To be successful, just having a great idea is not enough, according to one Silicon Valley entrepreneur.
"There's nothing worse than the guy who at the party goes, 'Oh, I had that idea two years ago.' Well, then, why didn't you do something two years ago?" Marc Randolph, co-founder of Netflix, told CNBC.
"If you have an idea and you don't take action, you're done."
The good news, according to Randolph, is that the idea does not have to be perfect. Like other business owners, when the founders started Netflix, they tried to perfect their idea and only share with the world what they perceived was a flawless product, he said during the interview.
"Your idea is a bad one, your idea is wrong. You don't know how or why yet, but until you put the idea out there and see it collide with the real world, you won't know what direction to go," he said.