Despite a lagging economy, Ted Leonsis has beaten the odds, fostering growth in three successful businesses in recent years.
Ted Leonsis, former AOL vice president and owner of the Washington Capitals, recently published a book titled “The Business of Happiness,” in which he revealed that one of his secrets to business success is happiness. Instead of taking the standard route of throwing a launch party and book signing, he opted to hold a panel discussion with other successful entrepreneurs in the Rafik B. Hariri Building Monday evening.
In a discussion of the “double bottom line,” panel members demonstrated that it is possible to be a successful entrepreneur and a philanthropist. The “double bottom line” is a business term that describes enterprises that fulfill social responsibility while continuing to turn a profit.
Leonsis said that he has been blessed to experience success in his three business endeavors, Revolution Money, the Washington Capitals and SnagFilms amid the economic climate. “By following tenants in the book, I got successful enough to gain confidence to share the secret with other people,” said Leonsis, explaining his motivation to write a book.
The discussion was moderated by University President John J. DeGioia, a college friend of Leonsis. The panel also included Tom Adams, founder and chief executive officer of Rosetta Stone; Donald Graham, chairman of The Washington Post Company; Sheila Johnson, co-founder of Black Entertainment Television; and Joseph Robert, chairman and CEO of J.E. Robert Companies.
The auditorium was nearly full with students, alumni, faculty and members of the D.C. business community, and the 90-minute discussion incited jokes and laughter.
After brief remarks by McDonough School of Business Dean George Daly and DeGioia, Leonsis opened the discussion by touting his philosophy of “doing well by doing good,” stating that the pursuit of happiness involving community can strengthen businesses.
Panelists then discussed how this philosophy resonated for them on a personal level.
Johnson emphasized creativity, or “coming out of the box,” in helping others. Johnson said that her time at Parsons The New School for Design inspired her to utilize a variety of methods such as film and a magazine-format show with teens to address social issues.
Adams stated that the foreign language education business itself works for the common good, but Rosetta Stone in particular promotes corporate responsibility by partaking in the preservation of Native American languages.
Adams advised students that they pursue careers in sectors that they are passionate about.
Daly said it was refreshing to see that the business and social awareness are not mutually exclusive ideas but can be mutually supportive.
“We also try to have this [philosophy] as a component of every course we teach,” Daly said. “We give it particular focus in our required courses in ethics and in the Social Enterprise program being developed by professor Bill Novelli, the former CEO of AARP.”
