hi I’m Evan Carmichael and welcome to
another edition of modeling the masters
I believe that the fastest the most
effective way to grow your business is
the model the strategies that people who
have already done what you’re trying to
do so today we’re going to look at our
man came from a single family home was
born to a teenage mother and turned to
his love of computer science to build an
online billion-dollar plus business this
is a story of amazon.com founder Jeff
Bezos and a top-three lessons you can
learn from his success Jeff Bezos was
born in January 12th 1964 in New Mexico
to his teenage mother Jackie she
divorced business his father that same
year when business was 5 years old
Jackie remarried – Miguel Bezos a Cuban
born engineer for Exxon the family moved
to Houston Texas near a 25 thousand acre
ranch owned by businesses maternal
grandfather it was here where Basil’s
would spend most of his summers but in
the basics of everything from veterinary
care for cattle to repairing bulldozers
and what he now calls just an incredible
incredible experience even as a young
child
basil showed signs of being mechanically
gifted he dismantled his own crib with a
screwdriver and rigged his room with an
electrical arm to keep his younger
siblings out Beezus would go on to
graduate from Princeton with a degree in
computer science and electrical
engineering although he toyed with the
idea of starting his own company he
decided to give himself more time to
learn about the business world first
so Bezos took a job with a brokerage
firm on Wall Street where he was able to
use his computer skills to build
networks that would help clear trades it
was the spring of 1994 and the internet
was growing at 2,300 percent a year
Bezos immediately began looking into the
top 20 mail-order businesses to try to
find the one that could be conducted
more efficiently over the internet
finding no comprehensive mail-order
catalog for books it would be too big to
mail Bezos decided this would be the
perfect product to sell over the
Internet the very next day business flew
to the American Booksellers Convention
in Los Angeles to better understand the
industry there he discovered that
electronic lists of inventory for the
major wholesalers already existed
basil’s would just have to create a
single place on the Internet
Zoomers could go to search for and order
the books they wanted and that’s what
gave him the idea for Amazon the rest is
history by following his passion and by
not being afraid to jump at an
opportunity Bezos was able to build an
online billion dollar-plus empire from
scratch to help you jump-start your
business here are three action items you
can learn from Jeff Bezos action item
number one throw away the rule book
sometimes you be successful you have to
listen to your gut and do what you feel
is right even when the experts tell you
that you’re wrong it takes a lot of
courage and you’ll come up against many
roadblocks but if you keep at it you’ll
be rewarded for your persistence the
industry experts might have said that it
couldn’t be done but Bezos couldn’t have
cared less time and time again
Bezos ignored what the pundits were
telling him to do or not to do through
with a rule book and trusted his own gut
instincts and time and time again
basil’s proved to be right amazon.com
customers rewarded bezos’s instincts
with word-of-mouth advertising that
helped the company grow at a rate
incomprehensible to most other companies
in Amazon coms early days it was harder
for the little startup to ignore expert
advice and forge his own path today
however it is not so hard amazon.com is
corporate giant and what Bezos says goes
the company still has its critics and
many people often still think Bezos is
out on a Ledge but just like when he
first started out Bezos couldn’t care
less
according to Bezos every
well-intentioned high judgment person we
asked told us not to do it we got some
good advice we ignored it and it was a
mistake but that mistake turned out to
be one of the best things that ever
happened to the company 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
we’re very comfortable being
misunderstood we’ve had a lot of
practice
action item number two higher quality
employees I business is only as good as
the people inside it if you want to grow
your company you need to bring on people
to help take your time and do it right a
warm body might help solve a short-term
problem but always ends up costing you
more time energy and money than if you
just took the time to hire properly from
the beginning hire slowly and fire
quickly to build a quality team one of
the biggest factors behind the amazing
success of amazon.com is the people the
company has behind it from day one Bezos
has made it a priority to hire very
carefully he wanted this company to have
a long shelf life I knew that with his
staff he’d be creating an enduring
culture Vizslas wasn’t taking a time to
hire the very best for the company so
that everyone would have to check with
each other before anything could get
done instead Jesus wanted a
decentralized company where small groups
can innovate and pursue their visions
independently of other groups according
to Bezos I’d rather interview 50 people
and not hire anyone then hire the wrong
person cultures aren’t so much planned
as they evolve from that early set of
people for every leader in the company
not just me there are decisions that can
be made by analysis the most junior
person in the company can win an
argument with the most senior person
with a fact-based decision action item
number three think long term you’ve got
to keep the big picture of what you want
to do in mind it can be hard when you’re
putting out fires all day long we have
to remind yourself of what you’re trying
to do think about why you started your
business and what you hope to accomplish
don’t let short-term problems or
opportunities make you deviate from your
plan even if it’s not a popular decision
from day one
much of the dissent of investors and
onlookers Bezos has insisted on taking a
long term strategy for his company he
was not interested in whether something
would help sell a few books today
instead business wanted to make sure
even more books were being sold tomorrow
whether it’s selling books online or any
other venture Vizslas recommends taking
a long-term point of view while he
acknowledges this is something about
which there’s a lot of controversy his
experience tells him it works according
to Bezos you can do the math 15
waste and every time the math tells you
that you shouldn’t lower prices because
you’re going to make less money that’s
undoubtedly true in the current quarter
in the current year but it’s probably
not true over a 10-year period where the
benefit is going to increase the
frequency with which your customers shop
with you the fraction of their purchases
they do with you as opposed to other
places their overall satisfaction is
going to go up sometimes we measure
things and see that in the short term
they actually hurt sales and we do it
anyway if you’re very clear to the
outside world that you’re taking a
long-term approach then people can
self-select in so remember throw away
the rule book hire quality employees and
think long term to finish up this video
I wanted to share my favorite true
stories about Jeff Bezos and some of his
buzz quotes a lot of people don’t know
that
amazon.com was not Jeff Bezos his first
business while still in high school
Vasil started the dream Institute after
working for McDonald’s one summer
basil’s found out he didn’t like working
for others so he started the business of
his own the next summer the dream
Institute was an educational summer camp
for fourth fifth and sixth graders the
entire camp was built around reading
assignments and the youngsters
comprehension of what he or she read he
charged $100 per camper and got six
signups for the camp after that he never
liked working for anyone else again
you
thank you for joining me for another
dish of modeling the masters if you
liked the video and you want to see more
please give it a thumbs up below I’d
also love to hear what you have to think
if you want to leave a comment under the
video so thank you and I’ll see you on
the next episode
you
another edition of modeling the masters
I believe that the fastest the most
effective way to grow your business is
the model the strategies that people who
have already done what you’re trying to
do so today we’re going to look at our
man came from a single family home was
born to a teenage mother and turned to
his love of computer science to build an
online billion-dollar plus business this
is a story of amazon.com founder Jeff
Bezos and a top-three lessons you can
learn from his success Jeff Bezos was
born in January 12th 1964 in New Mexico
to his teenage mother Jackie she
divorced business his father that same
year when business was 5 years old
Jackie remarried – Miguel Bezos a Cuban
born engineer for Exxon the family moved
to Houston Texas near a 25 thousand acre
ranch owned by businesses maternal
grandfather it was here where Basil’s
would spend most of his summers but in
the basics of everything from veterinary
care for cattle to repairing bulldozers
and what he now calls just an incredible
incredible experience even as a young
child
basil showed signs of being mechanically
gifted he dismantled his own crib with a
screwdriver and rigged his room with an
electrical arm to keep his younger
siblings out Beezus would go on to
graduate from Princeton with a degree in
computer science and electrical
engineering although he toyed with the
idea of starting his own company he
decided to give himself more time to
learn about the business world first
so Bezos took a job with a brokerage
firm on Wall Street where he was able to
use his computer skills to build
networks that would help clear trades it
was the spring of 1994 and the internet
was growing at 2,300 percent a year
Bezos immediately began looking into the
top 20 mail-order businesses to try to
find the one that could be conducted
more efficiently over the internet
finding no comprehensive mail-order
catalog for books it would be too big to
mail Bezos decided this would be the
perfect product to sell over the
Internet the very next day business flew
to the American Booksellers Convention
in Los Angeles to better understand the
industry there he discovered that
electronic lists of inventory for the
major wholesalers already existed
basil’s would just have to create a
single place on the Internet
Zoomers could go to search for and order
the books they wanted and that’s what
gave him the idea for Amazon the rest is
history by following his passion and by
not being afraid to jump at an
opportunity Bezos was able to build an
online billion dollar-plus empire from
scratch to help you jump-start your
business here are three action items you
can learn from Jeff Bezos action item
number one throw away the rule book
sometimes you be successful you have to
listen to your gut and do what you feel
is right even when the experts tell you
that you’re wrong it takes a lot of
courage and you’ll come up against many
roadblocks but if you keep at it you’ll
be rewarded for your persistence the
industry experts might have said that it
couldn’t be done but Bezos couldn’t have
cared less time and time again
Bezos ignored what the pundits were
telling him to do or not to do through
with a rule book and trusted his own gut
instincts and time and time again
basil’s proved to be right amazon.com
customers rewarded bezos’s instincts
with word-of-mouth advertising that
helped the company grow at a rate
incomprehensible to most other companies
in Amazon coms early days it was harder
for the little startup to ignore expert
advice and forge his own path today
however it is not so hard amazon.com is
corporate giant and what Bezos says goes
the company still has its critics and
many people often still think Bezos is
out on a Ledge but just like when he
first started out Bezos couldn’t care
less
according to Bezos every
well-intentioned high judgment person we
asked told us not to do it we got some
good advice we ignored it and it was a
mistake but that mistake turned out to
be one of the best things that ever
happened to the company 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
we’re very comfortable being
misunderstood we’ve had a lot of
practice
action item number two higher quality
employees I business is only as good as
the people inside it if you want to grow
your company you need to bring on people
to help take your time and do it right a
warm body might help solve a short-term
problem but always ends up costing you
more time energy and money than if you
just took the time to hire properly from
the beginning hire slowly and fire
quickly to build a quality team one of
the biggest factors behind the amazing
success of amazon.com is the people the
company has behind it from day one Bezos
has made it a priority to hire very
carefully he wanted this company to have
a long shelf life I knew that with his
staff he’d be creating an enduring
culture Vizslas wasn’t taking a time to
hire the very best for the company so
that everyone would have to check with
each other before anything could get
done instead Jesus wanted a
decentralized company where small groups
can innovate and pursue their visions
independently of other groups according
to Bezos I’d rather interview 50 people
and not hire anyone then hire the wrong
person cultures aren’t so much planned
as they evolve from that early set of
people for every leader in the company
not just me there are decisions that can
be made by analysis the most junior
person in the company can win an
argument with the most senior person
with a fact-based decision action item
number three think long term you’ve got
to keep the big picture of what you want
to do in mind it can be hard when you’re
putting out fires all day long we have
to remind yourself of what you’re trying
to do think about why you started your
business and what you hope to accomplish
don’t let short-term problems or
opportunities make you deviate from your
plan even if it’s not a popular decision
from day one
much of the dissent of investors and
onlookers Bezos has insisted on taking a
long term strategy for his company he
was not interested in whether something
would help sell a few books today
instead business wanted to make sure
even more books were being sold tomorrow
whether it’s selling books online or any
other venture Vizslas recommends taking
a long-term point of view while he
acknowledges this is something about
which there’s a lot of controversy his
experience tells him it works according
to Bezos you can do the math 15
waste and every time the math tells you
that you shouldn’t lower prices because
you’re going to make less money that’s
undoubtedly true in the current quarter
in the current year but it’s probably
not true over a 10-year period where the
benefit is going to increase the
frequency with which your customers shop
with you the fraction of their purchases
they do with you as opposed to other
places their overall satisfaction is
going to go up sometimes we measure
things and see that in the short term
they actually hurt sales and we do it
anyway if you’re very clear to the
outside world that you’re taking a
long-term approach then people can
self-select in so remember throw away
the rule book hire quality employees and
think long term to finish up this video
I wanted to share my favorite true
stories about Jeff Bezos and some of his
buzz quotes a lot of people don’t know
that
amazon.com was not Jeff Bezos his first
business while still in high school
Vasil started the dream Institute after
working for McDonald’s one summer
basil’s found out he didn’t like working
for others so he started the business of
his own the next summer the dream
Institute was an educational summer camp
for fourth fifth and sixth graders the
entire camp was built around reading
assignments and the youngsters
comprehension of what he or she read he
charged $100 per camper and got six
signups for the camp after that he never
liked working for anyone else again
you
thank you for joining me for another
dish of modeling the masters if you
liked the video and you want to see more
please give it a thumbs up below I’d
also love to hear what you have to think
if you want to leave a comment under the
video so thank you and I’ll see you on
the next episode
you
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