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7 Lessons Every Young Entrepreneur Can Learn From Walt Disney

7 Lessons Every Young Entrepreneur Can Learn From Walt Disney

The Walt Disney Company is a multinational mass media corporation valued at $45.429 Billion. It is the second largest broadcasting and cable company in the world and it has shaped the childhoods and pop culture of millions, probably billions of people. Quite simply it is the most well known company in the history of the world.

And it all started with one man.  

Few people have changed this world to the magnitude that Walt Disney has. He proves that circumstance and education do not dictate what you can become. His life lessons serve as excellent reminders for young entrepreneurs.

1. You must be a salesman.

“I’d say it’s been my biggest problem all my life… it’s money. It takes a lot of money to make these dreams come true.” – Walt Disney

Sales gets a bad reputation, but make no mistake, selling is the most important skill you can master. And as Walt said, dreams take money and money comes from selling. Walt believed in himself and his dreams and could therefore convince others to believe in him too. Halfway through making Snow White, Disney ran out of money to finish the film that was termed “Disney’s Folly.” Even his own family begged him to give it up, but Disney was undeterred. He personally traveled to different producers and showed them the raw footage and convinced them to finish financing the film. Snow White became an instant success and ushered in the Golden Age of Animation. To finance attractions at Disneyland, he persuaded the television studios to finance building the park in exchange for original Disney programming. Guess what the programming was? It was basically an advertisement for Disneyland! This genius plan not only financed the park, but by the time it opened there were millions who couldn’t wait to go! It proved to be one of the most successful media campaigns ever done and it helped grow Disneyland into the international destination it remains today.

2. Leadership is inspiration, innovation and focus.

“You can design and create, and build the most wonderful place in the world. But it takes people to make the dream a reality”. -Walt Disney

The key to Walt Disney’s leadership is that he was an incredible storyteller. It’s one thing to tell your employees to do something, it’s another to inspire them to action. Walt would tell them a story. He would go into extreme detail and make it come alive for them. He would inspire his workers and make them a part of that story and as a result he would get more from them. When he was first pitching his animators on the story of Snow White, he went through the entire story, acting out the characters, even doing their different voices and movements. Walt had a unique ability to hire people more talented than he was and to focus and coordinate their attention towards a common goal. He admitted that he was a terrible animator. So he hired the best he could afford and focused on innovating the company. He also knew his workers. He knew what they were capable of and didn’t accept anything less than their best. He may not have been quick to compliment, but he was always clear about what he visualized and expected.

3. Always be constantly improving.

“Whenever I go on a ride, I’m always thinking of what’s wrong with the thing and how it can be improved”. -Walt Disney

Walt believed in the future. He insisted that Steamboat Willie have the sound synced and recorded, unheard of for a cartoon at that time. Before Snow White, there was no such thing as a feature length animated film. After it became a huge success and literally changed the film industry, it led to the success of several more beloved Disney classics like Cinderella, Alice in Wonderland and Fantasia. Walt Disney could have rested on his laurels, but that wasn’t his style. Instead, he completely switched gears and set out to build an amusement park where parents and children could have fun together. Once Disneyland opened, Walt would walk around the park, personally testing all the rides, noticing if anything was out of place and asking the guests their opinions. If he noticed something was wrong, he would personally see that it was fixed. As his animators could attest, good enough was never good enough for Walt Disney.

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    4. Develop a high tolerance for risk.

    “We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths.” – Walt Disney

    Walt took a lot of risks in his career. Several times the future of the entire Disney company hung on whether a venture was a success or failure. A few times Walt even had to mortgage or sell his personal possessions. He never did this lightly. He would carefully weigh out both sides and make a decision for bold action and, once decided, never wavered. In 1955, Disneyland was the biggest gamble in the history of American business. Walt struggled to find financing and his own family, including business partner Roy Disney, begged him to give it up. At the time, nothing like Disneyland had ever been attempted, so there was a general consensus that it was impossible. Walt pushed forward anyway. If Disneyland had failed, it would have bankrupted the company. Today, the Disney theme parks bring in BILLIONS of revenue and millions of visitors each year.

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    5. Change your attitude towards failure.

    “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.” – Walt Disney

    Walt Disney failed, a lot. His first studio, Laugh O’ Grams never made a profit. But the most notable is the fiasco of Oswald the Lucky Rabbit. He lost everything, his studio, his equipment, his animators and his creations. But from the ashes of that immense failure rose one of the most beloved characters ever created. On the train home from learning he had lost Oswald, Walt created Mickey Mouse.

    6. Believe in yourself, even when everyone say’s you’re crazy.

    “When you believe in a thing, believe in it all the way. Implicitly and unquestionable” – Walt Disney

    Walt Disney had a unique relationship with his brother, Roy Disney. Walt would pitch an idea to Roy. Roy would say no and try to talk him out of it. Walt would continue anyway, and Roy would eventually give in and get the project financed. Throughout his entire career Walt was told what couldn’t be done. He was told no one would sit through an animated feature film. He was told you couldn’t mix animation with real life actors. He was told his idea for a theme park would fail miserably. Someone even told him that Mickey Mouse was a bad idea because a mouse would frighten women. He proved that just because it hasn’t been done before doesn’t make it impossible. Impossible is a word of a small minded person and Walt Disney dreamed big. He had an unshakable belief in himself and what he was doing; that was all that mattered.

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    On the opening day of Disneyworld, five years after Walt’s death, someone remarked to creative director Mike Vance that it was too bad Walt Disney didn’t live to see this day. Vance replied, “He did see it. And that’s why it’s here”.

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      7. Resiliency is an entrepreneur’s best friend.

      “The difference in winning and losing is most often not quitting” – Walt Disney

      It took Walt 16 years to get the rights to make Mary Poppins, now considered one of the best films of that time. The problems he faced with author P.L Travers are so infamous it has been made into its own movie. He was turned down 302 times when trying to find financing for Disneyland before striking a deal with the television studios. And in the most unbelievable story, he was fired from his first job ever at a newspaper for not being creative and innovative enough! He went on to own that same company. Resiliency is the ability to withstand or recover quickly from difficult circumstances. Walt faced many difficulties that would have made the average person give up. Walt was able to keep pushing because he believed in himself and in his dreams, giving him the resiliency to work hard and make them come true. He believed in doing whatever it took to get the job done and, therefore, he got results that far exceeded what anyone else could have imagined.

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      When Walt was asked what the secret to his success was, he thought for a while and then he said this: “I dream, I test my dreams against my beliefs, I dare to take risks, and I execute my vision to make those dreams come true.” Today the rules of success are no different. If Walt Disney, a man with limited education from a poor family, could create an entertainment empire from almost nothing, what’s stopping you from dreaming just as big?

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      Last Updated on December 10, 2019

      7 Strategies to Keep Employee Motivation High

      7 Strategies to Keep Employee Motivation High

      Highly motivated employees are essential to the success of any business. Most people spend a third of their lives at work.[1] That’s a significant amount of time away from home, apart from the people who make us happy and the things we love to do. So keeping employee motivation high is essential for creating an office environment that gets the best out of our people.

      But do you know what motivates your people?

      It’s simple:

      • Is their work stimulating?
      • Does it challenge them?
      • Is there room to grow, a promotion perhaps?
      • Do you encourage creativity?
      • Can they speak openly and honestly with you?
      • Do you praise them?
      • Do you trust your staff to take ownership of their work?
      • Do they feel safe in their work environment?
      • And more importantly, do you pay them properly?

      Every one of these factors contributes to the general happiness of your employees. It’s what motivates them to come into the office each day and work hard, hit goals, and get results.

      In contrast, an unmotivated employee is typically unhappy. They take more sick days, they’re not invested in seeing your business succeed, and they’re always on the lookout for something better.

      Stats show that 81 percent of employees would consider leaving their jobs today if the right opportunity presented itself.[2] So it’s up to you to set aside time and energy to create a work environment that benefits every one of your employees.

      These seven strategies will help you motivate your people to consistently deliver quality work and, more importantly, to stick around for the long term.

      1. Be Someone They Can Rely On

      You rely on your people to turn up to work each day, to come to you when they have a problem they can’t solve, to be honest, and to always engage professionally with customers.

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      But this is not a one-way street. You, too, need to be someone your team can rely on. They trust you to have their backs when a client is unreasonable, to know that the decisions they make are in your best interest, and to make good on your promises.

      If you say you’ll attend an important meeting, be there. If your company makes a profit and you’ve said you’ll pay a bonus, pay it. The goodwill of your people is something you never want to test, let alone lose.

      Be reliable; it’s astounding how much this motivates your people.

      2. Create an Awesome Company Culture

      There’s no denying that company culture trickles down from the top. Your leadership and attitude massively influences the attitudes, work ethic, and happiness of your staff. If you’re always stressed-out, overly demanding, and unreasonable, it’ll create tension in your office which will adversely affect your employees’ motivation levels.

      In fact, the HAYS “US What People Want Survey” found that 47 percent of staff who are actively looking for a new job, pinpoint company culture as the driving force behind their reason to leave.

      So if you have high staff turnover, you need to determine whether your company culture might be the motivating factor behind your churn rate.

      Here are four ways to build a culture that keeps your employees highly motivated.

      • Be conscious of the image you present. Your body language and attitude can positively or negatively impact your employees. So come to work energized. Be optimistic, friendly, and engaging—this enthusiasm will spill over to your people and motivate them to be more productive and efficient.
      • Appreciate your people and be reasonable. Celebrate your team’s achievements. If they’re doing a good job, tell them. Encourage them to challenge themselves and try new things. And reward when deserved. If they’re struggling, help them. Work together to find solutions and be a sounding board for their ideas.
      • Be flexible. Give your people opportunities to work remotely—this is highly motivating to staff, particularly millennials. They don’t want to be battling traffic each day on their way to work. They don’t want to miss their kids’ baseball games or ballet rehearsals. Stats show that companies that offer flextime and the ability to work from home or a coffee shop have happier and more productive employees.
      • Create employee-friendly work environments. These are spaces that inspire and ignite the imagination. Have you ever been to Google’s offices? No headquarter is the same. From indoor slides and food trucks, to hammocks, and funky work pods on the wall, gaming rooms, and tranquil interior gardens, there’s something for everyone. It’s a space where people want to be, catering to their need for creativity, quiet, or team building; you name it.

      So take a look at your company culture and ask yourself, Is my business an attractive workplace for talented professionals? Does it inspire commitment and motivate my people? What could I do to improve my company culture?

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      3. Touch Base with Your Team Weekly

      Make time for your people, whether you run a remote business or work in an office, set aside time each week to talk to your people one-on-one. It’s non-negotiable.

      When there’s an open line of communication between staff members, work gets done. Don’t believe me? A study by Gallup found that 26 percent of employees said feedback from their leaders helps them to do a better job.[3]

      Your people want to feel trusted. They want to take ownership of their work, but they also need to know that when they have a question, they can reach out and get answers. If you’re unwilling to make yourself available, your team will quickly become unmotivated, work will stagnate, and your business will stop growing.

      So block off time on your calendar each week to touch base with your people, even if only to let them know that what they’re working on matters.

      4. Give Them the Tools They Need to Do Their Jobs Well

      Imagine trying to run your business without electricity. How would you contact your clients? What would happen when your phone or computer battery died?

      Technology is super critical to the success of your businesses. It allows you to work more efficiently, to be more productive, and to handle matters on-the-go. That’s why you need to give your people tools that will make their jobs easier.

      Make sure their equipment is in good working condition. There’s nothing more frustrating than a laptop that takes ages to boot up. It’s got to go. Replace outdated software with new software. Don’t make your designer work in Coreldraw; give them access to the most up-to-date version of Adobe Creative Suite. Take it a step further and buy them a subscription to Shutterstock or Getty Images.

      Make working for you a pleasure, not a pain; and watch your employees’ motivation levels rise.

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      5. Provide Opportunities to Learn and Upskill

      Would you believe me if I told you that 33 percent of people cite boredom and a need for new challenges as the top reason for leaving their job?[4] If you want to retain your talent, you need to upskill.

      Thanks to technology, we live in a rapidly evolving world that demands we change with it. A copywriter is no longer just a writer; they now need to be experts in SEO, Google Adwords, CRMs, and so much more.

      A pastry chef needs to be a food stylist, photographer, and social media manager. An entrepreneur needs to be a marketer—or at least take ownership of the marketing message for their business—if they hope to scale.

      Technology makes all of this possible. No matter your location, your people can continuously expand their knowledge and gain new skill sets—something that’s highly motivating to employees. They want to know that there are opportunities to grow and develop themselves.

      If you won’t invest in your people, then your business becomes just another job to tide them over until they find where they truly belong. So be the company that sees value in developing its people.

      6. Monitor Their Workload

      Overworked employees tend to be unproductive and unhappy. Your people cannot be at full capacity every day, month to month. Something’s got to give. They’ll become deflated and their work will eventually suffer, which will negatively impact your business.

      What I like to do is implement a traffic light system. It helps me to keep a finger on the pulse of my business. So there’s red, yellow, and green:

      • Red means they’re fully loaded.
      • Yellow means they’re busy, but they can potentially take on more.
      • Green means they haven’t got enough to do.

      I use this traffic light system because I don’t want my team members to be stressed out of their brains all the time. If they are, they won’t make good decisions and they won’t do good work.

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      If my people are regularly overloaded, I have things to think about. Perhaps I need to hire a new person to help ease the load or take a closer look at what projects are good to go, and which can take a back seat.

      And this is why #3 is essential. If I’m regularly engaging with my people, I’ll know that while they’re coping with their workload, it is impacting their performance and health, and I’ll take action.

      7. Don’t Mess Around with Your Employees’ Pay

      Never mess around with your people’s salary. As a business owner or high-level manager, it’s easy to forget that most people live from paycheck to paycheck. Delayed compensation can mean a missed bill payment, which could result in costly penalties they can’t afford or hits to their credit score.

      So it’s your job to ensure that you pay your people on time.

      The Bottom Line

      A motivated team is an asset to any business. These people never give up. They get excited about coming to work each day and can’t wait to test a new theory or tackle a particularly tricky challenge. They’re proud of the work they do. And more importantly, they have no reason to leave.

      Wouldn’t you rather be part of their success story than the business that drove them away?

      More to Motivate Your Team

      Featured photo credit: Emma Dau via unsplash.com

      Reference

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