In this episode of Impact Theory, Tom Bilyeu is joined by Marc Randolph. As co-founder and founding CEO of Netflix, Marc laid much of the groundwork for a service that’s grown to 150 million subscribers and fundamentally altered how the world experiences media.
Tom and Marc explore how Marc managed to take action on his dreams and succeeded against all odds. Marc shares how he started Netflix and how they tweaked their business and stopped it from failing like most businesses.
[Original air date: 3-2-21].
SHOW NOTES:
The one-sentence Marc has heard 1000 times from his friends, his family, basically everyone when pitching the idea of Netflix. [1:24]
The fundamental things Marc learned in his 50s while skateboarding that helped him build Netflix [3:25]
How Marc started Netflix and how they tweaked the idea to stopped it from failing like most businesses. [5:27]
The even better approach to “there are no good ideas” to generate winning ideas. [7:49]
The single most fundamental problem why most people never take action on their ideas. [9:05]
What separates an Entrepreneur from a dreamer. [9:46]
The fundamental misunderstanding of Entrepreneurship and the deep-seated psychological fear everyone (even Marc) struggled with for years. [15:41]
The idea of “two-way doors” Marc teaches young Entrepreneurs to practice to escape the traps of perfectionism and take immediate action. (And prevent them from taking too much risk.) [20:21]
The fundamental truth about knowing what to test. [21:42]
Where 98% of Netflix´s revenue did come from initially and why Marc decided to give up that revenue. [24:06]
The skill Marc is good at, that he calls “the entrepreneurs secret weapon” [27:20]
This brutal moment destroys most business relationships and how Marc handled this “big ego” moment. [32:48]
Why the person who starts a company is not necessarily the right one to run it when it´s big. [37:58]
The real challenge in Marc’s life that he is most proud of when he looks back. [41:10]
How running for a plane taught Marc the right mindset to chill in the midst of chaos. [45:26]
The core principles Marc instills in his kids. (Not what you think.) [52:07]
Marc’s new podcast about how to take ideas and make them real. [54:40]
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