthier and more beneficial worldview that brought him greater satisfaction and happiness. He extrapolated this worldview to the status quo of modern business, and the second revelation occurred.
The success of modern companies is not solely determined by the quality of the products and services they provide. According to McKay, industry leaders and top performers today focus their efforts on communicating, delighting, and surprising their customers and employees, as seen in companies like Amazon and Uber (TEDx Talks, 2019). The truth is, to become a financially profitable and influential company, its management must have a sincere purpose with a humanistic core, and its offerings must have the potential for positive socio-economic disruption. Such a business attitude is the key to success in today’s highly interconnected market relations and economy.
Some facts from the video were already known to me, but I also gained new knowledge. I was aware that today, for a product or service to be guaranteed success, it must be innovative and capable of changing people’s lifestyles. However, until I watched the video, I could not comprehend that focusing on the people in and around your organization is interconnected; I will consider this when designing my business strategy.
Conclusion
In this work, personal impressions of McKay’s 2019 speech were shared. The core of his message to Ohio State University students was the idea and reality of the experience economy. As I understand it, it is a new global business paradigm and strategy for guaranteed success.
Today, business people should not orient others and processes around leaders. While it will still lead to excellent performance, it is no longer a long-term approach to entrepreneurship. A humanistic worldview and a selfless approach to interacting with others are essential for building a healthy and prosperous organization. Moreover, the product or service must also be based not only on a practical concept but also on an ethical or philosophical principle. With this video, I realized that the latter can only be achieved by adopting the former.
Reference
TEDx Talks. (2019). The experience economy: Rethinking business | Jonathon McKay |TEDxOhioStateUniversitySalon. YouTube.