Monday, September 19, 2011

The Daily Note - The Right to Fail

Everyone has the right to fail. Failure is an essential part of growth and it is as natural as rain. I remembered that as I watched the video by Reed Hastings, CEO of Netflix. On the face of it, just the name "Qwikster" is wrought with problems, one of which the spelling. I went to by browser search and from memory I entered the company name. Unintentionally I misspelled the name by adding a "c" before "k" "qwickster" which prompted my search to ask if I meant "Quickster", taking me to an odd site with a twist on Spongebob Squarepants. It will result in not only guffaws but horrible results for searchers wishing to give an honest try to this Netflix offshoot.

Netflix is a brand that was understood easily .. "Net" meaning Internet and "Flix" meaning Movies an old slang for the term with a slight different spelling. But how are we to relate to Qwikster? Does it bring visions of smooth, fast, high quality streaming of games and movies? I cannot relate it to either. I can imagine the problem of finding a good name equivalent to Netflix, but in the least one must ask why change something that people already identify with.

If it is, as Reed Hastings says and I believe he's absolutely correct, that the streaming of games and movies is the future, then why not keep the brand name at least in part for the new company. Something with "flix" or "net" in it. "Netquix" "Myflix" "NetMyFlix" immediately come to mind. (But before I go on, be forewarned if you are tempted to rip off my ideas once reading this.)

The stream is full of frankly thoughtless criticism and some dumb remarks of one type or another but mainly about how he apologized because he lost billions. For one, Reed Hasting will not have lost billions yet but his investors have. Yes, anyone and their children who invested in his success. Further, it may be his reputation that is also lost which will make it more difficult for him to succeed in his next venture. But before you laugh hysterically, remember Steve Jobs. He too failed and was criticized: "NEXT"!

I have no idea what Reed Hastings was thinking as I believe that no person who has ever started a company goes into it with the thought that he will make billions in the first place. They start because of an idea that they want to see succeed. How much, is far away from the initial concept. It's been proven over and over again that true entrepreneurs put all of themselves into their concept out of love and it's because of that why they also have every right to destroy their creation as well. Would they do it intentionally, I doubt it, but their vision which started the concept, will have to be the one to develop it further.

Will his original fans be on board the new venture, one never knows. Individual investors will have to decide if Reed Hastings a "one trick pony" as is their right to do; but who amongst us has not taken the wrong fork in the road? And who amongst us large or small, has not in some way learned from that adventure only to come to a new horizon?

So,if Qwikster were to fail, will Reed Hastings be a failure? Somehow, I don't think so because people who have succeeded once know they can do it again. He will only take his place amongst the many who have failed, to possibly rise again. Keep it in mind as you read the "social" comments and articles full of criticism of this man's new concept, I ask of them, as I ask myself, when is the last time that we have tried enough to fail?... (to be continued)

Happy Trading, Living and Dancing
©2011 All Rights Reserved

The Daily Pick - NFLX

©DayTrading with Anni 2011 All Rights Reserved

1 comment:

jakedeg said...

Not sure you're quite understanding. Your post makes it sound like Qwikster is the name for the new company, when in reality, it is the name of the OLD part of the service (DVDs by mail) which he is spinning off. It has nothing to do with streaming. In reality, it is much much slower than Netflix which is, of course, INSTANT streaming only. So to review, the one with "Qik" in the name is the slow one. Duh.