There is a reason why Jeff Bezos is the richest man in the world with $140 billion wealth – he creates more value than anyone else. In my quest to understand why certain people, and companies, outperform others I recently started to study everything I could about Jeff Bezos. Here are some insights from his early years, which I hope you find valuable”
Prior to Amazon (which he originally called Cadabra Inc.), when he was working at Wall Street firm D.E. Shaw, he saw the Internet growing at 2,300% and wanted to be part of it. He decided to take the chance because of his philosophy on regrets. “The right framework I found is a ‘regret minimization framework’” meaning he wouldn’t be 81 years old looking back regretting doing or not doing something.
Next he analyzed the big categories, “We listed 20 products to sell and came up with books … Books are very unusual in one respect in that there are more of them than there are products of any other category. There are literally millions of books in print at any given time and computers are good a organizing such large selections of products and you could build something online that couldn’t be built in any other way.”
Once he knew the direction, he built the business philosophy. At the start he said, “Our goal is to be earth’s most customer centric company.”
As I consider this, it’s about: 1. knowing you want to be involved, 2. determining your niche and 3. then identifying your belief differentiator. The difference is Bezos has stayed true to his core of customer centricity, starting with books, and now … everything. And as a customer I know this personally, anything I want to buy I can do the transaction in under a minute where everything works perfectly and I know I’m getting a better price for exactly what I want. Shopping doesn’t get any better than that.
So my take, after reading 1,000 business books and interviewing personally over 750 top CEOs is learn everything possible about the most successful people like Jeff Bezos. This article will be followed by more insights on Jeff Bezos.
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