More than 20 years ago, before Netflix started streaming hours of entertainment and films, it was just a startup. It was something that worked as a step up from a business idea like Redbox, but it was still very new; look how much it has grown. Even at that time, there were still many people who doubted the streaming business, because DVD was still somewhat new. But fast forward to five years since it became a startup, and launched and went public. From then on, it became something that really revolutionized the film and TV industry. It is a leading TV network, with millions and millions of subscribers, and is in approximately 200 countries. He even started making his own and exclusive films, and won film awards.
But from a small startup to one of the biggest streaming services in the world, how does it go? And for us, as individuals and as a business, what can we learn from Netflix to reflect that kind of success?
Ignore the Haters
When Netflix first started, lots of people would forget that in the start, it was renting out DVDs by mail, and lots of people thought the idea was pretty ludicrous (back then DVD stores still existed). Nevertheless, this company managed to make it work, doing lots of research on their customers, and finding a solution to every objection. Many people possibly have an idea of how or why a business can fail, even after seeing things like that media and entertainment industry trends. But you just must ensure that you think positively, stay motivated and find solutions to every problem. Ignore those who will tell you that your ideas aren’t good or criticize what you do.
Look at Competitors For Ideas
Innovation is something that’s the key to having the ability to grow a business and stay relevant and competitive in today’s market where there are many businesses competing for patrons. But did you know that at first, Netflix chose to design its website to mimic Amazon? Competitors, or even successful business in a different field, have come up with things that work and are user-friendly, so in this case, there is no need to reinvent the wheel, there you go. Instead, you can adopt these ideas and make them relevant to what you want them to do, and modify them for your needs.
Hiring the Right People
The people who work for you and around you’re the people who will help your business succeed or not. Even with the best plan in the world, if it isn’t implemented in the right way, then it will not work. So a company like Netflix will have a hiring policy that will only hire the best people for the role. They want to hire people who share the same ambition and that align with company goals. So the lesson for small businesses is to ensure that you do the same. If it is clear that somebody is solely attempting to find a side role, they’re likely not a candidate for you.
Decision-making
At one point in the history of the business, Netflix contemplated the idea of building its own streaming device with a box that would be in the home. It even got to the point where it was ready for launch, but many were skeptical of the idea, as they did not think it would have the ability to compete with the others. like Roku, for example, and not keeping up with technology and hardware developments. Instead, Netflix decided not to proceed, despite the money and time invested into the device. And as you can see, so far it hasn’t hampered business, has it?
So if there is a decision you decide is not really going to be great, do not be afraid to roll back and begin over. When you look at your business from a larger perspective, it will go a long way with the decisions you make. There may be a cost to reversing a decision, but really, it will move the business forward if you make the right decision, rather than a decision you want to stick with, just because it will cost a fortune.
