Former MGM CEO Alex Yemenidjian's Keynote Speech at WCIT 2024 in Armenia | Leadership & Excellence

Summary

In a heartfelt address, the speaker reflects on the transformative power of entrepreneurship and innovation for Armenia's future. Sharing lessons learned from Kirk Kerkorian, a renowned businessman, the speaker emphasizes the importance of character, humility, and making thoughtful decisions. Key insights include valuing time over money, understanding the significance of 'why' in business, and striving for excellence. The story of a retiring carpenter illustrates how our daily choices shape our lives. Ultimately, the speaker encourages the audience to approach their futures with confidence, integrity, and a commitment to building a meaningful legacy.

Takeaways

• 😀 Character is fundamental; it defines who you are and what you do when no one is watching.
• 😀 True charity involves giving without expecting recognition or returns; it's about making a meaningful impact.
• 🕒 Value your time more than money; prioritize quality of life over financial gain.
• 🙌 Humility is key; treat everyone with respect regardless of their status.
• 🧠 Employ systematic thinking; take time to deliberate decisions rather than making impulsive reactions.
• 🎯 Focus on doing fewer things well rather than spreading yourself too thin; confidence is essential.
• 💡 Common sense often outweighs formal education; understanding the 'why' can lead to better outcomes.
• 🏆 Strive for excellence in everything; recognize the difference between adequate and excellent work.
• 🔨 Build your life wisely; the choices you make today will shape your future.
• 🚀 Success is a matter of choice; commit to being proactive rather than reactive in your endeavors.

Q & A

What is the speaker's initial perspective on technology and entrepreneurship?

The speaker views the conference not just as a technology event but as a crucial gathering for the next generation of Armenians, emphasizing that entrepreneurship and innovation are vital for Armenia's future.

What personal experiences does the speaker share about their career?

The speaker shares their journey from making many mistakes in their career to gaining valuable experience, including working with Kirk Kerkorian and holding various positions, such as running MGM Resort and MGM Motion Picture studio.

What is one of the key life lessons the speaker learned from Kirk Kerkorian?

A key lesson learned is that character matters, exemplified by a situation where Kerkorian emphasized keeping one’s word, regardless of the financial gain that might come from breaking it.

How does the speaker define charity based on their experiences with Kerkorian?

The speaker defines charity as a one-way street, emphasizing that true charity should be given without expecting recognition or return, illustrating this through Kerkorian's philanthropic principles.

What is the significance of time in decision-making, according to the speaker?

The speaker emphasizes that time is more valuable than money, sharing how Kerkorian often preferred to settle disputes quickly to avoid long-term commitments to legal proceedings.

How does the speaker illustrate the importance of humility?

The speaker shares an anecdote about Kerkorian attending a movie screening like everyone else, highlighting that true power should not be used for trivial gains, and that humility is essential.

What does the speaker say about the differences between system one and system two thinking?

System one thinking is described as fast and instinctive, while system two thinking is slow, deliberate, and logical. The speaker notes that effective decision-making often requires system two thinking to avoid mistakes.

What advice did Kerkorian give regarding negotiations?

Kerkorian advised never to take the last dollar off the table in negotiations, as maintaining good relationships is crucial since you may encounter the same people again in the future.

How does the speaker connect excellence with attitude and motivation?

The speaker asserts that achieving excellence is less about IQ and more about the right attitude and motivation, emphasizing that one must care deeply and take calculated risks.

What metaphor does the speaker use to describe life choices and their consequences?

The speaker uses the metaphor of a carpenter building a house to illustrate that we construct our lives with our daily choices, and if we do not put in our best effort, we may end up living in a poorly built 'house' or life.