Bezos understood the importance of moving quickly.
Especially as Amazon grew.
To survive as a large company, you have to move at the pace of a startup.
If not, you'll die.
I read every annual letter Jeff Bezos published at Amazon.
It's a masterclass on strategy & leadership.
11 critical insights from a legendary leader:
Bezos understood the importance of moving quickly.
Especially as Amazon grew.
To survive as a large company, you have to move at the pace of a startup.
If not, you'll die.
Some problems require long thought and deliberation.
But many don't.
If a decision is easily reversible, Bezos thought they should be made quickly by "high judgement individuals or small groups."
In the 1998 letter, Bezos remarked that it was Amazon's customers and not competition that should be feared.
He understood that Amazon was providing a service.
Amazon to this day has unmatched service to their customers.
Amazon constantly focused on things that they had input on.
-# of products available
-# of items available for Prime shipping
The focus on the inputs (what Amazon could control) led to the outputs Wall Street looked for.
In the 1st letter on the 1st page, long term mindset is mentioned.
It would remain a theme throughout and something the company stuck to.
Even forgoing profitability to invest back into the company for long term results.
Many companies have shiny new object syndrome.
Amazon isn't different.
But they knew for seeds to grow, it took patience.
Amazon fulfillment center and AWS were both started as seed projects at Amazon.
The 3 questions before making a hiring decision for an employee at Amazon:
-Will you admire this person?
-Will this person raise the average level of effectiveness of the group they’re entering?
-Along what dimension might this person be a superstar?
In the early days, many vendors wondered why Amazon would allow customers to publish negative reviews.
Simply, Amazon knew it would improve the customer experience.
Better products would ultimately end up in the customers hands.
Bezos knew that if he wanted the company to focus on long-term results, ownership mentality was key.
Autonomy is given at Amazon to ensure that employees feel some sense of ownership.
It is the only way to remove the bias of short term results.
May be relevant very soon as fears raise around the risk of recession.
Amazon was able to weather the dot com bubble by building cash reserves.
A tight cash conversion cycle was critical in 2000 & 2001.
Many businesses are great at executing set plans.
But that is not where innovation is sparked.
Ideas are sparked by wanderers.
Amazon aimed to be a see-saw with wandering on one end and efficiency on the other.
You can find them on Google and total there are only about 80 pages.
I'm currently reading Berkshire and that's around 900 pages.
1/ Move Fast
2/ Don't Sweat Reversible Decisions
3/ Stay Terrified of Customers
4/ Focus On Inputs
5/ Long-Term Mindset
6/ Plant Seeds & Wait
7/ Talent Is King
8/ Be Customer Centric
9/ Owner's Mentality
10/ Build A Cash Moat
11/ Wander but Be Efficient
And give me a follow @chrisxmunn if you deem me worthy of blabbering my insights onto your timeline! https://t.co/fVfhozHnBC
I read every annual letter Jeff Bezos published at Amazon.
— Chris Munn (@chrisxmunn) April 19, 2022
It's a masterclass on strategy & leadership.
11 critical insights from a legendary leader: pic.twitter.com/d5Tj1lEuuA
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THREAD PART 1.
On Sunday 21st June, 14 year old Noah Donohoe left his home to meet his friends at Cave Hill Belfast to study for school. #RememberMyNoah💙
He was on his black Apollo mountain bike, fully dressed, wearing a helmet and carrying a backpack containing his laptop and 2 books with his name on them. He also had his mobile phone with him.
On the 27th of June. Noah's naked body was sadly discovered 950m inside a storm drain, between access points. This storm drain was accessible through an area completely unfamiliar to him, behind houses at Northwood Road. https://t.co/bpz3Rmc0wq
"Noah's body was found by specially trained police officers between two drain access points within a section of the tunnel running under the Translink access road," said Mr McCrisken."
Noah's bike was also found near a house, behind a car, in the same area. It had been there for more than 24 hours before a member of public who lived in the street said she read reports of a missing child and checked the bike and phoned the police.
On Sunday 21st June, 14 year old Noah Donohoe left his home to meet his friends at Cave Hill Belfast to study for school. #RememberMyNoah💙
He was on his black Apollo mountain bike, fully dressed, wearing a helmet and carrying a backpack containing his laptop and 2 books with his name on them. He also had his mobile phone with him.
On the 27th of June. Noah's naked body was sadly discovered 950m inside a storm drain, between access points. This storm drain was accessible through an area completely unfamiliar to him, behind houses at Northwood Road. https://t.co/bpz3Rmc0wq
"Noah's body was found by specially trained police officers between two drain access points within a section of the tunnel running under the Translink access road," said Mr McCrisken."
Noah's bike was also found near a house, behind a car, in the same area. It had been there for more than 24 hours before a member of public who lived in the street said she read reports of a missing child and checked the bike and phoned the police.
THE MEANING, SIGNIFICANCE AND HISTORY OF SWASTIK
The Swastik is a geometrical figure and an ancient religious icon. Swastik has been Sanatan Dharma’s symbol of auspiciousness – mangalya since time immemorial.
The name swastika comes from Sanskrit (Devanagari: स्वस्तिक, pronounced: swastik) &denotes “conducive to wellbeing or auspicious”.
The word Swastik has a definite etymological origin in Sanskrit. It is derived from the roots su – meaning “well or auspicious” & as meaning “being”.
"सु अस्ति येन तत स्वस्तिकं"
Swastik is de symbol through which everything auspicios occurs
Scholars believe word’s origin in Vedas,known as Swasti mantra;
"🕉स्वस्ति ना इन्द्रो वृधश्रवाहा
स्वस्ति ना पूषा विश्ववेदाहा
स्वस्तिनास्तरक्ष्यो अरिश्तनेमिही
स्वस्तिनो बृहस्पतिर्दधातु"
It translates to," O famed Indra, redeem us. O Pusha, the beholder of all knowledge, redeem us. Redeem us O Garudji, of limitless speed and O Bruhaspati, redeem us".
SWASTIK’s COSMIC ORIGIN
The Swastika represents the living creation in the whole Cosmos.
Hindu astronomers divide the ecliptic circle of cosmos in 27 divisions called https://t.co/sLeuV1R2eQ this manner a cross forms in 4 directions in the celestial sky. At centre of this cross is Dhruva(Polestar). In a line from Dhruva, the stars known as Saptarishi can be observed.
The Swastik is a geometrical figure and an ancient religious icon. Swastik has been Sanatan Dharma’s symbol of auspiciousness – mangalya since time immemorial.
The name swastika comes from Sanskrit (Devanagari: स्वस्तिक, pronounced: swastik) &denotes “conducive to wellbeing or auspicious”.
The word Swastik has a definite etymological origin in Sanskrit. It is derived from the roots su – meaning “well or auspicious” & as meaning “being”.
"सु अस्ति येन तत स्वस्तिकं"
Swastik is de symbol through which everything auspicios occurs
Scholars believe word’s origin in Vedas,known as Swasti mantra;
"🕉स्वस्ति ना इन्द्रो वृधश्रवाहा
स्वस्ति ना पूषा विश्ववेदाहा
स्वस्तिनास्तरक्ष्यो अरिश्तनेमिही
स्वस्तिनो बृहस्पतिर्दधातु"
It translates to," O famed Indra, redeem us. O Pusha, the beholder of all knowledge, redeem us. Redeem us O Garudji, of limitless speed and O Bruhaspati, redeem us".
SWASTIK’s COSMIC ORIGIN
The Swastika represents the living creation in the whole Cosmos.
Hindu astronomers divide the ecliptic circle of cosmos in 27 divisions called https://t.co/sLeuV1R2eQ this manner a cross forms in 4 directions in the celestial sky. At centre of this cross is Dhruva(Polestar). In a line from Dhruva, the stars known as Saptarishi can be observed.
