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My own view is that every company requires a long-term view.

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
Company
Term
Every
Long
Requires
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Every new thing creates two new questions and two new opportunities.
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The framework I found which made the decision incredibly easy was what I called — which only a nerd would call — a “regret minimization framework.” So, I wanted to project myself forward to age 80 and say, “Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.”
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The great thing about fact-based decisions is that they overrule the hierarchy.
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If you decide that you're going to do only the things you know are going to work, you're going to leave a lot of opportunity on the table.
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I've not seen an effective manager or leader who can't spend some fraction of time down in the trenches... If they don't do that they get out of touch with reality, and their whole thought and management process becomes abstract and disconnected.
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I don't think that you can invent on behalf of customers unless you're willing to think long-term, because a lot of invention doesn't work. If you're going to invent, it means you're going to experiment, and if you're going to experiment, you're going to fail, and if you're going to fail, you have to think long term.
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Advertising is the price you pay for unremakable thinking.
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All businesses need to be young forever. If your customer base ages with you, you're Woolworth's.
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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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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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We see our customers as invited guests to a party, and we are the hosts. It's our job every day to make every important aspect of the customer experience a little bit better.
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Web 1.0 was making the Internet for people, Web 2.0 is making the Internet better for companies.
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We were hoping to build a small profitable company and of course, what we've done is build a large, unprofitable company.
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What I want to talk to you about today is the difference between gifts and choices. Cleverness is a gift, kindness is a choice. Gifts are easy - they’re given after all. Choices can be hard. You can seduce yourself with your gifts if you’re not careful, and if you do, it’ll probably be to the detriment of your choices.
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It’s very important for entrepreneurs to be realistic. So if you believe on that first day while you’re writing the business plan that there’s a 70 percent chance that the whole thing will fail, then that kind of relieves the pressure of self-doubt.
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The three most important things in retail are location, location, location. The three most important things for our consumer business are technology, technology, technology.
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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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And I still buy books at B&N, Borders and Elliot Bay ... I probably shouldn't admit this. But I don't care. I love great bookstores.
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Because, you know, resilience - if you think of it in terms of the Gold Rush, then you'd be pretty depressed right now because the last nugget of gold would be gone. But the good thing is, with innovation, there isn't a last nugget. Every new thing creates two new questions and two new opportunities.
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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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