The Wizard of Netflix: Reed Hastings
Mohannad Al Masre, Chairman of Damsco Group
Adventurous investments everywhere and in all times carry similar risks, except in times of war and the occurrence of natural disasters. In case they succeed, bold and daring decisions might return tremendous gains. But, when they fail, the losses are severe. As Hastings says: “But as an entrepreneur, you have to feel like you can jump out of an airplane because you’re confident that you’ll catch a bird flying by. It’s an act of stupidity, and most entrepreneurs go splat because the bird doesn’t come by, but a few times it does.”
Reed Hastings’ marketing genius and excellent investment insight are well-known in the world of e-commerce. Let’s take a brief look into the pivotal turn of Netflix at the dawn of this millennium, when Hastings failed to sell his company to the “Blockbuster” for 50 million US dollars.
But eventually, Reed Hastings succeeded in transforming Netflix from a company which nobody wanted to buy into a brilliant success that brought him a wealth of 1.6 billion US dollars by 2015.
His flexibility and ability to adapt in a quickly changing environment, in addition to a deep insight into marketing, made him an outstanding inspirational person for young, ambitious entrepreneurs.
The exciting thing in the story of such inspirational people is that when they presented their innovative ideas or projects to others, they were either rejected with unbelief or abandoned with distrust.