This Netflix Co-Founder Turned His Idea Into A Company Worth Over $100 Billion | Marc Randolph

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Are you an entrepreneur or a dreamer? Most dreams never come true, and if you really want to succeed in business, you finally have to take action on your ideas and overcome every obstacle getting in your way. People you love will tell you, “that will never work.” But with that said, your dreams can come true if you have the courage to pursue them. 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. Marc shares the single most fundamental problem why most people never take action on their ideas. Furthermore, Marc reveals the skilla he is good at, which he calls “the entrepreneur’s secret weapon” and how running for a plane taught Marc the right mindset to chill in the midst of chaos and much more.

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]

What Tom tells his team of what’s really important when it comes to good ideas. [2:30]

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]

What Marc looks for in Entrepreneurs when Angel Investing to see if they´re on the right track on how to apply this principle to any other business. [10:14]

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 “Canada principle” made Netflix strong and beat the competition. [29:42]

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 Marc managed to maintain his relationship while building his businesses. [43:04]

How running for a plane taught Marc the right mindset to chill in the midst of chaos. [45:26]

The three reasons why Marc loves running in Alaska. [47:24]

The rules Marc´s father taught Marc, and he passed them to his children. [49:14]

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]

QUOTES:

“Stop thinking. Start Doing.” [9:49]

“You don´t need to build an app. You don´t need to start a business. You don´t need to raise money. You just need to figure out a way to quickly test your idea and collide it with some reality.“ [15:15]

“The speed, getting it out there fast, is so much more important.” [19:42]

“Most ideas are not one-way doors. Most things are two-way doors. You can step through, look around, and if you don´t like what you see, you step right back. Train your ability to separate a one-way door from a two-way door. Then you just blast through that door because you know: If I don´t like what I see, I can step right back. No harm.“ [20:42]

“We decided that it was way better to take this long shot at a great success than to take this pretty sure path to mediocrity and eventually to go out of business.” [26:50]

“It´s extremely rare that the person who had the skillset to start something, to grow something, is the same person who takes it all the way.“ [38:23]

“Culture isn´t what you say. It´s what you do.“ [44:24]

FOLLOW MARC:

“That Will Never Work” Podcast:

Apple Podcast: https://podcasts.apple.com/us/podcast/that-will-never-work/id1550777106

Spotify: https://open.spotify.com/show/3AABlfn5yx0hLKMYE5LVlh?si=iJkUfQTUSva6ytMdoLhb0A&nd=1

Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly9yc3MuYXJ0MTkuY29tL3RoYXQtd2lsbC1uZXZlci13b3Jr

Website: www.marcrandolph.com

Facebook: https://www.facebook.com/marcbrandolph

Twitter: https://twitter.com/mbrandolph

Instagram: https://www.instagram.com/thatwillneverwork/

794 episodes