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.
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.
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”.
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.
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?