6 Fundamental Business Lessons Every Entrepreneur Can Learn From Walt Disney
His success is all the more amazing when you learn how many times Walt Disney failed.
Everyone knows Walt Disney. Almost everyone has been to a Disney park somewhere, seen a Disney movie (live action or a cartoon) or knows some Disney character. Some people even go on Disney cruises.
Disney the man.
I think in some ways people know more about Disney, fewer people about Disney the man. Walt Disney, the man, has somewhat faded into the background for many people. It is understandable since he died fifty-one years ago, in 1966. Walt was a visionary, an entrepreneur and a creative genius. There are some invaluable lessons every entrepreneur can learn from what he was able to accomplish in his life.
1. Never give up.
Many people don’t know that Walt Disney was not an overnight success. He started several companies that went bankrupt. He started a commercial art studio, and it tanked. He tried to create advertisements, and they also failed due to lack of revenue. Instead of giving in or giving up, Walt always just tried the next thing.
Related: Why You Can Never Give Up Hope
As Walt said, “All the adversity I've had in my life, all my troubles and obstacles, have strengthened me. You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.”
2. Be a problem solver.
Walt Disney was the consummate problem solver. He was very observant and was always looking for ways to solve a problem and how it could be an opportunity in the marketplace.
He took his daughter to a park to ride some rides, and he noticed the rides were dirty and in bad shape, and the people operating the rides were rude.
Related: Eight Problem-Solving Practices
Walt thought about this problem -- and it became Disneyland. He wanted a place that was safe and clean, where parents could take their kids.
As Jason Kilar once said, “When I was 10, we drove to Disney World. When we arrived, what impressed me most was the meticulous attention to detail; there wasn't a gum wrapper anyplace.”
3. Be willing to reinvent yourself.
Many people don’t know that Disney’s first major cartoon star was not Mickey Mouse -- it was Oswald the Lucky Rabbit. He had signed a contract with a distributor for the short cartoons and was thrilled with their success.
When he went to renew the contract, they fired Walt. The distributor said (unknown to Walt) that they legally owned Oswald, and that Walt Disney didn't, as outlined in the contract.
Related: How to Reinvent Yourself
Even worse, all of Walt’s animators left Walt and went to work for the other company.
Walt went home having lost his biggest success. He had to start over. As Walt said, “Mickey Mouse popped out of my mind onto a drawing pad 20 years ago on a train ride from Manhattan to Hollywood at a time when the business fortunes of my brother Roy and myself were at lowest ebb and disaster seemed right around the corner.”
4. Surround yourself with talent.
Walt Disney admitted he was not the most talented at drawing or animation. As he once said, “I started, actually, to make my first animated cartoon in 1920. Of course, they were very crude things then and I used sort of little puppet things.” He was brilliant at knowing what he did best and was able to hire the best artists and animators in the world.
The person who animated Mickey in the early was not Walt but an animator named Ub Iwerks. Walt didn’t have to have the talent for drawing, but he had the vision. It’s like being an architect -- you don’t have to be the general contractor. You just have to know what you want the project to look like when it is done.
5. Be curious.
Walt was an inquisitive soul and always wanted to learn new things. In animation, this led to some stunning developments in the early years.
He is famous for making the first sound cartoon, the first live action and animation mix film, the first full-length cartoon movie. Until then, Walt's cartoons were fluffy, short, mindless entertainment people watched that came on before the main feature.
Here is the point and don’t miss it -- he didn’t know how to do any of those things. His curiosity led him to investigate how to do these things and figure out how to get it all done. Walt said, “We keep moving forward, opening new doors, and doing new things, because we're curious and curiosity keeps leading us down new paths.”
Walt was smart enough after building a successful animation studio to get into live action movies, documentaries, television, amusement parks and tons of products. He could have just been an animation studio, but that would not have created the kind of success his company had.
I think Walt said it best: “Times and conditions change so rapidly that we must keep our aim constantly focused on the future.”
Every business needs to keep looking at ways to grow and diversify.