Jim KeyesFormer CEO of 7-Eleven and Blockbuster

The opportunity to work with well-known companies that were facing challenges really attracted me. I enjoy the intellectual stimulation and the unlimited potential for transformation. Both 7-Eleven and Blockbuster were in need of fresh leadership, and I was drawn to help them navigate through difficult times and come out stronger.

The most challenging part was definitely the corporate politics and fear that came with bankruptcy. There were times when I wasn't sure if I was going to have a future at 7-Eleven. But the upside of the business transformation, once we moved past the challenges, made it all worth it.

7-Eleven's success comes from its ability to adapt. It started as an ice house, but as refrigerators became common, they pivoted into the convenience store business. They listened to their customers and created a model that was focused on convenience, which is what people wanted.

One of the biggest innovations was introducing gasoline as a convenience item at 7-Eleven. They had just acquired an oil company, and I helped them add gasoline to their stores, which made them even more convenient for customers.

I would still choose 7-Eleven because I know the system inside and out, and it's a profitable model if you're a successful franchisee. But there are other good options like Subway. There are also many opportunities for people who want to be entrepreneurs and start their own businesses from scratch.

Franchising is an easier path to entrepreneurship because everything is laid out for you. The systems, the inventory, the accounting – all of that is handled. It can be a great way to learn how to run a business, but I personally lean toward starting something new because it offers more freedom and the potential for greater rewards.

7-Eleven got its name because, in the 1940s, they decided to stay open from 7 a.m. to 11 p.m. as a point of differentiation. Before that, most stores closed at 6 p.m. It was a bold move that helped set them apart from other businesses.

7-Eleven started in 1927 as Southland Ice Company, selling blocks of ice to keep people's iceboxes cold. But with the invention of refrigeration, they saw that their core business was no longer needed. So, they started selling bread, milk, and other goods instead, which led them to become a convenience store.

The introduction of refrigerators made the ice business obsolete. They realized that people weren't coming to the store just for ice – they were coming for the convenience of having other products available. This insight helped them shift to the convenience store model, selling essentials like bread and milk.

One of the biggest lessons I learned was the importance of adaptability. 7-Eleven had to pivot when refrigeration took over the ice business. The ability to change with the times and listen to customer needs is crucial in business.

Back when 7-Eleven went through bankruptcy in 1991, the chairman told me to go all over the world and find things people need conveniently and bring those ideas back. So that's what I did. I started studying what worked in places like Sweden, Korea, and Japan.

It pushed me to look outside the U.S. and really explore what other markets were doing better. When times are tough, you have to be more creative and open to new ideas.

It's huge. That's where a lot of innovation comes from. The more you understand other cultures and can communicate there, the more opportunities you find. I even wrote a chapter in my book about it called Cultural Literacy.

A successful entrepreneur is someone who is willing to take risks, be adaptable, and most importantly, learn from failure. The ability to take challenges head-on, learn from them, and pivot when necessary is key to long-term success.

I'd say don't be afraid to fail. The best businesses come from people who are passionate about solving a problem or providing a service. Stay focused on what you want to achieve and keep pushing through the tough times. If you believe in your idea, go for it. You can learn and grow along the way.