Recent study from Comparison claimed Jeff Bezos set to become world’s first trillionaire by 2026. Jeff Bezos is double graduate in electrical engineering and computer science from Princeton University. He left his lucrative career in finance in 1994 and founded Amazon to pursue his idea of selling books from internet. Let’s looks at unique lessons we can learn only from Jeff Bezos
Never be afraid of failure to try new things:
This is the biggest quality of Jeff one need to learn while trying new things. Jeff gave up his lucrative job as Sr. V. P. with the investment firm D. E. Shaw at Wall Street to work on his idea of selling books online. Jeff mentioned about this decision “When I’m 80, am I going to regret leaving Wall Street? No. Will I regret missing the beginning of the Internet? Yes.” It’s because of this unique quality, Jeff is able to successfully push many innovative projects at once in Amazon. Few of the projects might fail but winner projects will take care of the failed one. Amazon has also seen few failure projects like Fire phone, Amazon destinations, Test drive. These doesn’t stop Amazon from continue to trying innovation which has actually made Amazon the largest E retailer of the Earth and “The everything store” from just a bookstore.
“One success and one winner can pay for dozens and dozens of failure. And that’s why you should fail,”– Jeff Bezos
Get Big Fast:
Jeff developed this mantra of “Get Big Fast” to push Amazon forward. This is about company’s need to scale its operations faster and establish market dominance. In fact he once even printed this slogan “Get Big Fast” on employee’s T-shirt.
Be Stubborn on Vision, Flexible on details:
Jeff Bezos believes in being stubborn in the vision but flexible on tactics. In his own words, ““If you’re not stubborn, you’ll give up on experiments too soon. And if you’re not flexible, you’ll pound your head against the wall and you won’t see a different solution to a problem you’re trying to solve.”
A Two-Pizza meeting rule:
Jeff Bezos is known for meetings with smaller group. He does not schedule early morning meetings. Jeff enforce Two-Pizza rule which is a preference to have meetings smaller enough that two pizzas can feed everyone in the boardroom. Meetings with larger group have tendency to become less efficient and more waste of time. Jeff does not prefer PowerPoint presentations. Instead he requires high level employees to present information with six page narratives.
Regret Minimisation Framework:
Jeff Bezos is a strong believer of this “regret minimisation framework” to take key decisions which was founded by himself. In his own words: “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.”
Of course, there are few more qualities Jeff Bezos have like keeping customers first, Think long term, Be innovative. But don’t we see them in most other leaders too. I do not deny importance of these qualities. But above listed 4 qualities are rare to find from other leaders and that’s what make Jeff Bezos unique.
Sign up for email newsletter and get inspirational updates and knowledge you can use on your way to success, delivered directly to your inbox.