If you've read a business book, you probably know the story of Kodak's decline. In 1975, a young engineer at Kodak invented the world's first digital camera. However, instead of commercializing the technology, the company's management hid it because it competed with the company's traditional film business.
Eventually, Kodak was shattered by the technology it had invented and ignored, and filed for bankruptcy protection in 2012.
On the other side of the Pacific, there is a story far more noteworthy than this, but it is rarely told. This is the story of Fujifilm.
With the rise of digital cameras, Kodak's main competitor in the film business, Fujifilm, is facing the same market challenges. But unlike Kodak, Fujifilm's management is willing to let go of the baggage of history and abandon the stubborn mentality of "this is what we do, and this business is equal to us".
In an effort to reimagine the future, Fujifilm's leadership asked the question, "What are our 'first principles', that is, which of our company's core competencies can be moved in new directions, and which industries can benefit from what we do best?"
What's the answer?
Yes, you read that right. In 2007, Fujifilm launched its premium skincare brand with the right slogan: "Freeze time like a photo." "At first glance, photos and skincare have nothing in common, but the appearance is deceptive. It turns out that antioxidants, which protect film from UV rays, have the same effect on human skin, and collagen, which accounts for about half of the film's material composition, is also the most abundant protein in the skin and is a common ingredient in skin care products.
Fujifilm combined its experience with collagen and antioxidants to develop skincare formulations. Fujifilm, which had been a film division for decades, reoriented itself and began to produce skincare products. In 2012, when Kodak, a longtime rival in the film sector, filed for bankruptcy protection, Fujifilm, a diversified company, achieved annual revenues of more than $20 billion. The company continues to redeploy its capabilities and forge new directions, including personal care, pharmaceuticals, and life sciences. While many of the new investments were unsuccessful, the profits generated by the few successful product lines were more than enough to cover the losses.
Fujifilm has never given up on the film industry. Although the previous part of the business contributed very little to the company's profit. Today, however, the share of this segment of the business has begun to grow year by year, as people's nostalgia for analog images and physical media has revitalized traditional film products.
This is the power of the "first principles" way of thinking – distilling the most fundamental and essential elements of a system and reorganizing them in a new way.
The "first principles" way of thinking can be used far beyond the business world, you can also apply it to yourself: find out what makes you up and then reinvent a whole new you. Take the time to sort out the bricks that make up you—your talents, interests, and preferences are like building blocks that can be assembled.
There are some questions that deserve your thoughts: What makes you who you are? What are the ongoing themes in your life? What are some things that seem like play to you but are jobs to others? What are some things you can do that you never even think are abilities that others think it is? What would your partner or best friend say if they asked what your "superpower" (i.e., what you do better than the average person) was?
Basically, we don't trust our superpowers much. We are accustomed to valuing hardship and hardship, and we do not look down on easy access. We always think that if we are not hard enough, tired enough, hurried enough, and struggling enough, we are not on the right path. However, on the road of life, it is possible to create "diamonds" without high temperature and high pressure.
Take a closer look at what skills are needed behind everything you're good at. For example, if you're particularly good at organising events, it doesn't just mean you're a great event organizer, but it also means that you're able to communicate well with people, inspire them and create memorable experiences. These skills are likely to be used in many more scenarios than you realize.
One of the constant melodies in my life is storytelling. As a child, I started writing stories ever since I learned to use my grandfather's typewriter. When I was in elementary school, I spent a lot of time writing – writing scripts and stories, and also writing for the magazine I founded (whose only readers were my parents). As an adult, I worked as a lawyer and told persuasive stories on behalf of my clients. Then, as a professor, I use stories to capture students' attention and inspire their wisdom. Today, as a writer, I use my storytelling skills to convey my thoughts in a memorable way. The recipe has changed, but the core ingredient has never changed.
Your "first principles" are often the traits that you suppress the most—because they make you unique.
For me, play is one of those qualities. As a child, I was very good at playing. When this trait began to prevent me from fitting in with the group, I suppressed it with self-discipline. I'm still rediscovering my fun-loving side, and my writing is freest and smoothest when my inner child comes out to play.
Your inner child often holds the key to unlocking your core competencies. If you want to be original, you have to go back to the basics – this is said to be the words of the Spanish Catalan architect Antonio Gaudí. So, try to reconnect with the original you. Think back to what you liked to do most when you were a kid – long before the world instilled facts and truths in you, long before fun slipped away from what you loved to do, long before the word "should" dictated how you used your time?
Once you deconstruct the core elements that make up "you", you start from scratch and reconstruct a new self. However, don't copy what is original. Reimagine and recombine your core traits in new ways to identify potential new futures. Enter a completely new career direction or industry and change your target audience around your core competencies.
Once you've discovered your core qualities, you'll gradually see the amazing richness and complexity that lies within you.
Source: Visual China
Author: [United States] Ozan Varol ◎ Translated by Su Xi. From Reader Magazine, Issue 8, 2024. Those shining days, there are "Readers" to witness with you.