The Ride Of The Lifetime - Robert Iger I Summarized Books

The Ride Of The Lifetime - Lessons Learned From 15 Years As CEO Of The Walt Disney Company

Nature and nurture are responsible for the development of certain traits for our personal and professional lives

Once a trait is developed in our personal lives, its benefit is easily transferable to our professional lives.

From an early age, Robert Iger’s parents made it possible for him to develop specific traits. For instance, his father often urged him to read as much as possible so Iger became a book lover in high school. Meanwhile, his mother often asked him to fix broken things in the home. This sparked Iger’s curiosity in technology and how things work.

“Don’t be in the business of playing it safe. Be in the business of creating possibilities for greatness.” ~ Robert Iger

Building core traits are not easy so you need to start early. For example, traits like honesty and integrity can only come from nurture. For example, in cases when your parents made you return that pencil that wasn’t yours. Those are some of the traits that are essential to prepare people for true leadership and management.

According to Robert Iger, there are Ten Key Principles that will make you a better leader.

1. Optimistic even when making difficult decisions

2. Courageous enough to take risks in the ever-changing business world

3. Effective with how you manage your time, energy, and resources

4. Able to make all decisions, even difficult ones, in a timely way

5. Curious and highly aware of your marketplace

6. Able to give fair and decent treatment to people

7. Constantly gaining knowledge in order to make correct and credible decisions

8. Genuine and honest if you want to trust and respect

9. Able to reject mediocrity when something is not good enough

10. Setting high ethical standards for the people and products in your organization

Same old simple principles? It always looks simple and familiar. Yet, a 2016 Gallup poll found that only 18% of managers show a high talent level for managing others. This means that 82% of managers aren’t good at their job

“If leaders don’t articulate their priorities clearly, then the people around them don’t know what their own priorities should be. Time and energy and capital get wasted.” ~ Robert Iger

Read further to learn about how the triumphs, challenges, and defeat faced by Robert Iger can help you to be more confident and fearless in your professional and personal life.

A fragile line exists between asking your people to perform and making them scared of failure

Looking back to his early days, Robert Iger had to start from the bottom of the ladder since he had no education or experience in television production.

Robert Iger’s journey at ABC started on July 1, 1974 when he was appointed as a studio supervisor. He recalls his experience working with a legendary man, Roone Arledge, who was the head of ABC Sports. The first time that Iger saw him in action, Roone ripped up a program for “The Main Event” show before it aired and made the team rework it in less than 24 hours. Though Robert Iger didn’t recognize it then, he would later learn that Roone is a man who never accepts “good enough” — He pushed against deadlines and overworked people just to make great shows.

Roone Arledge was the center of the orbit in the ABC Sports world, and he revolutionized the experience of televised sports. He was a competitive person and relentless innovator who wasn’t afraid to try other new gadgets and technology for the shows. The first lesson that Robert Iger learned from Roone was, “Innovate or die”.

Being a relentless perfectionist, nothing could ever get past Roone. Perfection in the sense of getting everything right. He had a simple mantra: “Do what you need to do to make it better.”

Perfectionism actually means creating an environment in which you refuse to accept mediocrity. For example, you may be convinced that your products/services were good enough just because you know that you didn’t create the appropriate equipment needed for high-quality production.

Roone never accepts no for an answer. This character made it possible for Robert Iger and his team to achieve a milestone — ABC Sports was the first U.S. media team to gain entrance into North Korea for the live coverage of the World Table Tennis Championships. Most employees love to live up to the standards and expectations of their leader, as in the case of Roone Arledge and his team. However, a true leader should not forget about his people while striving for perfection in the products.

You earn as much respect and goodwill by sticking with a person who failed as you do by giving them credit for a success

Humans have mastered the act of lying. We know that lying is wrong, yet we tell lies anyway. We deem people that lie too little as naive and people that lie too often as untrustworthy. For some people, the main aim of lying or being fake is to feel better about themselves. For instance, people lie on their CV in order to inflate their ego and also appear as the best candidate for the job.

It is a whole different ball game in business. When you are in a position of leadership, you can’t afford to lie about anything because the livelihood of several people depends on you.

You simply can’t pretend to be someone else or act like you know everything when you don’t. On the other hand, you can’t allow humility to hinder you from leading people. There is a fine line between the two.

Robert Iger knew that he didn’t have all it takes to the head of ABC Entertainment but he didn’t let that stop him. He was not only inexperienced about how things worked in Hollywood but also didn’t know how to manage creative people. Fortunately, Stu and Ted were there to help him out. During most meetings with writers, agents, and managers, Robert Iger had to bury his ego and learn vital lessons about reading scripts as well as ways to interact with the creative people.

As a leader, risk-taking is inevitable so Iger also had to take huge creative risks. The first one was putting the “Twin Peaks” show on TV in the spring of 1990, even though the executives and test audiences were against it. Within weeks, “Twin Peaks” became a very successful show and it was featured on the cover of “Time”. But it had to be canceled when the storytelling became a mess and ratings dropped.

The second risk was “Cop Rock”, a cop musical show which ended up on the list of worst TV shows. When the show failed, Robert Iger stood by his decisions — he was more comfortable with taking big risks and failing than not taking any risk.

You need to own your own failure. The third risk was putting the first R-rated show, “NYPD Blue” on TV. Though the show faced pushback from ABC due to standards and practices, “NYPD Blue” won 20 Emmys and became one of the best dramas. Team effort made the massive success at ABC entertainment possible. Robert Iger never fled away from risk-taking and his unwavering support helped his team to rebound from failure and create amazing shows.

Did you know? Robert Iger became the president and COO of Capital Cities/ABC in September 1994.

You need to let people around you be eager to grow and take on more responsibilities

People stay motivated when they can see opportunities for growth. As a leader, you need to let your employees dream as long as the dream isn’t distracting them from their current job or duties.

It is essential to be able to find the balance between doing your current job well while patiently waiting for other opportunities to pop up. These are the type of people that leaders love to nurture, not those that complain and demand promotion.

For instance, when the owners of ABC entertainment, Tom and Dan Burke, saw that Robert Iger did his job well, they invested so much in his growth. They wanted him to succeed and gain all the required knowledge that will enable him to run the company. In turn, he worked harder and became loyal to them.

We love to think that we are irreplaceable. However, a true leader needs to be self-aware in order to avoid thinking that he/she is the only one that can do the job. You need to be effective with how you spend your time, energy, and resources. For example, when there are too many projects on your plate, you can set a deadline and assign them to various members of your team instead of postponing the projects until when you are less busy.

It is worth being a leader that listens and addresses concerns but there are times when a boss needs to be firm and clearly communicate what needs to be done. When a leader is not clear enough, people around him/her won’t know their priorities and they will feel frustrated — just as Robert Iger felt when Michael Eisner was reluctant to name the second CEO at Disney. For years, Robert Iger had worked hard at integrating ABC into Disney and wanted to know if he stood a chance at leading Disney someday. In the end, everything worked out when Michael Eisner got over his fear of losing his job to him.

Optimism is key to the smooth running of a business. This is because pessimism is bad for business — it ruins morale and depletes inspiration. When situations got worse at Disney due to the Twin Towers attack, Michael Eisner lost his infectious exuberance and became greatly pessimistic. Though his concerns were justified, an optimistic leader is vital during trying periods. The truth is no one wants to follow a pessimist.

With sufficient commitment, thoughtfulness, and energy, even the boldest ideas can be executed

People tend to avoid taking big swings because they calculate the odds and make a case against trying something the first step is even taken. After Robert Iger became the COO of Disney, he knew that he had to repair the troubling relationship between Disney and Pixar. So, he took a big swing and asked Steve Jobs if Disney could buy Pixar.

The cons were abundant and the pros were minute but Steve Jobs weighed both sides and agreed to negotiate if only Robert Iger can convince the key people at Pixar, John Lasseter and Ed Catmull.

In the real sense, Disney Animation is the brand, the fuel that powered other aspects of the company such as theme parks, television, consumer products.

Pixar had everything going well for it. Animators and directors who were constantly challenging engineers to create tools to fulfill their creative dreams. Sophisticated animation tools ever created that enabled creativity at its peak.

Robert Iger managed to convince Steve Jobs and the Pixar team. He was left with the Disney board who were skeptical about the whole deal. The board had been through rough times over several years, risk aversion was all that most members could think about. Robert Iger had to convince them somehow. In January 2006, he asked Steve, John, and Ed to present Pixar’s philosophy and culture to the Disney board. The deal was approved in the voting process that followed — most were convinced and ready to take a huge risk. A new reality was born out of a bold move

Disney had a strategy to keep its place in the market

The acquisition of Pixar served the need to revamp Disney Animation and it was also the first step in their larger growth strategy i.e. to boost the number of high-quality branded content and advance in technology to deliver those contents to consumers.

Tom Staggs, Kevin Mayer, and Robert Iger had a list of “acquisition targets” that would enable them to achieve those goals. So, they decided to go after intellectual property. Marvel Entertainment and Lucasfilm were the two companies at the top of this list.

However, Marvel Entertainment had some problems that needed to be resolved. One, it didn't seem like either company was for sale.

Two, Marvel was already contractually bound to other studios so the IP acquisition won't be as pure as Disney wanted. For instance, Marvel had sold the Spider-Man rights to Columbia Pictures (later became Sony), Universal controlled Incredible Hulk, Fox-owned Fantastic Four, and X-men. They also had a distribution agreement with Paramount for multiple upcoming films. All these could lead to brand confusion and licensing problems down the line.

Three, the CEO and controlling shareholder of Marvel, Ike Perlmutter was a mysterious man. He was a former Israeli military who never took pictures or appeared in public. After failing to book a meeting with him for over six months, Robert Iger decided to reach him via a former Disney executive, David Maisel who joined Marvel to help them break into the movie business.

In June 2009, David managed to set up a meeting. Robert Iger met with Ike at Marvel offices in Manhattan. Ike was so wary of Robert Iger that he didn't accept or reject his offer of selling Marvel to Disney.

Instead he suggested that they meet for dinner at the Post House, a steak place. Robert Iger met with him and got to know about other businesses that Ike ran. Robert Iger knew that Ike didn't like corporate culture or Hollywood slickness so he knew that he had to be straight and authentic. So, he invited Ike and his wife, Laurie to have dinner with Willow and him at the Post Place — the same place where he had met with Ike some nights ago. Though there was no business chat, Willow, Robert, Ike and Laurie got to know more about each other. By the end of the night, Robert Iger could sense that Ike was more open to accept the offer.

On August 31, 2009, Disney announced that they were buying Marvel for $4 billion.

Even though Disney couldn’t get the rights for Spider-Man or other comics controlled by other studios, they still got access to the talent and the content. The acquisition of Marvel has proven to be a success.

Did you know? Black Panther and Captain Marvel defied every preconceived notion of what they would do at the box office. Both movies are successful internationally and have achieved significant cultural impact.

At every step of the way, it was necessary to be clear on his stand

Prior to the acquisition of Marvel, Robert Iger went to Cupertino to meet with Steve Jobs and seek his advice on the deal. Steve Jobs wasn't so enthusiastic about Marvel but he encouraged him to go ahead with the deal. He even called Ike to persuade him to accept the offer. When Steve learnt that Disney was also interested in Lucasfilm, he told Robert Iger to contact George Lucas. Steve bought Pixar from George and they had been close for years.

Disney had a history with George. In the mid-80s, Micheal Eisner made a licensing agreement with him to build Indiana Jones and Star Wars-themed attractions at Disney parks. In May 2011, when the Star Wars attractions at the parks were opening after a yearlong refurbishing, Robert Iger went there to meet George who came to rededicate the attraction.

After having breakfast with George and his fiancee, Mellody Hobson, Robert Iger asked if he was interested in selling Lucasfilm. He didn’t get a positive reply until the next time that they met for lunch at Disney in Burbank.

After negotiation back and forth on what his role will be, George Lucas signed the agreement for Disney to buy Lucasfilm on October 30, 2012. Looking back on the acquisitions of Pixar, Marvel and Lucasfilm, Robert Iger recalls the similarity between them was that each deal relied on building trust with a single controlling entity who had to believe that they will be in good hands at Disney.

At every step of the way, it was necessary to be clear on his stand

Prior to the acquisition of Marvel, Robert Iger went to Cupertino to meet with Steve Jobs and seek his advice on the deal. Steve Jobs wasn't so enthusiastic about Marvel but he encouraged him to go ahead with the deal. He even called Ike to persuade him to accept the offer. When Steve learnt that Disney was also interested in Lucasfilm, he told Robert Iger to contact George Lucas. Steve bought Pixar from George and they had been close for years.

Disney had a history with George. In the mid-80s, Micheal Eisner made a licensing agreement with him to build Indiana Jones and Star Wars-themed attractions at Disney parks. In May 2011, when the Star Wars attractions at the parks were opening after a yearlong refurbishing, Robert Iger went there to meet George who came to rededicate the attraction.

After having breakfast with George and his fiancee, Mellody Hobson, Robert Iger asked if he was interested in selling Lucasfilm. He didn’t get a positive reply until the next time that they met for lunch at Disney in Burbank.

After negotiation back and forth on what his role will be, George Lucas signed the agreement for Disney to buy Lucasfilm on October 30, 2012. Looking back on the acquisitions of Pixar, Marvel and Lucasfilm, Robert Iger recalls the similarity between them was that each deal relied on building trust with a single controlling entity who had to believe that they will be in good hands at Disney.

Innovation offers you the opportunity to disrupt yourself in the ever-changing market

It is as simple as this; if you don’t innovate, you die. Disney was still making a lot of profit from the traditional distribution of content but Robert Iger believed that Disney needed to be at the forefront of change instead of being damaged by it.

During the early phase of his career at ABC Entertainment, Robert Iger recollects seeing how newspapers were disrupted and he felt that the same thing would happen to TVs.

Have you ever wondered why people now seem to be more addicted to their smartphones and smart devices? The answer is fresh, endless content. For example, if you switch on your TV to watch your favorite channel, you will likely see that it’s full of stale shows that they seem to keep re – running. Times have changed and people don’t think twice before canceling their cable subscriptions in order to subscribe to streaming services like Netflix,Hulu, or Disney+.

Point out problems when you see them but also offer possible solutions.

In mid-2017, Robert Iger pushed for the acquisition of a controlling stake in BAMTech, a technology platform that will allow the delivery of Disney and ESPN’s streaming services to consumers.

People can become unsettled as their traditional way of doing business starts to erode and a new model emerges.

Change is not an easy thing to manage, so the need for a leader to be present for his/her people becomes greater. When change is ongoing and everything gets busier, it might be tempting for leaders to use their full schedules to avoid attending to individual concerns and problems.

But being present for the people and ensuring that they know that you are available, is crucial for the productivity and morale of a company. For instance, when an urgent issue pops up, it is better for a busy leader that travels a lot, to use skype to provide timely response to issues in the company than to ignore issues that might escalate with time.

Did you know? With innovation comes change, not just in the way that products or services are offered but also in the practices and structures in the company.

Conclusion

In the modern world, running a business can be complicated and challenging due to issues such as fast technological advances, market, etc. We need to be guided by some rules in order to be successful. Robert Iger has shared the necessary ones in this book. It is up to you to stay true to yourself as you climb the ladder of leadership.

Try this:
When you are clueless about a certain subject or topic, it is best to ask the necessary questions, admit without apology what you don’t understand, and learn as fast as you can.

If you are currently feeling impatient with your current job, look for opportunities and write them down but don’t forget to still do your best at work so that you come to people’s minds when those opportunities arise.