The GaryVee Audio Experience Why Cash Is Like Oxygen In Business | Alan Murray
Feb 6, 2024
Alan Murray, a lifelong journalist and CEO of Fortune Media, shares insights from his career and his book, "Tomorrow's Capitalist." He discusses the essential role of cash as a lifeline for businesses, likening it to oxygen. The conversation delves into the evolution of corporate responsibility and the rising importance of empathy among leaders. Murray emphasizes the shift towards human-centric values, balancing corporate ambition with social impact. He also addresses the challenges in attracting talent amid economic shifts and the need for businesses to tackle societal issues.
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Societal Impact in the 1980s
- In 1983, few Fortune 500 CEOs considered their companies' societal impact.
- Milton Friedman's philosophy, "the social responsibility of business is to make a profit," prevailed.
Shifting Business Value
- Business value has shifted from tangible assets to intangibles like brand and intellectual property.
- This shift necessitates a focus on human capital—employees and customers—rather than just financial capital.
The Rise of Empathy
- Alan Murray recalls never hearing business leaders discuss "empathy" until recently.
- He contrasts this with a poignant story of Marriott CEO Arne Sorenson's empathetic message to employees during the pandemic.
