I don’t watch the Academy Awards or care much about it, but a lot of other people (like my wife) sure do. Not to sound too cynical, but I have no idea who has been nominated or who will win, and I really don’t care. However, a lot of other people do. Why? Does it make the movie better because you won an Oscar? Does it make us like the actor or the movie more, motivate us to see the next one they make? YES!
Apparently it is VERY good to win an Oscar and this success goes right to the bottom-line. For example, after Halle Berry won a Best Actress Oscar for her role in “Monster’s Ball” in 2001, she started commanding more than $10 million per picture, according to Reuters. (8 Reasons You Really Want to Win and Oscar.)
This same article states that Winning the Oscar for Best Picture is worth $13,980,757 over the course of your career. I’d say that makes it worth focusing on.
So I took some time to dig a bit and understand the Oscar process to see what I could learn, and I think there are a few things that can apply to how we lead our companies. The Dallas Business Journal gives awards each year for the The Best Place to Work or Minority Business Leaderthat allow others to brag about how much they love their company and its leaders. If there were Oscars for how we lead our company would you win, or even be nominated, and do you care. Lets think about it.
Would YOU Be Nominated? Would You Win?
People get nominated and voted for by their peers. There are over 6,000 people who are members of the Academy of Motion Picture Arts and Sciences and they “Nominate” their favorite films, actors, actresses, directors, cinematographers, editors, composers, and more. (Click to read more about the Nominations.)
Having people appreciate the work you do adds to the bottom-line. When a movie is nominated for an Oscar, ticket sales aren’t the only thing that see a boost. DVD sales for Oscar nominees no longer in theaters also jump.
Of course, we are not in a popularity contest in our business, but having our peers (employees, business partners, vendors, and the community at large) value the work we do, the way we act, and the resulting product we produce, does give us the respect we need to be a star and demand the spotlight as we take the stage. (I’m just loving all these movie metaphors.)
Being nominated is nice, winning is better and has its own value. In the four years leading up to 2011, the Best Picture winners saw a 22 percent bump in box office revenue after they were nominated and another 15 percent bump once they won. Oscar wins and nominations tend to be more lucrative if they happen early in an actor’s career. Anna Paquin became the second youngest Oscar winner when she won for her role in “The Piano” in 1993. She’s now worth an estimated $12 million and takes in $75,000 per episode of “True Blood.” And that little golden statue has a value over at $4,000 if you want to hawk it later in life for a chin lift.
Take out the rumor that this is all politics (sort a like work) and assume people are being genuine and honest in their voting. How would your employees feel about you and the way you lead your team? Would they look at the things you do and say the “Best Actor in a Leading Role” is YOU? Your ability to motivate others to follow you, remain fully engaged, stay loyal and dedicated, requires you lead in a way that creates fans. The real value of having your team believe in you is not to get a golden statue, it’s to help you reach your goals.
As you sit down Sunday night to soak in the 2015 Academy Awards show, ask yourself how are YOU doing as the main actor of your company. Is the script you’ve written for your story really what you want it to look like? Do you have the best Producer, Supporting Actors, and Crew around you to make this a Box Office Smash? Or will it show up on the Rotten Tomatoes list instead.
Lastly, when you do win, remember to thank all those who made it possible during your acceptance speech. Don’t forget the team that stood behind you when things were tough and production was behind schedule. Remember the others who made you look good and only showed your good side in the final cut. Your cast and crew need to be recognized for the tireless work they do in the background while you take a bow.
ABOUT ROBERT HUNT
I am a Forum Leader and Business Partner for Renaissance Executive Forums Dallas. My role is to find the best members for our CEO Peer Groups, then lead each meeting so that our members become Raving Fans. You can connect with me on LinkedIn, Google+, Twitter, and Facebook. You can also email me at info@REFDallas.com or call me at (469) 791- 0455.