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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Netflix and the Culture of Reinvention
No Rules Rules by Reed Hastings and Erin Meyer is an insightful book that examines the revolutionary management philosophy of Netflix. It shows how the company's culture of radical honesty, freedom and responsibility has been the key to success in the digital age.
It was the year 2000. Reed Hastings, co-founder of Netflix, was in Dallas, Texas. He was shaking in his boots as he waited to meet with the CEO of Blockbuster, a giant company worth $6 billion, which boasted 9,000 stores all over the world. It was 1,000 times the size of Netflix, Hastings’s scrappy young start-up.
Hastings and his partner made a pitch to the CEO – buy Netflix for $50 million and let them run Blockbuster’s website as an online video rental service. The CEO flatly refused.
This proved to be a mistake. Ten years later, Blockbuster filed for bankruptcy because it couldn’t keep up with Netflix, which by then had 167 million worldwide subscribers and was producing its own award-winning films and TV shows.
How was Netflix able to nimbly pivot, succeeding where the behemoth Blockbuster failed? That’s easy.
The key message here is: Netflix has been successful because of its unique company culture.
The Netflix culture values people, prioritizes innovation, and has few control mechanisms.
With this as a foundation, Netflix has built immense value, growing 300 times faster than the NASDAQ stock index over 17 years. What’s more, a 2018 survey rated it the top place to work in Silicon Valley.
Perhaps most impressively, it’s responded nimbly to four seismic industry shifts. Netflix started out as a DVD-by-mail subscription service, then transitioned to streaming. From there, Netflix began licensing original content produced by other studios, and finally, it began producing its own in-house movies and TV shows.
Hastings believes that all this stems from the fact that at Netflix, his employees enjoy more freedom than any other company he knows of. That freedom inspires them to make better decisions. It also makes it easier to hold them accountable.
But you can’t just set your employees free and expect your business to automatically do as well as Netflix. True freedom comes from careful planning. Three things are necessary to unlock the potential of radical employee freedom and the responsibility that comes with it. First, high talent density. Next, high levels of candor between employees and managers. And finally, the courage to remove controls which waste everyone’s time – and company money.
In these blinks, you’ll learn more about each of these three mechanisms. On the way, you’ll also hear Netflix’s start-up fairy-tale story, and how one plucky company became one of the most recognized words in the world.
No Rules Rules (2020) sets out the principles of Netflix’s unique company culture, based on employee freedom and responsibility, and optimized for maximum innovation. In doing so, it charts the incredible journey of Netflix, a start-up fairytale.
No Rules Rules (2020) explores the unconventional practices of Netflix that have revolutionized the way businesses are run. Here's why this book is a must-read:
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Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Get startedBlink 3 of 8 - The 5 AM Club
by Robin Sharma
What is the main message of No Rules Rules?
The main message of No Rules Rules is to embrace a culture of freedom and responsibility in the workplace.
How long does it take to read No Rules Rules?
The estimated reading time for No Rules Rules varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is No Rules Rules a good book? Is it worth reading?
No Rules Rules is a valuable read for anyone interested in innovative management practices. It offers insights into creating a high-performing culture.
Who is the author of No Rules Rules?
The authors of No Rules Rules are Reed Hastings and Erin Meyer.