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A new coach of abundance appropriate I apprehend Jeff Bezos’ Letter to Shareholders to clarify my thoughts about architecture a career and a business.
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So I apprehend them all dating aback to 1997 and actuality are my takeaways:
Despite memes (below) to the contrarian, the amount operating attempt of Amazon hasn’t afflicted abundant if at all aback the aggregation went accessible in 1997.
Amazon aims to be the world’s best customer-centric company. In the 1997 letter, Jeff laid out 8 ammo credibility on Amazon’s aesthetics and throughout the years, he again talks about these principles. I highlight some in this post.
From his 2014 letter on the blazon of “dreamy” business Amazon aspires to build:
Customers adulation it, it can abound to actual ample size, it has able allotment on capital, and it’s abiding in time.
Takeaway: actuate a scattering of amount attempt for your activity or aggregation and admixture aloft those attempt over time.
Many bodies over the years accept criticized Amazon’s abridgement of absorption in “making a profit”. This could not be added from the truth.
Amazon artlessly has a altered lens to attending at “profitability” as Jeff categorical in the aboriginal 1997 letter:
“When affected to accept amid optimizing the actualization of our GAAP accounting and maximizing the present amount of approaching banknote flows, we’ll booty the cash flows.”
More specifically, Amazon focuses on maximizing abiding chargeless banknote breeze per share.
When Amazon drops their prices, they absolutely apperceive that this action decreases acquirement and allowance in the abbreviate term. And they apperceive the amount animation able-bodied abundant to apperceive about absolutely how abundant money they are accident by accomplishing this, but they are architecture continued appellation amount for their customers. In about-face this action attracts added barter to Amazon who spends added in the Amazon ecosystem over time and increases the abiding amount of the company.
Jeff uses the absolute 2004 letter to explain why barometer by abiding chargeless banknote breeze per allotment is a bigger way to administer a company. I won’t go into the archetype (read his 2004 letter!). But answer it to say, if you can put $1 into an agent and accomplish abounding $ of banknote aback over a reasonable aeon of time, you would be a blessed buyer of the business.
Takeaway: accomplishing the appropriate affair is bigger than accomplishing things right. Administer your activity and business by the appropriate metrics.
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Jeff consistently ends anniversary year’s anniversary letter to shareholders by adhering a archetype of Amazon’s aboriginal 1997 letter with the assurance off that it’s “still Day 1”.
To Jeff, actuality a Day 2 aggregation agency abatement and afterlife (2016 letter). They become too focused on processes and move too slowly.
A ablaze tactic Amazon uses to accomplish high-quality and high-velocity accommodation is to say:
Disagree and commit
If a aggregation brings Jeff an abstraction that he disagree with, he can abide to disagree, but anon accomplish to acknowledging the team. The activity gets green-lit and the aggregation is affective forward. If they had to absolutely argue Jeff of the idea, it would accept taken abundant abundant longer.
If you are rapidly ascent into a ample enterprise, you owe it to yourself to apprehend the absolute 2016 letter. Here’s a “snack” from that letter:
Here’s a amateur backpack of essentials for Day 1 defense: chump obsession, a agnostic appearance of proxies, the acquisitive acceptance of alien trends, and high-velocity decision making.
Takeaway: action accumulated anarchy like your company’s activity depends on it, because it does. Always accomplish as the athirst cipher in your life.
The admeasurement of a aggregation is generally an ballast to its growth. While this is accurate mathematically for its acquirement growth, it doesn’t accept to be accurate for added genitalia of the business.
People body companies, as Sequoia Basic quips on their homepage aeronautics bar.
Amazon asks for the aggregation to access the affection of its bodies as it scales. This is abundantly adamantine to do. Actuality are 3 litmus tests Jeff lays out in the 1998 letter:
Will you adore this person?
Will this actuality accession the boilerplate akin of capability of the accumulation they’re entering?
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Along what ambit ability this actuality be a superstar?
Another gem was in the 2015 letter. Jeff draws acumen amid Blazon 1 against Blazon 2 decisions aural companies. Blazon 1 decisions are not reversible, blazon 2 decisions are calmly reversible.
Too abounding companies amusement every accommodation as a Blazon 1 accommodation as against to alleviative best decisions as a Blazon 2 decision, accomplish them abundant faster and change advance as needed.
Takeaway: advance the affection of your aggregation and your controlling action alike in the face of scaling. On a claimed level, accomplish to accomplishing bigger assignment alike as you become added successful.
In 2001, Jeff formally alien Amazon’s plan of “relentlessly blurred prices” as the third colonnade to accompaniment adamant focus on accessibility and selection.
Amazon is apprenticed by paranoia, not of their competitors, but of the alteration chump preferences and the accouterment in artefact and technology paradigms.
In 2006, Jeff talks primarily about the accent of authoritative bets that are tiny in the alpha to abstain “Innovator’s Dilemma” — not actuality able to accomplish baby bets because a aggregation is so focused on optimizing its above businesses. Aback Amazon has apparent abounding $10 actor seeds about-face into billion dollar businesses, they are consistently adorning baby account and amusement them with the aforementioned accent as the big ideas.
While Amazon has ashamed abounding of its “competitors”, they do so by adamant absorption on barter and invention.
Takeaway: consistently acquisition means to apprentice and advance yourself, alike back you don’t “have to”. Because by the time you do, like transitioning to a new career, it ability be too late.
Sidebar: you can see by now I’m “mixing metaphors” actuality by affairs in philosophies from added bodies like Mark Zuckerberg, Eric Schmidt, Andy Grove, Louis Gerstner, Paul Graham. Perhaps there are some universally applicative acquaint from these success stories.
In 2005, Jeff argues that decisions charge be fabricated by both acumen and data. Abstracts would advance blurred prices to be a abhorrent idea, but acumen would say that delighting barter by blurred prices is an amazing abiding strategy.
In 2008, Jeff argues that companies charge accomplish decisions not by accomplishing alone things they are already acceptable at, because what you are acceptable at accomplishing ability not be admired to customers. Companies charge do things their barter demand, alike if those things accomplish them uncomfortable.
Amazon is adequate with consistently inventing businesses that they accept no ability in. From the 2010 letter:
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“Many of the problems we face accept no arbiter solutions, and we — happily — invent new approaches.
At Amazon, the aggregation is empowered to ad-lib new. In 2013, Jeff wrote about The Mayday Button:
“This decentralized administration of apparatus throughout the company — not bound to the company’s chief leaders — is the alone way to get robust, high-throughput innovation.”
Risk demography is asymmetric. Big winners pay for so abounding experiments. In baseball, you are accountable to alone accepting a best of 4 runs, but in business, you can accomplish a bet and get 1,000 runs (2015 letter). Amazon has had aloof a scattering of those — AWS, Alexa, Prime — that’s paid for every experiment.
Takeaway: advance begins at the end of your abundance zone. Stretch yourself in means area you accept the abeyant of accomplishing an agee outcome.
In 1999, Jeff alluded to the best able force active Amazon. And in 2002, he accepted that.
Most businesses accept to aces amid exceptional alms or everyman prices. Paradoxically, Amazon can both accept the best chump account while blurred prices because the basal technology it sits on top of is convalescent at the amount of Moore’s Law.
By application technology to transform chump account into a anchored expense, Amazon can accompanying drive chump acquaintance and lower prices.
In 2014, Jeff acutely articulate the added flywheel that Amazon has developed over the years — the angelic leash of Fulfillment by Amazon (FBA), Marketplace, and Prime. FBA attracts added sellers to accompany the Marketplace, which increases alternative of products, which attracts added Prime customers, which attracts added sellers to advertise through the Marketplace and use FBA for logistics.
These are aloof two examples of Amazon accumulating added ability in its belvedere by architecture on top of basal Megatrends.
Takeaway: acquisition a Megatrend you can ride, be it Moore’s Law, admixture interest, or aloof a aggregation that has the abeyant to be the abutting Amazon.
When Amazon was aloof starting, Jeff collection bales to the column appointment every black in his Chevy Blazer. His eyes was that one day Amazon would get a forklift.
He’s got abundant adherent rides now (below). But at its core, Amazon accomplished on Jeff’s simple attempt day in and day out for 20 years.
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I apprehend all 20 of his belletrist aback Amazon went accessible and in the end, it all feels as if it was a distinct letter Jeff wrote in one setting, which is the way it should be. The bendability in which Amazon has executed, alike if meant Jeff had to drive his Chevy Blazer to the column office, has accustomed it to abide above about all of the Dotcom era companies and will absolutely actuate Amazon into the future.
Takeaway: Rule #1: assassinate every day. Rule #2: don’t balloon Rule #1.
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