Netflix Co-Founder on How to Make Smart Business Decisions | That Will Never Work Podcast with Marc Randolph

Instincts

Gary Vaynerchuk emphasizes the importance of instinctive decision-making in business, highlighting how personal intuition can guide successful investments. He shares his unique approach to stock investments, revealing that he only buys shares in companies he deeply believes in, such as Amazon, Netflix, and Shopify 1. Marc Randolph supports this by discussing the concept of "informed instinct," where a gut feeling, backed by experience, can lead to successful outcomes 1.

It's a real business challenge for thought leaders and thinkers and pontificators and debaters and curiosities. Like, that's my game.

--- Gary Vaynerchuk

Gary also reflects on the evolving nature of his instincts, noting that embracing change and candor has become crucial in his business strategy 2.

   

Past Lessons

Reflecting on past decisions, Gary and Marc discuss how historical correctness is often overshadowed by the few successes that stand out. Marc points out that people tend to remember the one successful venture rather than the numerous attempts that didn't work out 3. This perspective is crucial for entrepreneurs who often face numerous failures before achieving success.

Looking back in historical correctness, people only remember that one plate you managed to keep going and they forget about the other 79, 1000%.

--- Marc Randolph

Gary agrees, emphasizing the importance of learning from past experiences to inform future strategies 4.