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    Jeff Bezos: In His Own Words
    Jeff Bezos: In His Own Words
    Jeff Bezos: In His Own Words
    Ebook232 pages1 hour

    Jeff Bezos: In His Own Words

    By Helena Hunt

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    About this ebook

    Over five hundred quotations from the man Warren Buffett called “the most remarkable businessperson of our age.”

    Jeff Bezos started Amazon in 1994 as an online bookstore based out of his garage. Since then, the ever-expanding enterprise has revolutionized shopping and, in many important ways, invented e-commerce as we know it. Today, Bezos’s vast empire includes everything from cloud computing and fresh food delivery to movie production and consumer electronics. In recent years, Bezos also has invested in rocket technology, newspaper publishing, and artificial intelligence. Every arm of his business, however, is guided by a fundamental goal: to give customers what they want before they even think to ask for it.

    Jeff Bezos: In His Own Words offers a unique look into the mind of one of history’s most successful entrepreneurs by collecting more than five hundred of Bezos’s quotes on business, technology, customer service, e-commerce, innovation, entrepreneurship, and more. Meticulously curated from interviews, speeches, shareholder letters, and other sources, this book creates a comprehensive picture of Jeff Bezos, his obsessions, and what makes his ventures thrive.

    After all these years, Bezos still operates on what he calls “Day One time,” in order to maintain the early experimental spirit of his business. Jeff Bezos: In His Own Words reveals in detail a man who wants to push the future forward—and will inspire readers to do the same.
    LanguageEnglish
    PublisherOpen Road Integrated Media
    Release dateDec 11, 2018
    ISBN9781572848306
    Jeff Bezos: In His Own Words

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      Book preview

      Jeff Bezos - Helena Hunt

      Introduction

      THE ONLINE RETAILER AMAZON MAKES ABOUT $178 billion in annual revenue as of this writing. If you aren’t contributing to Amazon’s revenue, perhaps you are making a statement against any number of the company’s ethically ambiguous characteristics: its increasingly monopolistic dominance of the e-commerce and retail markets, its often adversarial relationships with book publishers, or its reportedly cold-blooded workplace culture. But Amazon’s more than 100 million Prime members (a figure finally revealed after much speculation in a 2018 shareholders letter) don’t seem too worried about these shortcomings. They choose Amazon again and again for its low prices, dedication to customer service, and willingness to expand into new services and product offerings that, in some cases, anticipate customer needs before customers even know they are needs. The word Amazon has become synonymous, not with a river in South America, but with a particular service made possible by the internet—and the vision of Jeff Bezos, Amazon’s founder and CEO, to foresee the possibilities of moving life online.

      Bezos would be the first to say that he isn’t solely responsible for the success of his $800 billion–market cap company and its rapidly multiplying subsidiaries. But it is difficult to imagine the success of Amazon—and ventures such as the Washington Post and Blue Origin—without the singular vision, tireless motivation, wide-eyed optimism, and uncanny prescience of the man who started it all.

      That prescience is key to most of Bezos’s success. In 1994, when he was working at quantitative hedge fund D.E. Shaw in Manhattan, Bezos came across a surprising statistic: the recently created internet was growing at a staggering rate of 2,300 percent a year. Bezos knew he had to join (and, hopefully, monetize) this wave of growth before it left him behind, and so he acted quickly—leaving his job, picking up a Chevy Blazer from his parents in Texas, and driving to Seattle, where he planned to sell books via the internet out of his new house’s garage. He chose Seattle because it was a large city with a major airport and because it was near a book warehouse in Oregon. He chose to sell books because they were sortable, packable, and shippable—and because a vast selection already existed that couldn’t be sold by any single physical retail competitor. In every instance, Bezos applied a keen, almost cold, talent for analysis, optimization, and rapid movement that has proven to serve him well.

      Now, more than 20 years later, Amazon will sell you almost anything. You can buy tents, tires, Barbie dolls, fresh food, and restaurant meals on the website, as well as on the devices Amazon itself has pioneered—most significantly, the Kindle, the first dedicated e-reader, and the Echo, an artificially intelligent, voice-activated, multiuse home device. The company’s stock price has soared, and Bezos himself is worth billions of dollars.

      The success of Amazon didn’t always seem so certain, however. In the late 1990s and early 2000s, during the dot-com boom and bust, analysts called Bezos’s company "Amazon.bomb, Amazon.con, and Amazon.toast." Bezos’s business plan was to have razor-thin margins, relentlessly cutting costs to draw customers while at the same time expanding fulfillment capabilities and selection, a strategy that didn’t always create profits or appeal to investors. As stock prices fell, Bezos held on to the mission of Amazon: to be Earth’s most customer-centric company. He took the long view, and despite warnings and analysts’ predictions, he did what it took to serve his customers—and that included staying in business.

      Bezos believes that his customer-forward business model—predict what people need before they realize they need it—is really what drives innovation. This philosophy led to Amazon, of course, but also to Amazon Web Services, a data infrastructure that developers and services such as Netflix, Spotify, and the CIA rent from Amazon; Kindle, an e-reader that Bezos claims improves the technology of the book; and even Blue Origin, Bezos’s space company, which also has a forward-thinking, customer-obsessed mentality. Someday, Bezos reasons, people will need to go to space; we might as well start building them a service to do that now.

      While the customer-centric model may have won over Amazon’s vast membership, for employees it can create a punishing environment that isn’t oriented to their wants or needs. The infamous 2015 New York Times profile Inside Amazon: Wrestling Big Ideas in a Bruising Workplace describes a corporate culture where employees cry at their desks, are encouraged to leave if they face pregnancy or illness, and struggle against cutthroat internal competition. The Everything Store, a nonfiction account of Amazon’s rise by Brad Stone, quotes Bezos asking employees Are you lazy or just incompetent? and Do I need to go down and get the certificate that says I’m CEO of the company to get you to stop challenging me on this? among other choice phrases.

      In public, Bezos may not be as openly confrontational, but he does explain that his company thrives on constant invention, and those who can’t keep up will be left behind—whether they’re inside or outside Amazon. But in many ways Bezos still seems to be the earnest intellectual whom a 1999 60 Minutes segment dubbed Nerd of the Amazon. He started Blue Origin in part because he was a fan of Star Trek (a Star Trek game on the school computer was what first got him interested in computers, too). His determination to go to space goes at least as far back as his high school valedictory speech, where he described building hotels and amusement parks for space colonists.

      Bezos has followed his passions to a remarkable level of success—he is now the richest person in modern history with an estimated net worth north of $150 billion. Because he’s already accomplished so much that once seemed so unlikely, it’s hard not to believe him now when he describes a future where millions of people live and work in space. And if he has it his way—which he so often does—Jeff Bezos will be among the first to go there.

      PART ONE: GUIDING PRINCIPLES

      Entrepreneurship

      DEFINING ENTREPRENEURSHIP

      ENTREPRENEURSHIP IS REALLY more about a state of mind than it is about working for yourself. It’s about being resourceful, it’s about problem solving. If you meet people who seem like really good problem solvers, step back, and you’ll see that they are self-reliant.

      —Inc., April 1, 2004

      A BEGINNER’S MIND

      THAT ABILITY TO look at things with a fresh mind, a beginner’s mind, is very useful for entrepreneurs.

      —Foreign Affairs, January/February 2015

      EASY IDEAS, HARD RESULTS

      IT’S EASY TO have ideas. It’s very hard to turn an idea into a successful product. There are many steps in between, and it takes persistence.

      —Edison Nation video series, April 2011

      OVERNIGHT SUCCESSES

      I’ve noticed all overnight successes take about 10 years.

      —Internet Association charity gala, May 2, 2017

      THE INITIAL BUSINESS PLAN

      WRITING THE BUSINESS plan, the initial hiring, getting the company incorporated. In a way they’re sort of, you know, simple, almost pedestrian tasks. But that’s how you start, one step at a time.

      —American Academy of Achievement interview, May 4, 2001

      MAINTAINING OPTIMISM

      MY WIFE SAYS, If Jeff is unhappy, wait three minutes. I believe that optimism is an essential quality for doing anything hard—entrepreneurial endeavors or anything else. That doesn’t mean that you’re blind or unrealistic, it means that you keep focused on eliminating your risks, modifying your strategy, until it is a strategy about which you can be genuinely optimistic.

      —Inc., April 1, 2004

      BE REALISTIC WITH YOUR BUSINESS

      YOU CAN’T SIT down to write a business plan and say you’re going to build a multibillion-dollar corporation; that’s unrealistic. A good entrepreneur has a business idea that they believe they can make work at a much more reasonable scale and then proceeds adaptively from there, depending on what happens.

      —Foreign Affairs, January/February 2015

      IT’S VERY IMPORTANT for entrepreneurs to be realistic. And so if you believe on that first day, while

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