Marc Randolph is the co-founder of Netflix.
Hard work leading to success is a myth, said Netflix co-founder Marc Randolph. Speaking during a podcast episode of ‘The Diary of a CEO with Steven Bartlett’, Mr Randolph said that successful CEOs and entrepreneurs often get ahead because they have a single skill: the ability to prioritise which issues need solutions first. He noted that hard work isn’t what makes companies into household names. “I think hard work leading to success is a myth,” he said, explaining that “If I can be really smart about which problems I choose to focus on, (that) will make the difference”. “I don’t have to get everything right, because most things don’t make a difference. Some things do,” he said.
At Netflix, Mr Randolph said he used to “argue over every word of copy” and every paragraph on consumer-facing products in a bid to make everything perfect before a customer saw it. But over time, he realised that customer reactions had little to do with the amount of polish on a new idea and that his goal should’ve been to get real-life feedback on imperfect, half-finished tests as quickly as possible, he added.
“If it had even a inkling of being a good idea, no matter how bad the test was, it shown through. Customers would immediately perk their heads up,” said Mr Randolph.
One of those tests was Netflix’s subscription model, CNBC reported. Customers responded positively to the simpler, less stressed user experience – a simple fix that helped grow the company’s user base.
Further, speaking during the podcast, Mr Randolph noted that sometimes you’ll need to put in long hours, especially at the beginning of your career, or if you’re starting your own company. “When you’re younger, when you don’t really know what you’re doing … you better work your ass off,” he said, adding, “Ideally, you get yourself far enough ahead … to get some breathing room.”
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But eventually, constant sprinting hit a point of diminishing returns. Tactful focus separates hard workers from smart workers, the Netflix co-founder said.
“So many entrepreneurs (are) up all night polishing their deck … double checking every detail (and working) so hard,” Mr Randolph said. But “you don’t lose the deal at 2 o’clock that morning because you didn’t check the fonts. You lost the deal four weeks ago when you didn’t have some fundamentals right,” he added.
Meanwhile, Mr Randolph isn’t the only person who thinks hard work is, at times, overrated. A 2014 Stanford study showed productivity per hour sharply declines if you put in more than 50 hours per work. Instead, use your 9-to-5 schedule to establish good relationships with your colleagues, especially if they can give you feedback on your work, Stacie Haller, chief career advisor at ResumeBuilder, told the outlet.
