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Hard work is a myth – The secret to success according to the founder of Netflix

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<p>“Hard work that leads to success is a myth.” No one expected to hear this coming from Netflix co-founder Marc Randolph.</p>
<p>During a podcast series “The Diary of a CEO,” Randolph suggests prioritizing problems, with first, those that need immediate solutions.</p>
<p>That said, successful CEOs and entrepreneurs often thrive because they have this ability.</p>
<p>“If I can be really smart about the problems I choose to focus on, [that] will make a difference. I don't have to do everything right, because most things don't make a difference. Some things make [the difference],” he notes.</p>
<p>At Netflix, Randolph used to “disagree with every word of text” and every photo in consumer-facing products, he says, to make sure that everything was perfect before the customer saw it.</p>
<p>Over time, he realized that customer reactions had little to do with how refined a new idea was, and that his goal should be to get real-life feedback on imperfect, half-finished tests as quickly as possible.</p>
<p>One of those tests was Netflix's subscription model, which eliminated exorbitant fees for customers who were late returning DVD rentals. Customers responded positively to the simpler, less stressful user experience, a simple solution that helped grow Netflix's customer base, setting it on the path to its current market value of $289.29 billion.</p>
<p> < h3 class=When hard work is needed

Although both recruiters and billionaires tout the value of a strong work ethic, Randolph isn't alone in believing that hard work is, at times, overrated.

The hard job usually equates to being the first to show up to the office and the last to leave, but it doesn't guarantee you'll become a CEO or build a multi-million dollar company. Additionally, a 2014 Stanford study found that hourly productivity drops sharply if you work more than 50 hours per week.

Instead, use your 9-5 schedule to build good relationships with your coworkers, especially if they can give you feedback on your work, Stacie Haller, chief career consultant at ResumeBuilder, tells CNBC.

< p>Sometimes, you'll need to sprint – working long hours – especially early in your career or if you're starting your own company, Randolph noted.

“When you're younger, when you don't really know what you're doing… better to work all the way down,” he said, adding “ideally, you're moving far enough ahead… to have some breathing room.”

Eventually, constant sprinting reaches a point of diminishing returns. Focusing on the important separates the hard workers from the smart workers, Randolph said.

“So many entrepreneurs [are] up all night … checking every detail [and working] so hard,” notes. However, “you don't lose the deal at 2 in the morning because you didn't check the fonts,” he adds, but when you didn't have some key pieces of feedback on time and right.

Source: www.kathimerini.com.cy

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