Ever hear of Quickster? It was the "New Coke" of the media distribution business back in 2008. At that time, Netflix CEO Reed Hastings decided it would split its services into two separate entities, Quickster for the legacy DVD rental services and Netflix for the emerging streaming business. After a few years of work to transition operations, establish the right processes, develop the infrastructure and branding, they launched the concept into the marketplace, giving customers two accounts and a price hike for those who wanted both services. It didn't go well.
They lost over 800,000 customers within a few months, and their stock plummeted 25%. In a moment of professional humility and courage, Hastings publicly admitted "I made a mistake", reversed direction, and brought everything back together under one brand with one account. He listened to the customer and refocused their energy into streaming services and content generation. Fast forward a decade or so, and Hastings' reverse gear has led to over 300 million paid subscribers and roughly $40 billion in annual revenue as the global leader in streaming services.
Hastings kept his reverse gear in good working order and was able to move forward as a result.
"Pride goes before destruction, and haughtiness before a fall." (Proverbs 16:18)
It's one of the most courageous things you can do. Admit you were wrong. While life gives us all ample opportunity to courageously be wrong, it's the infrequent hero that can effectively pull it off.
Ego, pride, myopic determination, greed, and fear all contribute to our inclination to double down on our position, only to realize later that we may have been wrong and there was a better way. On the flip side, it is those mistakes, missteps, pivots, and reversals that lead to greater accomplishments and public trust when done with humble courage and personal responsibility.
We all make the best decisions we know how to make, given the information we have in the moment. That doesn't mean that the information, or our discernment of it, was the best available or hasn't changed. Sometimes you have to stop and back up. If you allow pride to drive, wear a helmet as it's all gas and no brakes. Put Wisdom behind the wheel and keep your reverse gear in good working order.
