How Ted Turner has built success by sticking to a few key principles

Move fast

When he made the decision to go forward with 24-hour news, he didn’t lollygag.

“I moved as quickly as I could, for instance, to get CNN on the air because I wanted to pre-empt CBS, NBC and ABC because once we announced that we were going to do it, it was going to make them think about it and revisit it more, and all three of them had everything they needed to start.

“They already had bureaus. They had news organizations. They had news anchors that were underutilized — they were doing two hours of news a day, and they were spending $200 million a year to do two hours of news a day, and I was going to do 24 hours of news for about $30 million.”

He planned to get CNN on the air within 10 months because he anticipated it would actually take longer, and he wanted it on in 11. Along the planning road, most things went according to plan, but he did have his share of anxieties. While he thought through most of the worst-case scenarios, he was completely caught off guard, for instance, when their satellite disappeared and they lost their satellite signal less than four months before CNN was set to air.

“It never occurred to me because I wasn’t in the satellite business — what do you mean the satellite disappeared?” Turner says. “That was my reaction. Well, that’s what it did. They never found it. It just blew up, and it’s out there floating around in space. There was a TV series called ‘Lost in Space’ and our satellite was lost in space.”

Luckily, there was a clause in the contract that anticipated this possibility, so they were able to negotiate a deal to gain access to another satellite in time for the launch. CNN launched in 11 months — as Turner had anticipated with his one-month, built-in cushion.

While he moves full-speed ahead in business, he recognizes sometimes it doesn’t work.

“We went full blast with the AOL merger right into disaster, just like the Germans when they invaded Russia,” Turner says. “They were going fast, but they were headed straight for catastrophe — they were headed for Stalingrad. So going fast can be reckless and very foolish, but you’ve got to be sure you’re right, then go ahead. But that’s not easy to do always. It’s not always easy. Not everybody can see the future with accuracy, and there are the things that happen along the way that sometimes aren’t anticipated, no matter how good you’ve done, and then you’re in real trouble.”

He says there are all kinds of ways to get into trouble in both business and life, and sometimes you won’t know right away.

“A lot of times you have to wait and see, and only history will tell if you’re right or wrong,” he says.

While Turner may have made some mistakes along the way and had his share of challenges, he’s had more success than anything, and he says it comes back to those main keys.

He says, “Those are the main things that in starting a voyage or a venture, those three things would be very carefully think through what you’re going to do, then what could go wrong — take a look at what could go wrong and anticipate that in advance and be prepared — and the third thing is when you do decide to go forward, move rapidly.”