571: Jim Keyes - Legendary CEO of 7-Eleven & Blockbuster Shares How To Get Promoted, Turn a Business Around, Learn From Failure, & Why Education Is Freedom

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Mar 4, 2024

Former CEO of 7-Eleven & Blockbuster, Jim Keyes, shares how to get promoted by focusing on solving company problems, the importance of change & preparation, and how education is freedom. He discusses the power of honesty, authenticity, and seizing opportunities in advancing one's career.

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ANECDOTE

Keyes' Father's Influence

Jim Keyes' father worked in a factory and wanted freedom to travel and explore.
Keyes dedicated his book, "Education is Freedom," to his father, who taught him the value of learning.

INSIGHT

Defining Success

True success is not just about accumulating wealth but having the freedom to pursue one's passions.
Keyes believes learning provides more freedom than money.

ANECDOTE

Encyclopedias and Libraries

Keyes' dad brought home free encyclopedia volumes, sparking his curiosity.
His uncle, a teacher with a small library, further solidified the connection between education and freedom.

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Full show notes at www.LearningLeader.com

Notes on my conversation with former CEO of 7-Eleven and Blockbuster, Jim Keyes:

From adversity to the stars. Per ardua ad astra is a Latin phrase meaning "through adversity to the stars.” Adversity is your advantage. The tough moments you’re going through will help you be stronger long term. This is a useful mindset shift.
- "Adversity is an advantage."
How did Jim get hired the first time and continually get promoted?
- He told the truth.
- He was unafraid to tell it like it really was. No fluffy language. He got right to it and let them know how he could help them.
- He focused on THEM, not him. They don’t care about why you think you deserve the job. They care about their company and if you’ll be able to help solve their problems. Focus on them, their issues, and how you can help them. That’s what Jim has done his entire career.
The C-Suite Learnings
- What – Change, Confidence, Clarity
- How - Critical thinking (ask why), curiosity, and creativity (have fun)
- Why - Collaboration, Culture literacy (learn from others experiences), and character
Jim became one of the youngest managers in this history of McDonald's.
"The only one that likes change is a wet baby. Change is reality. Change equals opportunity."
- CEO = "Change Equals Opportunity."
Confidence is all about preparation. The more you prepare, the more confident you'll be.
Clarity and Simplicity. "The hardest thing in the world is to keep things simple."
- "True elegance is in simplicity."
- "I can't lead if you can't understand. So, it's up to me to keep things simple and clear."
Nelson Mandela once said, “I never lose…I win, or I learn.”
"There are three prerequisites to a successful business transformation in the face of change: cash management, confidence, and collaboration. Managing cash flow is, by far, the most important but maintaining sufficient cash requires confidence and collaboration."