5 Key Entrepreneurship Lessons from the HBO TV Show Succession

Succession is an acclaimed HBO dark comedy-drama series that revolves around the Roy family, who control a global media and entertainment empire. The show delves into the complexities of power dynamics, family conflicts, and corporate intrigue within the context of entrepreneurship. In this article, we extract five invaluable lessons from Succession that entrepreneurs can apply to their own ventures. By drawing inspiration from the show and leveraging insights from renowned management thinkers, such as Peter Drucker, Brian Tracy, and Stephen Covey, we explore actionable strategies to drive entrepreneurial success.

Lesson 1: Build a Cohesive Team

Peter Drucker, widely regarded as the father of modern management, emphasizes the significance of building a cohesive team for business success. In Succession, the Roy family’s constant power struggles and internal conflicts highlight the detrimental effects of a dysfunctional team. Entrepreneurs must focus on selecting individuals who possess both the necessary skills and a shared vision. By fostering collaboration and synergy within the team, entrepreneurs can establish a solid foundation for growth and productivity.

Real-world example: Richard Branson, the founder of Virgin Group, emphasizes the value of building a cohesive team that shares a common vision. He says, “I’ve always believed that the strength of any organization lies in the people who work there. That’s why I’m so committed to building a team of talented individuals who are passionate about our mission and who work well together.”

Lesson 2: Make Logical Decisions

Entrepreneurs face a myriad of decisions that shape the course of their ventures. Brian Tracy, a renowned author and motivational speaker, advocates for logical decision-making. Succession showcases the perils of impulsive judgments made by Logan Roy, the family patriarch, who often relies on instinct rather than a systematic evaluation of options. Conversely, Kendall, one of the main characters, exemplifies a more thoughtful and analytical approach. Entrepreneurs can benefit from taking the time to analyze data, consider various perspectives, and prioritize the best interests of their companies.

Real-world example: Mark Zuckerberg, the co-founder of Facebook, is known for his logical decision-making approach, grounded in data analysis. He says, “We make decisions based on what the data tells us, not on our gut.”

Lesson 3: Embrace Humility and a Growth Mindset

Peter Drucker and Stephen Covey both emphasize the importance of humility and a growth mindset in entrepreneurial success. In Succession, Logan Roy’s arrogance impedes his growth as a leader and stifles the progress of the company. On the other hand, Kendall embraces humility and recognizes his mistakes as opportunities for learning and improvement. Entrepreneurs should adopt a similar mindset, valuing continuous growth and development. By embracing humility and fostering a culture of learning, entrepreneurs can navigate challenges more effectively and adapt to evolving market conditions.

Real-world example: Jeff Bezos, the founder and CEO of Amazon, is known for his humility and willingness to learn from his mistakes. He says, “I’m still learning every day. I’m always trying to get better.”

Lesson 4: Motivate through Inspiration, Not Fear

Effective motivation is crucial for driving performance within an organization. Brian Tracy’s teachings highlight the power of inspiration as a motivator, as opposed to fear. In Succession, Logan Roy’s fear-based leadership style leads to heightened stress levels and reduced productivity among employees. In contrast, Kendall creates a positive work environment where employees feel valued and appreciated. Entrepreneurs should prioritize inspiring their teams by setting a compelling vision, providing meaningful recognition, and creating a supportive culture. This approach fosters engagement, loyalty, and ultimately enhances overall productivity.

Real-world example: Oprah Winfrey is a master motivator who has inspired millions of people around the world. She says, “The greatest gift you can give someone is the gift of your own belief in them.”

Lesson 5: Establish a Clear Succession Plan

Planning for the future is vital for the long-term success of any venture. Peter Drucker’s emphasis on effective management and leadership aligns with the importance of a clear succession plan showcased in Succession. Logan Roy’s lack of a well-defined plan creates instability within the company. Entrepreneurs should prioritize developing a robust succession plan to ensure a seamless transition of leadership and sustain organizational stability. By proactively addressing succession, entrepreneurs can safeguard the future of their ventures and inspire confidence among stakeholders.

Real-world example: Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, has a well-defined succession plan in place. He has identified several potential successors who have the skills and experience necessary to lead the company after he steps down.

Succession provides a captivating portrayal of the complexities and challenges inherent in entrepreneurship. By extracting key lessons from the show and leveraging insights from renowned management thinkers, such as Peter Drucker, Brian Tracy, and Stephen Covey, we have explored actionable strategies to drive entrepreneurial success.

The five lessons discussed in this article are just a few of the many insights that can be gained from Succession. By taking the time to reflect on the show and apply its lessons to their own ventures, entrepreneurs can increase their chances of success.

Here are some additional tips for entrepreneurs who want to learn from Succession:

1. Pay attention to the characters’ decision-making processes. How do they gather information? How do they weigh different options? What factors influence their decisions?
2. Consider the different leadership styles on display in the show. What are the strengths and weaknesses of each style? How can you apply these insights to your own leadership?
3. Think about the different ways that the characters motivate and inspire others. What techniques are effective? What techniques are not? How can you use these insights to motivate your own team?
4. Reflect on the different ways that the characters handle conflict. How do they communicate? How do they compromise? How do they resolve conflict? How can you apply these insights to your own conflict resolution skills?

Succession is a complex and thought-provoking show that offers a wealth of insights for entrepreneurs. By taking the time to reflect on the show and apply its lessons to their own ventures, entrepreneurs can increase their chances of success.