Words From Walt
Page 4 of 20
December 7
I suppose my formula might be: dream, diversify and never miss an angle. |
Commenting on the secret of his success, Walt Disney created one of the most quoted business adages of all time.
Though Roy Disney is often credited with running the financial side of the operation while Walt was the creative genius, each brother was adept in understanding the other's position. Roy's creativity in coming up with the money to finance Walt's projects cannot be overlooked. Likewise, Walt understood the power of money and what it could do if he put it to work for him. This balance and the mutual admiration by Walt and Roy for one another was really what made the Walt Disney Company ultimately successful.
Breaking the formula down part by part:
Dream:
There was no doubt that Walt Disney was a dreamer. But he was also a doer. There are lots
of people who have great, grandiose dreams but no viable way of making those dreams a
reality. Walt Disney did. To be fair, he gambled many times and had his dreams not paid
off, it would have meant the untimely end of the company. Many times in his career, the
"experts" wrote off Walt's dreams. Snow White and the Seven Dwarfs was
to be "Disney's Folly," for surely no one would want to sit still for 80 minutes
and watch a cartoon with its bright colors. Disneyland would be a "Spectacular
Failure," for who would want to go to a dirty amusement park and actually pay to get
in? But Walt was so sure that the public would embrace his creations that fulfilling his
dreams was a calculated risk. He knew that dreams offered too little collateral to bankers
but he went ahead and dreamed them anyway.
Diversify
Most investment counselors would advise against putting all your eggs in the same basket
and Walt Disney learned early on to make sure that he diversified enough to cover himself.
Mickey Mouse cartoons were wildly popular shortly after their debut in 1928, yet Walt
created a second, complimentary series called the Silly Symphonies. These additional
shorts created a second revenue stream and enabled his team to reach new heights in
animation. As short cartoons were getting squeezed out of theaters due to time constraints
created by the introduction of the double feature, Walt turned to producing his own
feature-length materials. His first feature, Snow White and the Seven Dwarfs,
would become the all-time highest grossing picture. When World War II caused assets to be
frozen in England, meaning that he could only spend the money earned from his films within
the country, he set up shop and produced his first fully live-action picture, Treasure
Island. Setting up his own distribution company, producing attractions for the
World's Fair, Walt continued to diversify his company, further positioning it for success.
Never Miss an Angle
Walt Disney contributed to his own success by doing the unconventional. When many movie
moguls feared the development of television, Walt embraced it. He understood the
promotional nature that television afforded him and he took full advantage. He set up shop
at ABC because they agreed to help finance his theme park. Week after week, Walt would be
in people's houses, telling them about Disneyland and the latest feature in the theaters.
His show, at times, appeared more like hour-long commercials than original programming but
he never sacrificed entertainment values or production quality. He filmed the Davy
Crockett series in color even though it would only appear in black and white on TV.
He then took the episodes and created theatrical releases, which people ran to see. Walt
always looked to see what he could do better, how he could "plus" what he was
doing. By taking full advantage of every angle an opportunity offered him, he continued
his own success.
Many people define success by how much money a person has. Walt wasn't interested in that. He used money as a tool for financing his latest and greatest dream. He was constantly looking ahead to the next project, diversifying not necessarily because it was necessary to his business but because he searched out something new to hold his interests. And he made sure to approach each interest from multiple angles so that he could provide the greatest quality product at the highest level of entertainment and satisfaction. Walt understood that if you give the people what they want, they will reward you and ultimately make you even more successful.
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-- Matthew Walker
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