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Business Ideas - 3 Success Lessons from Reed Hastings (Netflix)

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http://www.evancarmichael.com/Masters/ - NEWEST VIDEO Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!! Today we're going to take a closer look at how a Peace Corps volunteer and teacher began a software company at the age of 48. Deciding to switch careers later in life, this man would build the largest movie-rental service in the United States, with more than 23 million subscribers. This is the story of Netflix founder Reed Hastings and the top 3 lessons that you can learn from his success. "I got the idea for Netflix after my company was acquired. I had a big late fee for 'Apollo 13.' It was six weeks late and I owed the video store $40. I had misplaced the cassette. It was all my fault." - Reed Hastings Reed Hastings (born October 8, 1960) is an American entrepreneur and founder of Netflix. He used to teach mathematics in Swaziland as an American Peace Corps volunteer. So, when 48 year old Reed Hastings decided to found his own software company, some eyebrows were raised. But Hastings would prove the disbelievers wrong with the subsequent founding of Netflix, the largest movie-rental service via mail in the U.S. With over 23 million subscribers and sales in the billions, Hastings proved he was able to go from living in Africa, to living in affluence. Hastings' father was a prominent lawyer who once worked in the U.S. Department of Health, Education, and Welfare in the Nixon Administration. After graduating with his Bachelor's Degree and winning awards for his mathematics abilities, Hastings felt the urge to join the Marine Corps. He signed up for their Platoon Leader Class, and spent two years in their boot camp in Quantico, Virginia. In 1983, Hastings found himself in Swaziland working as a mathematics professor for the Peace Corps. He stayed there two years before deciding to return home. Back in the U.S., Hastings was accepted into graduate school at Stanford. His first choice had been M.I.T., but he did not get accepted. Hastings graduated from Stanford with a Master's Degree in Computer Science in 1988, and was subsequently hired by Adaptive Technology, where he worked on developing a debugging software tool. But, Hastings wanted more of a challenge, and he wanted to work for himself. Hastings decided the only option was to set off on his own and start a business. In 1991, Hastings quit his job and launched Pure Software, a company dedicated to developing troubleshooting products for software. But, as the company grew, Hastings found that his mathematics and computer background was not enough of a match for running a business. He asked his company's board of directors to replace him for the good of the company. After finally selling the business, he would wait two years before trying again. In 1998, Hastings founded Netflix as a movie rental by mail service that offered a flat rate subscription fee. Within five years the business was booming. Action Item #1: Change the Model Action Item #2: Don't Underestimate the Competition Action Item #3: Work Hard True Story Even though Hastings grew up in a well-to-do family and attended private school, he spent a few years working for the Peace Corps and teaching in Swaziland. After returning to the United States, he would eventually move to California. Unknown to most people, Hastings became very active in educational philanthropy. He would advocate stronger math and science curricula, as well as advocate increasing the number of charter schools, which he believed were better than public schools. In an effort to change the way the public schools did business, Hastings would organize a drive to get a new proposal on the California ballot during the 2000 elections. Proposition 39 would go on the ballot, but to show his support for education, Hastings would go back to school to get his graduate degree in education. This showed all the residents that he was serious about education and Proposition 39 would eventually be passe...