Free
My friend Carey Perloff, the long-standing artistic director
of ACT, begins the MFA program every year with a question. What do you give an audience that
doesn’t cost you anything – it is free! A provocative question to start your masters program and a question that
every service providers should ask themselves too. If we don’t ask technology disruptors will. Let's learn alongside ACT’s MFA students.
MFA Class
Carey Perloff is a legend in her field. Even if you don’t love live theater I would
recommend reading or listening to Carey’s book Beautiful Chaos. It reads like an entrepreneurial
journey with experiences and guidance that can benefit us all. In addition to the business similarities
discussed in her book the training ACT provides actors can benefit anyone who needs help making presentations that will mesmerize and
impact their audience. Several
companies agree with me and have hired ACT’s trainers to help their
professionals with presentation skills and improv. Don’t these firms have their own
training programs? The answer is
yes but the current in house and third party business training programs focus
on sales and not heart. The
question Carey asks acting students is worth considering too. She expands the question to what
qualities make you unique and what is memorable about your hometown – both are feelings
that neither paid to create. I admit these are not questions I think
about everyday but I should.
The Gig Economy
Another area that can benefit our businesses is to study Gig
Economy businesses. Companies like
Uber and Airbnb have cut out the middleman and made services we all need easier
to choose. By cutting out the
middleman cost go down and we are in control not the dispatcher or reservation
agent. What are the Gig Economy
networks worth? Private capital thinks they are very valuable as both Uber and
AirBnb are valued in the tens of billions of dollars. My favorite Gig Economy business model is Podcasts. Podcasts allow you to control what
programs you listen to on your commute and they like radio and TV are
free. The challenge with Gig
Economy business models is their consumer friendly structure and pricing might not make enough money to survive. One
of the podcasts I love is RadioLab and they shared that it costs them
$100,000 to produce each episode. They
need advertising and listener donations to survive. As a subscriber I was shocked to hear that only 0.79% of
listeners contribute to this great show. Unfortunately I'm one of the freeloaders.
AI
The final area that is worth examining is AI. AI is a tool that can help us make
better decisions. Ray Dalio’s Ted Talk does a great job of explaining
why his firm uses and loves AI. The message
I took away is that AI and professionals need to collaborate to reap the
rewards of the technology. It is
not a zero sum game and AI is only as good as the people using it. Bridgewater’s incredible performance
shows it can and does work. Most
AI solutions focus on the technology instead of partnering with the business. A technology only solution
will cost jobs like Elon Musk says AI will. Technolgy only solutions like Robo Advisors don’t make the
Bridgewater grade either.
We are constantly looking for a Hack to make our lives
better. Freemium is a component
but not the ultimate answer. Heart
and authenticity still rule the day.
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