he left a high-paying job to bet on
himself and start a dot-com company when
everyone thought he was crazy he built
it up to build the largest retailer in
the world and prove his doubters wrong
he’s now work over 30 billion dollars
and is one of the richest 15 people in
the world
he’s Jeff Bezos founder of amazon.com
and here are his 10 rules for success
when I decided to do this I I first
talked to my my wife who is sitting here
in the audience and she had married a
you know relatively stable goofy but
still relatively stable a person working
at a Wall Street firm or to the
quantitative hedge fund and this was a
hard decision and I was looking for the
right framework in which to make that
kind of important decision and and the
right framework I found is a regret
minimization framework and that’s just a
nerdy way of saying that you want to
project yourself to age 80 and then
think back over your life and if you’re
if you’re if you’re 81 or the thyou want
to minimize the number of regrets you
have throughout that period of time I
think this is something a lot of people
do maybe subconsciously they probably
very few people probably name it regret
minimization framework because most
people are healthier than that but but
it was a very clear way for me to think
about making that kind of life decision
and then and in the way it helped was I
thought okay if I go do this thing and
participate in this thing called the
Internet that I genuinely believe is
going to be a big deal and if I fail am
I going to regret having tried and
failed and I knew the answer that was no
but I also knew that if I didn’t try
that I would always regret that I would
always wonder and it would haunt me
until that you know mythical day which I
actually hope will come many many kids
and many grown-ups do figure out over
time what their passions are and
sometimes we let our I don’t think it’s
that hard I think what happ
though sometimes is that we let our
intellectual selves overrule those
passions and so that’s what needs to be
guarded against I’m going to put the
vast majority of my energy attention and
dollars into building a great product or
service and put a smaller amount into
shouting about it marketing it because I
know if I build a great product or
service my customers will tell each
other you have to mix in some patience
with that almost seven years ago now I
started this most incredible journey
called amazon.com actually at that time
it wasn’t even called amazon.com it was
called Cadabra Inc as an abracadabra
that was the original name of the
company and I had phoned a lawyer on the
way to Seattle from a cell phone and he
said well what do you to incorporate the
company he said what do you want the
company to be called and I said Cadabra
he said cadaver I knew that was a bad
name we changed it a few months later
what we have always wanted to do is
raise the standard for what it means to
be customer centric to such a degree
that other organizations whether they be
other companies or whether they be
hospitals or government agencies
whatever the organization is they should
look at Amazon as a role model and say
how can we be as customer centric as
Amazon editors I imagine right hopefully
competitors as well but if we could make
you know if that could be our legacy
that we kind of raised the general idea
of what it means to be customer centric
that would be a huge accomplishment it
would be accomplishing a mission that’s
much bigger than ourselves we know
customers like low prices we know
customers like big selection and we know
that customers like fast delivery and
those things are going to be true ten
years from now they’re going to be true
twenty years from now so we can count on
those things and we can put energy into
them we know customers like their
products fast and so we work on things
that we know customers like what has
worked at Amazon is focusing on the
customer being very cutting the customer
first which is easy to say but difficult
to
do if you really are customer-centric
it’s like being the host of a party
you’re holding the party for your guests
sometimes the host the party is holding
the party for the host of the party and
that’s that leads to a different kind of
party my advice would be the same for
any kind of entrepreneur and that is
make sure that you are focused on
something you’re passionate about so if
you look at the early internet companies
they were started and focused on doing
something that they thought was very
interesting long before the internet was
fashionable in anyway you know I I you
know we are currently an underdog once
again we’ve been in business for six
years and there was exactly one year
where we were not the underdog and that
was 1999 I like the the underdog years
because it makes a you know I liked it
when all the people we hired their
parents told them they were crazy like
that was the that was kind of the good
era fortunately it’s back in 1999 all
the parents were like you know given
their brothers and sisters high fives
you know my son is working at amazon.com
so that’s a very you can’t follow the
fashion when you’re trying to do a
startup company or I think really
anything in life but you have to as an
entrepreneur if you’re going to if
you’re going to build a company pick
something you think is interesting that
has the intersection of genuinely
creating real customer value and then
just stay right there and let the wave
catch you so if you can hold a ballet
and that can be successful and you can
hold a rock concert and that can be
successful just don’t hold a ballet and
advertise it as a rock concert and so
you need to be clear with all of your
stakeholders with you know are you
holding a ballet or you holding a rock
concert and then people get to
self-select in you know we hire people
who are who are really motivated by
building new customer experiences they
like to pioneer they like the rate of
change they they wake up in the shower
motivated by thinking about customers
and occasionally somebody joins Amazon
who their primary motivation comes from
being thinking about competition or
competitors those people can find Amazon
a little dull you know so and again it’s
not about right or wrong it’s just that
different people are motivated by
different things and what happens with
corporate cultures is that over time
that you people collect themselves in a
way where they like that culture and
then it becomes self-sustaining one of
the things you’ve done so well at Amazon
is you’ve undercut all of your rivals by
keeping the prices low does that same
strategy apply to tablets yes our
approach is premium products at non
premium prices so we sell the hardware
at break-even so we don’t try to make
any money when we saw this hardware and
we hope to make money when people use
the devices not when they buy the
devices and so that’s a very different
approach from most companies most
companies are building quite a bit of
profit into the sale of these devices
whatever it is that you want to do your
there’s going to be risk in your life
and risk is a necessary component of
progress you can make any pioneering
movements in the world of any kind
whether they be the geographical
physical exploration that I’ve just been
talking about whether it be you know a
more cerebral exploration of a
scientific field or I bet you could ask
that question of every speaker here and
I bet that every speaker here has taken
substantial risks whether it be
intellectual or otherwise to achieve
what they’re you know what they’ve done
thank you guys so much for watching I
made this video because no leaf clover
830 asked me to so if there’s somebody
that you want to see me make a top 10
video of leave it in the comments below
I’d also love to know in the comments
which of the 10 rules really stuck with
you the most and had the biggest impact
on you I’m going to join in the
discussion so I look forward to seeing
you there thank you so much for watching
continue to believe and go have a great
day
himself and start a dot-com company when
everyone thought he was crazy he built
it up to build the largest retailer in
the world and prove his doubters wrong
he’s now work over 30 billion dollars
and is one of the richest 15 people in
the world
he’s Jeff Bezos founder of amazon.com
and here are his 10 rules for success
when I decided to do this I I first
talked to my my wife who is sitting here
in the audience and she had married a
you know relatively stable goofy but
still relatively stable a person working
at a Wall Street firm or to the
quantitative hedge fund and this was a
hard decision and I was looking for the
right framework in which to make that
kind of important decision and and the
right framework I found is a regret
minimization framework and that’s just a
nerdy way of saying that you want to
project yourself to age 80 and then
think back over your life and if you’re
if you’re if you’re 81 or the thyou want
to minimize the number of regrets you
have throughout that period of time I
think this is something a lot of people
do maybe subconsciously they probably
very few people probably name it regret
minimization framework because most
people are healthier than that but but
it was a very clear way for me to think
about making that kind of life decision
and then and in the way it helped was I
thought okay if I go do this thing and
participate in this thing called the
Internet that I genuinely believe is
going to be a big deal and if I fail am
I going to regret having tried and
failed and I knew the answer that was no
but I also knew that if I didn’t try
that I would always regret that I would
always wonder and it would haunt me
until that you know mythical day which I
actually hope will come many many kids
and many grown-ups do figure out over
time what their passions are and
sometimes we let our I don’t think it’s
that hard I think what happ
though sometimes is that we let our
intellectual selves overrule those
passions and so that’s what needs to be
guarded against I’m going to put the
vast majority of my energy attention and
dollars into building a great product or
service and put a smaller amount into
shouting about it marketing it because I
know if I build a great product or
service my customers will tell each
other you have to mix in some patience
with that almost seven years ago now I
started this most incredible journey
called amazon.com actually at that time
it wasn’t even called amazon.com it was
called Cadabra Inc as an abracadabra
that was the original name of the
company and I had phoned a lawyer on the
way to Seattle from a cell phone and he
said well what do you to incorporate the
company he said what do you want the
company to be called and I said Cadabra
he said cadaver I knew that was a bad
name we changed it a few months later
what we have always wanted to do is
raise the standard for what it means to
be customer centric to such a degree
that other organizations whether they be
other companies or whether they be
hospitals or government agencies
whatever the organization is they should
look at Amazon as a role model and say
how can we be as customer centric as
Amazon editors I imagine right hopefully
competitors as well but if we could make
you know if that could be our legacy
that we kind of raised the general idea
of what it means to be customer centric
that would be a huge accomplishment it
would be accomplishing a mission that’s
much bigger than ourselves we know
customers like low prices we know
customers like big selection and we know
that customers like fast delivery and
those things are going to be true ten
years from now they’re going to be true
twenty years from now so we can count on
those things and we can put energy into
them we know customers like their
products fast and so we work on things
that we know customers like what has
worked at Amazon is focusing on the
customer being very cutting the customer
first which is easy to say but difficult
to
do if you really are customer-centric
it’s like being the host of a party
you’re holding the party for your guests
sometimes the host the party is holding
the party for the host of the party and
that’s that leads to a different kind of
party my advice would be the same for
any kind of entrepreneur and that is
make sure that you are focused on
something you’re passionate about so if
you look at the early internet companies
they were started and focused on doing
something that they thought was very
interesting long before the internet was
fashionable in anyway you know I I you
know we are currently an underdog once
again we’ve been in business for six
years and there was exactly one year
where we were not the underdog and that
was 1999 I like the the underdog years
because it makes a you know I liked it
when all the people we hired their
parents told them they were crazy like
that was the that was kind of the good
era fortunately it’s back in 1999 all
the parents were like you know given
their brothers and sisters high fives
you know my son is working at amazon.com
so that’s a very you can’t follow the
fashion when you’re trying to do a
startup company or I think really
anything in life but you have to as an
entrepreneur if you’re going to if
you’re going to build a company pick
something you think is interesting that
has the intersection of genuinely
creating real customer value and then
just stay right there and let the wave
catch you so if you can hold a ballet
and that can be successful and you can
hold a rock concert and that can be
successful just don’t hold a ballet and
advertise it as a rock concert and so
you need to be clear with all of your
stakeholders with you know are you
holding a ballet or you holding a rock
concert and then people get to
self-select in you know we hire people
who are who are really motivated by
building new customer experiences they
like to pioneer they like the rate of
change they they wake up in the shower
motivated by thinking about customers
and occasionally somebody joins Amazon
who their primary motivation comes from
being thinking about competition or
competitors those people can find Amazon
a little dull you know so and again it’s
not about right or wrong it’s just that
different people are motivated by
different things and what happens with
corporate cultures is that over time
that you people collect themselves in a
way where they like that culture and
then it becomes self-sustaining one of
the things you’ve done so well at Amazon
is you’ve undercut all of your rivals by
keeping the prices low does that same
strategy apply to tablets yes our
approach is premium products at non
premium prices so we sell the hardware
at break-even so we don’t try to make
any money when we saw this hardware and
we hope to make money when people use
the devices not when they buy the
devices and so that’s a very different
approach from most companies most
companies are building quite a bit of
profit into the sale of these devices
whatever it is that you want to do your
there’s going to be risk in your life
and risk is a necessary component of
progress you can make any pioneering
movements in the world of any kind
whether they be the geographical
physical exploration that I’ve just been
talking about whether it be you know a
more cerebral exploration of a
scientific field or I bet you could ask
that question of every speaker here and
I bet that every speaker here has taken
substantial risks whether it be
intellectual or otherwise to achieve
what they’re you know what they’ve done
thank you guys so much for watching I
made this video because no leaf clover
830 asked me to so if there’s somebody
that you want to see me make a top 10
video of leave it in the comments below
I’d also love to know in the comments
which of the 10 rules really stuck with
you the most and had the biggest impact
on you I’m going to join in the
discussion so I look forward to seeing
you there thank you so much for watching
continue to believe and go have a great
day
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