How on earth did Oprah Winfrey--an unlikely media mogul if there ever was one--get so popular, powerful and rich, all at the same time? Ever since she announced at the end of last week that she was walking away from her legendarily popular syndicated talk show in 2011, the airwaves have been abuzz with discussion about what it means, what impact it will have ... and how she managed to get this successful in the first place.
In yesterday's New York Times, columnist David Carr argued that Oprah Winfrey should be studied in every business school in America--not only for the smart moves she made, but also for the mistakes she didn't make. She didn't go public with her company, so she retained control. She didn't lend her name to other people's products. When she decided to add a magazine to her stable, she created her own, with such a clear sense of branding that she put herself on each and every cover. She didn't use her wealth to invest in fields she knew nothing about. Oprah did extend her brand into new shows, from Dr. Phil to Rachel Ray, but her offshoots all had the same feel and market as the mothership. And she didn't try to cash in on every possible profit opportunity, including the success of the books she turned into overnight bestsellers.
Oprah's branding success, according to Vogue editor Anna Wintour, was due to the fact that she steered her business through "personal choices," like a woman who has an enviably clear and innate sense of what looks good on her. Which is undoubtedly true. But that complicates the matter of how one would teach or replicate Oprah's success in b-school.
Oprah Winfrey, after all, gives a whole new meaning to the "Chicago School" of economics. A meaning that would make Milton Friedman, the father of the adage "the purpose of business is to make as much money as possible for shareholders," turn over in his grave. Oprah never allowed shareholders, of course, which simplified the matter. But, still. In an era where the primacy of the bottom line ruled triumphant, Oprah gave away cars, eschewed commissions on products she made popular, and turned down the short-term money that going public or selling the company could have brought. And made $2.3 billion as a result of it.
Scholars could parse all her decisions for wisdom about brand management, risk, leadership, growth strategies, marketing, and internal R&D investment. They might even find places where her success seemed to illustrate well-known models or schools of thought. Someone is probably working on it right now, as a matter of fact. Which is all well and good, because there's certainly a lot of wisdom that can be gleaned from the story of Oprah's successful climb from a local Chicago talk show host to the CEO of her own production company and network, while becoming a seismic cultural force and, arguably, the most powerful and wealthy woman in America.
The trouble is, Oprah's success isn't just the sum of her strategies. The engine that not only drove those particular strategies, but also made them successful, was a deep sense of identity, authenticity, and purpose that can't be imitated or crafted through method. If Oprah has a deep and guiding understanding of her audience, it's not because she's methodically observed them. It's because she's lived their struggles, hopes, joys and sorrows. And those struggles gave her first a connection, and then a purpose, from which all other decisions organically flowed.
In the world of Silicon Valley, it's said there are two types of entrepreneurs: missionaries, and mercenaries. Mercenaries can make a lot of money if they're smart and have good strategies. But missionary entrepreneurs are the ones who change industries and the world--not only because they continue on no matter how hard the going gets, but because they bring to bear an irresistible combination of passion, authenticity and sense of purpose bigger than mere profit or themselves. Success, for them, is as much about impact as it is about profit. Which is, ironically, how many of them become incredibly profitable.
Clearly, Oprah is a missionary entrepreneur. But how do you teach someone to be a successful missionary? Even Polonius' advice to Laertes, "to thine own self be true" is insufficient. If asked, I suspect Oprah would say that first you have to learn who you are, where you came from, how that affects and informs you, and what matters in the world. You also have to care about something bigger than yourself, and imagine a way in which your particular skills could allow you to make a difference in that area. And whether you seek that path out, or stumble upon it along the way, you have to care about making that difference enough that the vision of it keeps you going through the dark, and can act as a compass to steer your decisions along the way.
Add to that some smarts, savvy, and sharp thinking about content, brand management, marketing, and growth, and you have a legend in the making. But those last bits are the only pieces that can be taught. Honest self-knowledge, authenticity, passion and purpose are harder to acquire. Most often, they emerge from battles fought in the midnights of our solitude, if we manage to scrounge up the courage to face what we find there.
But if you can't teach the intuition that emerges from those internal journeys, you can at least teach its importance. Asking "what would Oprah do?" might not be a bad exercise when contemplating tough or tempting business options. It's not a quantifiable model, of course, and the results can't be proven. But it wouldn't be a bad placeholder while encouraging students to explore enough about themselves and the world to develop a true-steering compass and passionate purpose of their own.
Note: I will be offline for the next week, returning Friday, December 4th. Photo Credit: Flickr User whoohoo120
The June 23 vote represents a huge popular rebellion against a future in which British people feel increasingly crowded within—and even crowded out of—their own country.
I said goodnight to a gloomy party of Leave-minded Londoners a few minutes after midnight. The paper ballots were still being counted by hand. Only the British overseas territory of Gibraltar had reported final results. Yet the assumption of a Remain victory filled the room—and depressed my hosts. One important journalist had received a detailed briefing earlier that evening of the results of the government’s exit polling: 57 percent for Remain.
The polling industry will be one victim of the Brexit vote. A few days before the vote, I met with a pollster who had departed from the cheap and dirty methods of his peers to perform a much more costly survey for a major financial firm. His results showed a comfortable margin for Remain. Ten days later, anyone who heeded his expensive advice suffered the biggest percentage losses since the 2008 financial crisis.
The U.K.’s vote to leave the European Union betrays a failure of empathy and imagination among its leaders. Will America’s political establishment fare any better?
If there is a regnant consensus among the men and women who steer the Western world, it is this: The globe is flattening. Borders are crumbling. Identities are fluid. Commerce and communications form the warp and woof, weaving nations into the tight fabric of a global economy. People are free to pursue opportunity, enriching their new homes culturally and economically. There may be painful dislocations along the way, but the benefits of globalization heavily outweigh its costs. And those who cannot see this, those who would resist it, those who would undo it—they are ignorant of their own interests, bigoted, xenophobic, and backward.
So entrenched is this consensus that, for decades, in most Western democracies, few mainstream political parties have thought to challenge it. They have left it to the politicians on the margins of the left and the right to give voice to such sentiments—and voicing such sentiments relegated politicians to the margins of political life.
In the early 19th century, a series of massive quakes rocked Missouri. Some experts predict that the state could be in for another round of violent shaking, while others warn that a big quake could strike elsewhere in the center of the continent.
As I drove across the I-40 bridge into Memphis, I was reassured: chances were slim that a massive earthquake would wrest the road from its supports, and plunge me more than a hundred feet into the murky Mississippi. Thanks to a recently completed $260 million seismic retrofit, the bridge—a chokepoint for traffic in the central U.S.—is now fortified. It’s also decked out with strong-motion accelerometers and bookended by borehole seismometers to record convulsions in the earth.
The bridge passes a glass colossus, the Memphis Pyramid. Originally built as a nod to the city’s Old Kingdom namesake, the pyramid now enshrines a Bass Pro Shops megastore. The city recently spent $25 million to prevent the pyramid from being swallowed, perhaps by Geb, the ancient Egyptian god of earthquakes. Further downtown, AutoZone’s corporate headquarters also stands ready for a tectonic throttling, propped up as it is on top of giant shock absorbers, while, the nearby Memphis VA is similarly inured to temblors after the city spent $64 million dollars removing nine floors of the hospital to reduce the risk of collapse in a catastrophic earthquake.
Are the referendum results binding? How long will it take Britain to get out? What happens to the rest of Europe?
First, are the results really binding?
For the pro-“remain” side, this may be more wishful thinking than anything—given the scale of the “leave” victory—but, in theory at least, the referendum’s results are not binding. That’s because, in the U.K., it is Parliament that is sovereign. Referenda themselves are rare in the country—and Thursday’s was only the third in U.K. history.
The relevant legislation did not provide for the referendum result to have any formal trigger effect. The referendum is advisory rather than mandatory. The 2011 referendum on electoral reform did have an obligation on the government to legislate in the event of a “yes” vote (the vote was “no” so this did not matter). But no such provision was included in the EU referendum legislation.
What happens next in the event of a vote to leave is therefore a matter of politics not law. It will come down to what is politically expedient and practicable. The UK government could seek to ignore such a vote; to explain it away and characterise it in terms that it has no credibility or binding effect (low turnout may be such an excuse). Or they could say it is now a matter for parliament, and then endeavour to win the parliamentary vote. Or ministers could try to re-negotiate another deal and put that to another referendum. There is, after all, a tradition of EU member states repeating referendums on EU-related matters until voters eventually vote the “right” way.
It happened gradually—and until the U.S. figures out how to treat the problem, it will only get worse.
It’s 2020, four years from now. The campaign is under way to succeed the president, who is retiring after a single wretched term. Voters are angrier than ever—at politicians, at compromisers, at the establishment. Congress and the White House seem incapable of working together on anything, even when their interests align. With lawmaking at a standstill, the president’s use of executive orders and regulatory discretion has reached a level that Congress views as dictatorial—not that Congress can do anything about it, except file lawsuits that the divided Supreme Court, its three vacancies unfilled, has been unable to resolve.
On Capitol Hill, Speaker Paul Ryan resigned after proving unable to pass a budget, or much else. The House burned through two more speakers and one “acting” speaker, a job invented following four speakerless months. The Senate, meanwhile, is tied in knots by wannabe presidents and aspiring talk-show hosts, who use the chamber as a social-media platform to build their brands by obstructing—well, everything. The Defense Department is among hundreds of agencies that have not been reauthorized, the government has shut down three times, and, yes, it finally happened: The United States briefly defaulted on the national debt, precipitating a market collapse and an economic downturn. No one wanted that outcome, but no one was able to prevent it.
The regulations and trade negotiations will be a nightmare to sort out, but the scariest part right now is the uncertainty.
Great Britain’s decision to extricate itself from the EU has consequences that are at once far-reaching and unknown. By Friday morning, no market was immune. Great Britain’s currency, the pound, had fallen to its lowest levels since 1985, and the FTSE (an index of the London stock exchange) and DAX (a German stock index) plummeted. In the U.S., markets opened in the red, gold (a commodity that many investors flee to at times of uncertainty) was up, and traders around the globe prepared for a volatile day amid the question of what the future will look like with the U.K. untethered from the European Union.
The health of an economy is significantly influenced by the policies and regulations that govern its financial systems. But the problem here goes far beyond a change in regulations: The bottom line is that no one really knows what will happen in either Great Britain or the EU—and that is in and of itself an economic problem. Markets don’t respond well to uncertainty. It’s understandable, then, that Great Britain’s historic move to shed its formal integration with Europe after almost six decades and the resignation of its prime minister all at one time would send markets into a bit of a frenzy.
In the book, Leonard took issue with the notion that China or India could soon eclipse America as a world power. “Those countries suffer from the same problems as the United States: they are large, nationalistic nation states in an era of globalisation,” he wrote. “The European Union is leading a revolutionary transformation of the nature of power that in just 50 years has transformed a continent from total war to perpetual peace. By building a network of power—that binds states together with a market, common institutions, and international law—rather than a hierarchical nation-state, it is increasingly writing the rules for the 21st Century.”
Twenty-three years after Listening to Prozac, Peter Kramer comes to the drug’s defense.
Several years ago, in the middle of reading volume five of The Princess Diaries to our elder daughter, my wife came to a passage about a dog who is so anxious when left alone that he licks himself until his hair falls out. The royal veterinarian has prescribed Prozac, but the young princess thinks the dog’s real problem is that it lives with her grandmother: “If I had to live with Grandmère, I would totally lick off all my hair.” Our daughter was curious about the medication, which she had never heard of. “Wouldn’t it be wonderful,” she said, “if there was something like that for people?”
There is, of course, something like that for people. It is prescribed by sober clinicians, dismissed by critics who wouldn’t give it to a dog, and puzzled over by a public unsure whether it is a life-changing medication or a fairy-tale invention. The confusion is understandable. In 1993, the writer-psychiatrist Peter D. Kramer published Listening to Prozac, his best-selling examination of a pill that promised to revolutionize the treatment of anxiety and depression. In 2010, the Harvard researcher and psychologist Irving Kirsch published The Emperor’s New Drugs: Exploding the Antidepressant Myth, a data-fueled argument that was lauded in a New York Review of Books essay called “The Illusions of Psychiatry” and featured on 60 Minutes, as well as in a Newsweek cover story. “Studies suggest,” the article reported, “that the popular drugs are no more effective than a placebo.”
For the first time, the Republican nominee’s operation shows real signs of changing course. But can changing the campaign change the candidate?
NEW YORK—On Wednesday, Donald Trump gave, by his standards, a restrained and subtle speech.
True, the Republican candidate referred to his opponent, Hillary Clinton, as “a world-class liar,” “maybe the most corrupt person ever to seek the presidency,” and someone whose “decisions spread death, destruction, and terrorism everywhere.” And yes, the speech was full of lies and half-truths. Yet Wednesday’s speech, delivered at an upscale hotel the candidate owns in New York’s SoHo neighborhood, was nonetheless the most focused and cohesive address he has yet given, one that laid out a cogent populist argument without resorting to overt racism or long insult-comedy riffs.
Such is the bar for Trump that this represents progress. But if the Great Trump Pivot is finally happening—his makeover into a normal and presentable general-election candidate, much anticipated but never delivered in the seven weeks since he became the Republican nominee—well, the political establishment will believe it when they see it.