“It should be about the future, not the past.” — Bob Iger in “The Ride of a Lifetime”
It seems somewhat surreal that I’m reviewing the new book by Disney Executive Chairman Bob Iger (about his career as CEO of the Walt Disney Company) during a global pandemic that has shuttered the Mouse’s lucrative theme park and cruise line — along with its theatrical movie business.
It was about a year ago that I visited Walt Disney World in Orlando for the first time. I can’t imagine what sort of financial losses this COVID-19 crisis might bring to the company that saw massive change under Iger’s reign as CEO.
“The Ride of a Lifetime: Lessons Learned from 15 Years as the CEO of the Walt Disney Company” finds Iger reminiscing about his early life in the hamlet of Oceanside (on New York’s Long Island), his nascent career with the ABC television network (he found his groove working for Roone Arledge in the sports division), and his eventual rise to become the leader of one of the world’s most beloved entertainment brands.
IT IS NOT A MEMOIR
Iger states in the first chapter of “The Ride of a Lifetime” that this is “not a memoir.”
The book doesn’t employ the sort of cradle-to-grave structure seen in popular biographical works like Walter Isaacson’s “Steve Jobs.” It spends little time on Iger’s family life.
Instead, Iger offers principles that he believes are “necessary to true leadership.” He uses examples from throughout his career (wisdom gleaned through experience) to illustrate his core business beliefs.
DON’T FAKE IT IN BUSINESS
Oftentimes in business you will hear the adage “fake it until you make it.” Iger advises to “not fake anything” in situations where one might be lacking experience.
“There’s nothing less confidence-inspiring than a person faking a knowledge they don’t possess,” writes Iger. “True authority and true leadership come from knowing who you are and not pretending to be anything else.”
I have owned and operated my own business for a little over 24 years now. Iger’s sentiments on this topic are appreciated. I always try to be honest with my clients — even if I might miss out on a paid gig as a result.
MANAGING CREATIVITY
Iger also talks about the creative process in “The Ride of a Lifetime.” One of the most interesting examples is the time at ABC when he greenlit the avant garde drama “Twin Peaks” (a show that started with promise, but sputtered when network executives interfered with creator David Lynch’s vision).
“Managing the creative processes starts with the understanding that it’s not a science — everything is subjective; there is often no write or wrong. The passion it takes to create something is powerful, and most creators are understandably sensitive when their vision or execution is questioned,” he writes.
Iger’s feelings regarding creativity — and the balance you have to strike when managing the process — is something we have to deal with in our marketing communications business. To someone on the outside, creating a brand identity package for a business (logos, websites, and collateral materials) might look like a fun job. In many respects, it is an enjoyable process.
However, I’ve found it to be a humbling experience to sit in a meeting and have your work critiqued. In general, creative professionals pour a considerable amount of themselves into the things they design. In many cases, you are working to craft something special with very little initial guidance (even if you ask a considerable number of questions upfront).
Some people love the work you do. Others don’t. The negative responses can be difficult to swallow, and can cause you to second guess yourself at every turn.
Iger suggests you have to be “careful not to encroach on the creative processes in harmful and counterproductive ways. Empathy is a prerequisite to the sound management of creativity, and respect is critical.”
MAJOR ACQUISITIONS
I’ve often referred to Disney as the company that “owns everything we know and love.” Iger provides fascinating insight into the transformation of the company during his years at the helm. Notable acquisitions during his tenure as CEO include Pixar, Marvel, Lucasfilm, and 21st Century Fox.
Iger delves into those acquisitions and provides a number of interesting anecdotes. I particularly enjoyed his recollections of Apple/Pixar CEO Steve Jobs.
THE ROAD TO REINVENTION
I also liked reading about Iger’s efforts to innovate at Disney. All too often, powerful executives will wrap the status quo around themselves like a warm blanket — avoiding business reinvention as they focus on the present.
We happened to be staying at Disney World in 2019 when Iger & Co. unveiled details for Disney+ — the Mouse’s over-the-top streaming service. I remember listening to a webcast of that presentation as I walked laps around the paths at Disney’s Art of Animation Resort (it was an incredibly “meta” experience).
“Technological advancements will eventually make older business models obsolete,” writes Iger. “You can either bemoan that and try with all your might to protect the status quo, or you can work hard to understand and embrace it with more enthusiasm and creativity than your competitors.”
Those sentiments rang true with me.
Bridget and I often talk about how we’ve had “reinvent” our marketing communications business every five to seven years.
The current “reinvention” of our business started in 2011 (developing recurring revenue streams with a subscription-based membership site for professional resume writers). When you first sow the seeds of change, establishing roots can feel like a long shot. That said, we knew we needed to stay committed to a different approach.
As I type this, we’re in the midst of a global pandemic that has put the brakes on the economy, and a number of the “brick-and-mortar” businesses and organizations we work with are currently inoperative.
This is why those initial steps to redefine our business in 2011 were so vital. Having a direct-to-consumer membership site has given us a revenue stream the past 40+ days of self-isolation that wouldn’t have been there if we hadn’t had the foresight to make changes.
Disney+ has proven itself to be a vital revenue stream for Disney during the global pandemic. It has also given the Mouse the technological infrastructure to distribute new content to consumers in new ways (since movie theaters are closed around the globe).
“The decision to disrupt a business model that is working for you requires no small amount of courage,” Iger writes. “It means intentionally taking on short-term losses in the hope that a long-term risk will pay off. Routines and priorities get disrupted. Traditional ways of doing business get slowly marginalized and eroded — and start to lose money — as a new model takes over.”
THE MORE THINGS CHANGE...
In February, Iger stepped aside as Disney’s CEO (remaining as Executive Chairman and Chairman of the Board) to make way for the transition to new leadership (Bob Chapek was named CEO).
The COVID-19 pandemic’s impact on Disney’s business has been immense.
Iger — who has embraced reinvention — is said to be “intensely focused on remaking the company that will emerge, he believes, changed by the crisis.”
The Times suggests we’ll see an incarnation of Disney with fewer employees as it figures out how to retool its entertainment and tourism businesses.
FINAL THOUGHTS
It will be interesting to see what happens with the company moving forward, and the duration of Iger’s “renewed” involvement.
If you’re curious to see what direction Iger might steer the company, I’d recommend you check out “The Ride of a Lifetime: Lessons Learned From 15 Years as CEO of the Walt Disney Company.”
It will never be mistaken for a comprehensive memoir or biography, but it does provide readers with Iger’s guiding philosophy as a seasoned executive of one of the world’s most beloved companies.
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