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If you don't understand the details of your business you are going to fail.

Jeff Bezos

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Jeff Bezos
Age: 60
Born: 1964
Born: January 12
Astronaut
Computer Scientist
Entrepreneur
Albuquerque
New Mexico
Jeffrey Preston Bezos
Jeffrey Preston Jorgensen
Jeff Preston Bezos
Jeffrey Preston ''Jeff'' Bezos
Entrepreneur
Details
Fail
Failing
Understand
Business
Going

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On the Internet, companies are scale businesses, characterized by high fixed costs and relatively low variable costs. You can be two sizes: You can be big, or you can be small. It's very hard to be medium. A lot of medium-sized companies had the financing rug pulled out from under them before they could get big.
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Not the outcome any of us wanted.
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When [competitors are] in the shower in the morning, they're thinking about how they're going to get ahead of one of their top competitors. Here in the shower, we're thinking about how we are going to invent something on behalf of a customer.
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Cultures, for better or worse, are very stable.
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If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.
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We've done price elasticity studies, and the answer is always that we should raise prices. We don't do that, because we believe -- and we have to take this as an article of faith -- that by keeping our prices very, very low, we earn trust with customers over time, and that that actually does maximize free cash flow over the long term.
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There are a whole bunch of people who don't like to shop. But there are also people, maybe, who even do like to shop but are very time pressured. And so shopping online can save people time.
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I'm not saying that advertising is going away. But the balance is shifting. If today the successful recipe is to put 70 percent of your energy into shouting about your service and 30 percent into making it great, over the next 20 years I think that's going to invert.
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There's so much stuff that has yet to be invented. There's so much new that's going to happen. People don't have any idea yet how impactful the internet is going to be and that this is still Day 1 in such a big way.
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Cultures aren’t so much planned as they evolve from that early set of people.
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We expect all our businesses to have a positive impact on our top and bottom lines ... Profitability is very important to us or we wouldn't be in this business.
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If you invent frequently and are willing to fail, then you never get to that point where you really need to bet the whole company.
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If you are going to do large-scale invention, you have to be willing to do three things: You must be willing to fail you have to be willing to think long term and you have to be willing to be misunderstood for long periods of time.
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If you never want to be criticized, for goodness sake don't do anything new.
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We're building a unique global platform...In the last 18 months we found that sellers and partners are interested in complementing their online and offline businesses with Amazon's platform
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We are pioneers and the history of pioneers is not that good.
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There'll always be serendipity involved in discovery.
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