Netflix Inc. co-founder Marc Randolph on Friday shared his unique perspective on the key ingredients for business success.

What Happened: Randolph took to X, formerly Twitter, and in a series of posts shared his thoughts on entrepreneurship. He argued that an MBA degree, being based in Silicon Valley, or having investors are not essential for success. "What you need is a tolerance for risk. You need passion. And above all else, you need an idea," he stated.

When a user asked him about how to come up with a good idea and develop the skills required, Randolph's advice was, "Search for pain. View the world as an imperfect place. And fall in love with trying to solve problems — the skills will come through action."

The Netflix co-founder also said that an individual can build a functional prototype, research the market and competition, and even create a decent initial website alone, but "no matter how much you can get done on your own, at some point, you need to ask for help."

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Why It Matters: Randolph's latest comments align with his previous views on entrepreneurship. In April, he said that the primary motivation for working in a startup should not be about making money, but rather about solving intriguing problems.

Previously, he also shared his secret to work-life balance, highlighting the importance of maintaining a personal life alongside professional commitments. "I've worked hard, for my entire career, to keep my life balanced with my job ... for over 30 years, I had a hard cut-off on Tuesdays. Rain or shine, I left at exactly 5 p.m. and spent the evening with my best friend ... nothing got in the way of that."

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo by Priscilla Du Preez on Unsplash