Jeff Bezos 11 Lessons

Jeff Bezos 11 Lessons

Inc. March/ April Issue - The best article I have read so far in 2021.

1. Use the Regret Minimization Framework - mental exercise to take chances so you do not regret it down the road.
2. Find the Right Opportunity - Jeff started the e-tailing boom as in 1994 Internet was growing at a rate of 230,000 percent. 
3. Be Customer Obsesses - Obsessive and compulsive focus on the Customer - and you can experience it @ amazon.com or whole foods.
4. Make your value exceed all the costs - Being relevant to your customer and your employer, every day, every hour, every minute.
5. Fear Customers, Not Competitors - Customer has the money, follow the money.
6. Focus on Long Term - Investments in relationships initially might not provide value but will certainly pay off in long term.
7. Feed the Fly Wheel - More products means more customers means more efficient processes and systems which in turn results at a lower cost which means more growth. Jeff has mastered the art of continuous innovation.
8. Hire for Intensity - Give your employees a great meaningful mission and real purpose.
9. Protect your culture - Important to keep history in mind - every day is Day 1.
10. Know what kind of decision you are making - Type 1 (Less consequential) or Type 2 (Highly consequential) - If it's Type 2 - involve a small team or one high judgment individual.
11. Listen to your critics; but not too much - Be ready to face criticism when doing something new or innovative.