16 Gems from Jeff Bezos

Great find from Des Whyte - www.expertential.com

1995 to 2015   July, 2015  Amazon was 20 years old with a $200B valuation

 

Now in less than 3 years, May 2018  Amazon’s 2018 US$760b ………..so increased by $500b+

 

Maybe we should pay attention to what Jeff has to say.

 

1.       On making people pay attention:

'You can have the best technology, you can have the best business model, but if the storytelling isn't amazing, it won't matter. Nobody will watch.'

2.       On strategy:

'We've had three big ideas at Amazon that we've stuck with for 18 years, and they're the reason we're successful: 

Put the customer first. Invent. And be patient.'

3.       On innovation:

'I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.'

4.       On pivoting:

'If you're not stubborn, you'll give up on experiments too soon. And if you're not flexible, you'll pound your head against the wall and you won't see a different solution to a problem you're trying to solve.'

5.       On Pricing:

'There are two kinds of companies, those that work to try to charge more and those that work to charge less. We will be the second.'

6.       On new ideas:

'There'll always be serendipity involved in discovery.’

7.       On progress:

'If you're competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.’

8.       On growth:

'All businesses need to be young forever. If your customer base ages with you, you're Woolworth's.'

9.       On Marketing:

'In the old world, you devoted 30% of your time to building a great service and 70% of your time to shouting about it. In the new world, that inverts.'

10.   On empowering a team:

'I would never say no to something the team wanted to do, but I might say yes to something the team didn't want to do. You want there to be multiple ways to get to 'yes' because you want to encourage risk-taking.'

11.   On choosing slim profits:

'Your margin is my opportunity.'

12.   On complacency:

'A company shouldn't get addicted to being shiny, because shiny doesn't last.'

13.   On developing company culture:

'Part of company culture is path-dependent -- it's the lessons you learn along the way.'

14.   On haters:

'If you never want to be criticised, for goodness' sake don't do anything new.'

15.   On motivation:

'I strongly believe that missionaries make better products. They care more. For a missionary, it's not just about the business. There has to be a business, and the business has to make sense, but that's not why you do it. You do it because you have something meaningful that motivates you.'

16.   On choosing friends:

'Life's too short to hang out with people who aren't resourceful.'