In this episode of the Perfectly Mentored Podcast, Marc Randolph, the co-founder and the first CEO of Netflix, joins Jason Portnoy to impart the valuable lessons he learned throughout his 40 years of being in business, including the value of colliding your idea with the real world. He believes that for investors to believe in you, it is crucial to fully understand the problem you are trying to solve and the key business metrics involved in solving it. He also shares insights into becoming a better communicator and the importance of loving what you are doing.
Topics Covered:
- Learn about Marc Randolph’s entrepreneurial journey [0:56]
- Do you need to love what you do to be successful? [10:46]
- What were the early days of Netflix like and what lessons can we apply to other businesses? [11:40]
- If you have an idea, what’s the walkthrough that you do to assess if this is something you can build a business around? [16:08]
- What makes a perfect pitch? [23:23]
- Why did the Netflix co-founders turn down Jeff Bezos’ offer to buy it? [28:10]
- What’s the biggest misconception, myth, or twisted story regarding the Blockbuster story? [36:19]
- If Netflix was sold to Blockbuster, would it still have gone the innovative route that it did and still be here today? [38:20]
- What is your biggest mindset change? [42:16]
- What has been the biggest eye-opening moment or experience that you are teaching entrepreneurs about now? [43:37]
- What are your tips to become a better communicator? [45:19]
- What do you think about the 24/7 work hustle? [49:26]
- How important is market domination? [52:52]
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