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            / Business Development

            Podcast marked as fully listened to

            Former Netflix CEO: "They're Lying To You About Hard Work!" Building a $278 Billion Company Wasn't Built On Hard Work!

            The Diary Of A CEO with Steven Bartlett

            2024, duration: 02:03:00

            Because you watched Diary Of A CEO: the path to Netflix's $300 billion empire  Marc Randolph is the co-founder and former CEO of Netflix, he is also the author of the international bestseller, ‘That Will Never Work' and the host of the podcast of the same name. In this conversation, Marc and Steven discuss topics such as, the importance of pride in work, the pitch that almost ruined Netflix, how Marc overcame $50 million of debt, and the one decision that saved Netflix.  (0:00 Intro) (01:37) What’s your mission? (03:12) Why did you write this book? (04:25) Your journey to Netflix, what got you there? (07:51) Meeting your Netflix co-founder (09:28) Searching for a business idea (13:03) How to know if you’ve got a winning business idea (17:45) The importance of stress testing your idea (22:11) Being too romantic about your idea (25:19) Netflix’s early years (32:12) Exploring the potential of selling to Amazon (36:44) What was Jeff like in 1999? (37:29) Stepping down as CEO (46:21) What was it that he had that he thought was better? (47:41) Having tough conversations (51:37) What makes Reed so successful? (52:55) Hard work: does it matter? (59:14) How to find the perfect product-market fit (01:03:11) The moment Netflix turned on subscriptions it changed everything (01:10:36) How many tests should we be conducting? (01:12:16) Getting employees to conduct more tests (01:14:24) Your dad passing away (01:19:58) The dot-com crash (01:24:01) Getting the call from Blockbuster to buy Netflix (01:30:37) Blockbuster nearly took Netflix down, until their CEO left (01:34:41) Leaving Netflix (01:39:47) Netflix culture (01:50:57) Your relationship and commitment to date nights (01:57:13) The last guest’s question Follow Marc: Twitter - https://g2ul0.app.link/NcZZFoH1FLb  Instagram - https://g2ul0.app.link/z7yXEFJ1FLb  You can purchase Marc’s book, ‘That Will Never Work’, here: https://g2ul0.app.link/jeSxs0R1FLb  Watch the episodes on Youtube - https://g2ul0.app.link/DOACEpisodes  My new book! 'The 33 Laws Of Business & Life' is out now - https://g2ul0.app.link/DOACBook  You can purchase the The Diary Of A CEO Conversation Cards: Second Edition, here: https://g2ul0.app.link/f31dsUttKKb  Follow me: https://g2ul0.app.link/gnGqL4IsKKb  Sponsors: PerfectTed: https://bit.ly/PerfectTed-DOAC with an exclusive code DIARY10 for 10% off Colgate - https://www.colgate.com/en-gb/colgate-total Vodafone V-Hub: https://www.vodafone.co.uk/business/sme-business/Steven-Bartlett-Digital-SOS?cid=psoc-ent_li_ebu_/brnd/Stevenbartlett01/aws/11.23/SB

            Episode link

            My Notes

            Overview

            This features an interview with Marc Randolph, the co-founder and former CEO of Netflix. In the video, Randolph discusses various aspects of his journey with Netflix and his views on entrepreneurship. Here are some key points from the video:

            Key Takeaways

            Randolph talks about the early days of Netflix, including the challenges of developing a viable business model and the importance of testing ideas quickly and cheaply. He emphasizes that every idea initially seems bad, and the key is to find a way to test it against reality. Randolph explains how Netflix's shift to a subscription model with no late fees was a game-changer, turning a major impediment into an asset. This change helped Netflix gain a competitive edge over Blockbuster by eliminating late fees, which were a significant pain point for customers.

            Relevance

            Contrary to popular belief, Randolph argues that hard work alone does not lead to success. He uses the metaphor of not running for a plane to illustrate that working smarter and focusing on the right problems is more important than sheer effort

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            Browse all of Michael’s podcasts and notes

            readocracy.com/michaelengle

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