The centenary of The Walt Disney Company falls this year. The onscreen successes are where most will focus their attentions. That and the unabated pleasure that Disney brings to young and old. I am more interested in Disney – the business. And importantly, the business lessons we can learn from Disney.
From humble beginnings as an animation studio in 1923 to the multi-billion-dollar entity it is today, Disney is a masterclass in how to run, develop and keep a business profitable. Its expanse is almost unrivalled. Success that spans decades. Not to mention multiple ambitious takeover bids – Disney now being custodian of the Marvel, Star Wars and Pixar brands.
“LAUGHTER IS TIMELESS, IMAGINATION HAS NO AGE, AND DREAMS ARE FOREVER.” – WALT DISNEY.
An enduring business built on a foundation of creativity, fun and putting the customer first. A business that never stands still. It takes a certain personality type to build a company like this.
Does the person at the helm have to be a touch eccentric to achieve such dizzy heights. Slightly irrational? Probably. Yet there are lessons to be learnt for all aspiring professionals. Here are five business lessons we can learn from Disney:
“CHANGE IS GOOD.” — RAFIKI (THE LION KING)
Disney is one of the most successful and powerful entertainment companies in the world, with a reported value of $238.9 billion.
One of the business lessons we can learn from Disney is about harnessing change. Only by constantly innovating and pushing the boundaries of both animation and business, was the company able to go from a moderately successful studio to one that offers complete immersive entertainment experience on every platform in nearly every country – with theme parks, merchandising, cruise ships, anything your imagination can conjure – Disney probably delivers it. That doesn’t happen without diversification.
Even today, Disney is forward thinking, pushing for change in many ways. You only need to look at the number of women on the senior leadership team to see that it bucks trends. Take a leaf from Disney and embrace change because change is most definitely good!
“IN EVERY JOB THAT MUST BE DONE, THERE IS AN ELEMENT OF FUN.” – MARY POPPINS.
Disney is a business was founded on fun. One that actively encourages staff to revel in the creative process. To feel the deep-rooted joy of passing on joy to others.
The company has excellent customer service at its core, along with the belief that this all starts with a smile.
Perhaps there’s an element of ‘fake it until you make it’. Staff are referred to as cast members. When at work, they are ‘on stage’. But people buy into the brand (and the smiles) because it is authentic. Job satisfaction at the company is high. The pay is good and there are lots of perks. Let’s face it there are worse places to work.
What Disney demonstrates is that if as a business you stay true to your values, your staff will become an extension of this. A living, breathing endorsement of your brand.
“IF WATCHING IS ALL YOU’RE GONNA DO, THEN YOU’RE GONNA WATCH YOUR LIFE GO BY WITHOUT YA.” – LAVERNE, THE HUNCHBACK OF NOTRE DAME.
Disney encourages us to be bold. To always keep moving forwards. In the business lessons we can learn from Disney this is one that resonates with most entrepreneur companies. To be brave!
It’s extraordinary the way that the business evolved and took shape from its initial form to a global corporation spanning generations and multiple markets.
Imagine if Disney had held back on any of the seemingly impossible ideas that came to pass throughout the years. Recent bold moves being ambitious takeovers of Marvel and Star Wars. Both have not only been a huge success financially but breathed new life into the franchises. I believe, resulting in some of the most exhilarating films to date. Purists may disagree. It doesn’t matter – the box office figures speak for themselves.
Still, Disney doesn’t rest on its laurels, taking more action to launch its own streaming service in Disney+. Always moving. Always with an eye on the next step. This is how to run a successful business.
HAVE FAITH IN YOUR DREAMS AND SOMEDAY YOUR RAINBOW WILL COME SHINING THROUGH.” – “CINDERELLA
The overriding characteristic of Walt Disney was his unwavering faith in his visions.
Take for instance Disneyland. At the time, a huge diversification from filmmaking. It was no easy task to complete. Or to begin, as it happens.
The first issue was how to finance the multimillion-pound project. When approaching potential funders Walt Disney was turned down by all the major banks and traditional routes to raising capital. Unperturbed, he decided that as his roots lay in entertainment, he would approach television networks.
Again, the major players refused. He employed creative minds, artists, and visionaries to help him bring his idea to life. To convey the sheer scale and ambitions of his plan in a way that people could easily comprehend. A detailed rendering was presented to ABC, then a fledgling television network. Finally, somebody was sold, agreeing to secure loans in return for a stake in the business.
Relentless tenacity and unwavering dedication to bringing his idea forward from the realms of his imagination led to dreams becoming reality. The rest, as they say, is history.
THE PROBLEM IS NOT THE PROBLEM. THE PROBLEM IS YOUR ATTITUDE ABOUT THE PROBLEM.” – CAPTAIN JACK SPARROW
Another lesson Disney teaches us is that a problem doesn’t always have to be a problem. That all depends on our viewpoint. Reframe your approach and a problem becomes an opportunity.
Taking the example above – the construction of Disneyland. Even the build wasn’t straightforward this was turned into an opportunity in true Walt Disney fashion. Television shows documented the highs and lows of the construction, building anticipation and a ready-made guestlist for the opening. Suddenly there was an invested audience that had followed the entire project from its inception.
Disney was not always the success it was today. In fact, there were many years when the Walt Disney Studio struggled to stay afloat at all. In 1928, Walt and his business partner were unpleasantly astonished to find out that most of their animators had been poached by a competitor. It was this ‘problem’ that ultimately led to the creation of Disney’s most famous character of all – Mickey Mouse. A creative outcome from his new team! A legacy that has lasted 100 years.
“EVEN MIRACLES TAKE A LITTLE TIME.” — FAIRY GODMOTHER, CINDERELLA.
A final thought. Success doesn’t always happen overnight; it has taken a century for Disney to grow to the scale and success it has achieved today. And here’s to the next hundred – who knows what they will bring. In the business lessons we can learn from Disney, the final lesson is that time and patience are as important as tenacity when it comes to achieving your dreams.
THE FINAL SCENE
Here’s five facts you may not know about the Disney empire and productions:
- The voice of Lilo, from Lilo and Stitch, is Daveigh Chase – the same girl who haunts our dreams as Samara Morgan in The Ring.
- For a couple of years Disney held the patent for Technicolor, making him the only animator allowed to make colour films. Nothing like an exclusive deal!
- Apparently, if you send Mickey and Minnie Mouse an invitation to your wedding, they’ll send you back an autographed photo and a ‘Just Married’ badge.
- The Disney World resort is about the same size as San Francisco.
- Global revenue of the Walt Disney Company is $82.7 billion!