Assessment: Running a business

Reed Hastings
. Reed Hastings is the son of Nixon administration lawyer. Reed hasting born
(1960) 8th October in Boston. Reed hastings studied at Bowdon in exceeding in
math. Later, he traveled to Swai land to serve in the peace corps. In Nixon's
administration, his father, Wilmot Reed.
. Hastings Sr was an attorney for the department of health education and
welfare during the Nixon administration. And His mother, Johan Amory Loomis,
hailed from a wealth "old money" family in Boston. Interestingly she was repulsed
by high society and instilled in her children a disdain for it. Her perspective may
have contributed to Reed’s unconventional and innovative approach as an
entrepreneur.

Reed Hastings first business

Reed hastings started his first business, pure software, in 1991, he founded his first company, Pure Software, which specialized in creating troubleshooting products for

software. He later sold it in 1997 for a considerable profit. It was after he incurred a substantial late fee for not returning a video cassette, he rented from a store that he

came up with the concept of a subscription-based movie rental service. Together with his business partner Marc Randolph, they established Netflix in 1997 and

launched their mail-order DVD operations in 1998. Hastings assumed the role of CEO later that year and propelled Netflix's growth through movie studio partnerships,

innovative products, such as streaming and original content, and aggressive marketing campaigns. His leadership enabled Netflix to become one of the most successful

and influential entertainment companies worldwide.

Why did Reed hastings came up with opening Netflix?

Hasting's reed was interested in the potential of the internet to deliver data faster and cheaper than physical media. He also wanted to create a

company that was more innovative and adaptable than his previous software business. He teamed up with Marc Randolph, who had experience

in e-commerce and mail order. They decided to focus on DVDs, which were new and compact technology at the time. They mailed a CD to

themselves and saw if it arrived intact. When it did, they launched Netflix as an online DVD rental service in 1997. Later, they introduced

streaming content and original productions, becoming one of the most successful entertainment companies in the world.

How much education did Reed hastings obation?

Reed Hastings obtained a Bachelor of Arts degree in Mathematics from Bowdoin College in 1983, and a master's degree in computer science

from Stanford University in 1988. He also served in the Peace Corps and taught math in Swaziland (now Eswatini) from 1983 to 1985.

REED HASTING’S FAILURES?

Reed Hastings had a several setbacks before achieving success. His first invention was when the "foot mouse," was not successful, and his first company, Pure Software, struggled

with hiring and scaling issues. At one point, he even asked the board to replace him twice, but they refused. In addition, Netflix experienced a major misstep when Hastings tried to

split the DVD and streaming businesses into separate brands and raised prices by 60%, which resulted in the loss of 800,000 subscribers and 77% of the company's stock value in just

four months. However, Hastings learned from his mistakes and improved his leadership skills, creating a culture of innovation and experimentation at Netflix which has contributed to

the company's growth and success. Today, he is one of the most respected and influential CEOs in the tech industry.

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