Politics and Business
Lessons we can learn from Netflix
Back over two decades ago, before Netflix started streaming hours and hours of entertainment and movies, it was simply a startup. It was something that was working as a step up from business ideas like Redbox, but it was still very much in its infancy; look how much it has grown. Even back then there were many people that we skeptical of the streaming business, because DVDs were still quite a new thing. But fast forward to five years on from it being a startup, and it launched and went public. From then on, it has been something that has really revolutionised the movie and TV industries. It is a leading TV network, as millions and millions of subscribers, and is in nearly 200 countries. It has even started making its own movies and exclusives, and won film awards.
But from a small startup to one of the largest streaming services in the world, how did it do it? And for us, whether as individuals or businesses, what can we learn from Netflix in order to mirror that kind of success?
Ignore the Haters
When Netflix first started out, many people will forget that at first, it was renting out DVDs through the mail, and many people thought that idea was pretty ludicrous (this was when DVD stores were still around). But even so, this company managed to make it work, did plenty of research into their customers, and found solutions to any objections. Many people might have an idea of how or why a business might fail, even after looking at things like media and entertainment industry trends. But you just need to make sure that you are thinking positive, stay motivated, and find solutions to any issues. Ignore those that are going to tell you that your idea is no good or criticise what you are doing.
Look to Competitors For Ideas
Innovation is something that is key to be able to grow a business and stay relevant and competitive in today’s market where there are so many businesses vying for customers. But did you know that at first, Netflix chose to design its website to mimic that of Amazon? Competitors, or even successful businesses in a different field, have already come up with things that work and are user-friendly, so in these instances, there is no need to reinvent the wheel, so to speak. Instead, you can adopt these ideas and make them relevant to what you need them to do, and modify them for your needs.
Hiring the Right People
The people that work for you and around you are the people that are going to help the business to succeed or not. Even with the best plans in the world, if they aren’t implemented in the right way, then it isn’t going to work. So companies like Netflix will have hiring policies that are going to hire only the best people for the role. They will want to hire people who have similar ambitions and those that align with the company’s goals. So a lesson for small businesses is to make sure that you are doing the same. If it is apparent that someone is only looking for the role as a fill-in job, then they aren’t likely to be the candidates for you.
At one point in the history of the business, Netflix thought about the idea of building its very own streaming device with a box that would be in homes. It even got to the point where it was ready to launch, but many grew skeptical of the idea, as they didn’t think it would be able to compete with others like Roku, for instance, as well as not keeping up technology and hardware-wise. Instead, Netflix decided not to go ahead, even though time and money had been invested into the device. And as you can see, it hasn’t hindered the business so far, as it?
So if there are decisions that you decide actually aren’t going to be that great, don’t be afraid to scrap them and start again. When you view your business with a bigger perspective it will really help with the decisions that you make. There may be costs to reversing a decision, ut really, it is going to move the business forward if you are making the right decisions, rather than ones that you just want to carry on with, just because they have cost money.