2022 Book Report #9 - The Ride of a Lifetime (Robert Iger)
9 of 12 - The Ride of a Lifetime by Robert Iger
Lessons Learned from 15 Years as CEO of the Walt Disney Company
This book is a history of the Disney organization through the last couple decades (along with some history of ABC and ESPN), many examples on how to successfully pull off mergers and acquisitions, and true leadership principles to guide a profitable and impactful organization.
Key Lessons and Best Quotes
Innovation
You have to do it; you may need a whole new culture to do it but you need it
It may be much easier to acquire a true innovation culture than to make a non-innovative culture innovative
You cannot live off of yesterday’s successes. Innovate or die.
"Companies fail to innovate because of tradition; it generates so much friction, every step of the way." - Iger
I would much rather take big risks, and sometimes fail, than not take risks at all.
Of great interest to me was the fact that almost every traditional media company, while trying to figure out its place in this changing world, was operating out of fear rather than courage, stubbornly trying to build a bulwark to protect old models that couldn’t possibly survive the sea change that was under way.
The need to be comfortable with failure is the most profound lesson Bob Iger learned in his first year running primetime at ABC. If you want innovation — and you should always — you need to give permission to fail.
“Of all the lessons I learned in that first year running prime time, the need to be comfortable with failure was the most profound.”
Calculated Decisions
Although the introduction of Disney+ inflicted short-term stress on the bottom line as the company effectively competed with itself in its traditional businesses, it was necessary to take on short-term losses to win long-term growth.
Iger dismantled the strategy and decision-making culture – and he did it in one big swoop!
The strategy was simple: they were hyper-vigilant about controlling costs, and they believed in a decentralized corporate structure.
Disney 1) hired people who were smart and decent and hardworking, 2) they put those people in positions of big responsibility, and 3) they gave them the support and autonomy needed to do the job.
Taking Responsibility
In your work, in your life, you’ll be more respected and trusted by the people around you if you honestly own up to your mistakes.
Mergers and Acquisitions
The successful acquisitions of Pixar and Marvel hinged on the realization that the value of the companies lay in their people.
Both of these deals were structured to ensure that Disney protected the original (and unique) corporate cultures even after the integration.
Leadership Thoughts
The tone you set as a leader has an enormous effect on the people around you
Don’t let your ego get in the way of making the best possible decision.
A little respect goes a long way, and the absence of it is often very costly.
You have to approach your work and life with a sense of genuine humility.
What is not paid careful attention to…becomes mediocre in a hurry.
Cultivate the key relationships.
True authority and true leadership come from knowing who you are and not pretending to be anything else.
Culture
It may not be possible to turn around a dysfunctional culture; especially one which spent a long time becoming dysfunctional. The answer may be to acquire the culture you need.
Treat people decently! Cultivate empathy!
Shokunin
Embrace the Japanese concept of shokunin (the endless pursuit of perfection for some greater good.) For Iger, this means to take immense pride in the work you create, have the instinct to push for perfection, and the work ethic to follow through on the goal.
Strategic Priorities
Iger's three strategic priorities once he took over as the CEO:
1) devote time and capital to the creation of high-quality branded content
2) embrace technology to the fullest and treat it as an opportunity instead of a threat
3) become a truly global company.
A company’s culture is shaped by a lot of things, but this is one of the most important; you have to convey your priorities clearly and repeatedly.
This is what separates great managers from the rest. …If leaders don’t articulate their priorities clearly, then the people around them don’t know what their own priorities should be.
Five Principles: Five of Iger’s key principles he lives by
Optimism — People are energized by optimism
Courage — The foundation of risk-taking
Curiosity — A deep and abiding curiosity enables the discovery of new people, places, and ideas. The path to innovation begins with curiosity.
Empathy — Nothing is worse to an organization than a culture of fear. — Empathy is a prerequisite to the sound management of creativity, and respect is critical.
Integrity — Nothing is more important than the quality and integrity of an organization’s people and its product.
Other “book reports” from 2022:
