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Jeff Bezos in 1999 on why "Internet Shminternet" doesn't matter: Jeff was being challenged on whether Amazon is still an internet company. They had 3,000 employees and over 4 million square feet of distribution centers. The interviewer pushes back: "You're not really a pure Internet company anymore either. You've... got millions of square feet of real estate, growing inventory, thousands of employees." Jeff's response: "I'm very proud of that because with that distribution center space and half a dozen distribution centers around the country, it allows us to get product close to customers so we can ship it in a timely way which improves customer service levels. That's what we're about." The interviewer tries again: "But you're not a pure Internet play." Jeff fires back: "It doesn't matter to me whether we're a pure Internet play. What matters to me is we provide the best customer service. Internet Shminternet. That doesn't matter." On what investors should care about: "They should be investing in a company that obsesses over customer experience in the long term. There is never any misalignment between customer interests and shareholder interests." The interviewer accuses him of corporate arrogance: "Isn't it corporate arrogance to assume that you can come into these businesses which you have no experience in and virtually overnight become the best and the market leader?" Jeff's response: "When we first started selling books four years ago, everybody said 'you're just computer guys, you don't know anything about selling books.' And that was true. But we really cared about customers and now we know a lot about books. We hired the right people. We take the commitment to the customer very seriously." On the risk: "There's no guarantee that Amazon(.com) can be a successful company. What we're trying to do is very complicated. There's huge execution risk involved. We have a terribly complicated business. But this is the less risky of the two approaches because scale is important in this business." Customer obsession beats everything else.show more

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Jeff Bezos responds to CNBC reporter who says Amazon isn’t a “pure internet company” The CNBC reporter asks Jeff in this 1999 interview: “You’re not really a pure internet company anymore, are you? You’ve got millions of square feet of real estate, a huge and growing inventory of items, and you’ve got thousands of employees now.” Jeff responds: “Yes, we have over 3,000 employees and over 4 million square feet of distribution center space. And those are things I’m very, very proud of. That distribution center space allows us to get product close to customers so that we can ship it to customers in a very timely way, which improves customer service levels. If there’s one thing Amazon is about, it’s obsessive attention to the customer experience end-to-end.” The reporter protests that this approach is more capital-intensive than the “pure internet play” business models that stock market analysts prefer. Jeff responds again: “It doesn’t matter to me if we’re a pure Internet play. What matters to me is whether we provide the best customer service… Our investors should be investing in a company that obsesses over customer experience. In the long term, there’s never any misalignment between customer interests and shareholder interests.” Source: CNBC (1999)

Jeff Bezos responds to CNBC reporter who says Amazon isn’t a “pure internet company” The CNBC reporter asks Jeff in this 1999 interview: “You’re not really a pure internet company anymore, are you? You’ve got millions of square feet of real estate, a huge and growing inventory of items, and you’ve got thousands of employees now.” Jeff responds: “Yes, we have over 3,000 employees and over 4 million square feet of distribution center space. And those are things I’m very, very proud of. That distribution center space allows us to get product close to customers so that we can ship it to customers in a very timely way, which improves customer service levels. If there’s one thing Amazon is about, it’s obsessive attention to the customer experience end-to-end.” The reporter protests that this approach is more capital-intensive than the “pure internet play” business models that stock market analysts prefer. Jeff responds again: “It doesn’t matter to me if we’re a pure Internet play. What matters to me is whether we provide the best customer service… Our investors should be investing in a company that obsesses over customer experience. In the long term, there’s never any misalignment between customer interests and shareholder interests.” Source: CNBC (1999)

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Jeff Bezos explains Amazon’s process for expanding into new products like Kindle and AWS “I would definitely advise a small startup company to be as narrow and as focused as is possible to be. If you look at the original Amazon business plan, there was no hint of anything other than books in it… I wanted to build an online bookstore, and that was it.” But the online bookstore worked better than they thought it would. So Amazon launched music, and that worked better than they thought. Then video, and that worked too. So Jeff sent an email to customers: “I picked about 1,000 customers and I said, besides the things we sell today - books, music, and video - what would you like to see us sell? And the list came back incredibly long-tailed… So it’s been kind of one foot in front of the other.” As Jeff explains, Amazon expands into new businesses in two ways: “One is from a customer need. We will work from a customer need to the skills that we need. And the other one is skills forward: from a skillset we have to a new set of customers.” Kindle is an example of a customer need - Amazon had no hardware team at the time, but to make sure they didn’t miss the transition to ebooks, they built one. Amazon Web Services (AWS) is an example of skills-forward: “We had probably more distributed computing expertise than anybody else in the world because of transactions. Transaction systems are so complicated and hard to build, and we had a service-oriented architecture of great complexity - probably before anybody else. Because we were doing that, we could see the future a little bit and decided to build AWS, which has turned into a huge business in its own right.” Jeff concludes: “Business is very situational. Rules of thumb are good, but they have to be applied to the right situation. Sometimes the old maxim that you should stick to the knitting is correct, but sometimes it’s wrong. And a senior leader’s job is to figure out: Which situation are you in?” Video source: Business Insider (2014)

Jeff Bezos explains Amazon’s process for expanding into new products like Kindle and AWS “I would definitely advise a small startup company to be as narrow and as focused as is possible to be. If you look at the original Amazon business plan, there was no hint of anything other than books in it… I wanted to build an online bookstore, and that was it.” But the online bookstore worked better than they thought it would. So Amazon launched music, and that worked better than they thought. Then video, and that worked too. So Jeff sent an email to customers: “I picked about 1,000 customers and I said, besides the things we sell today - books, music, and video - what would you like to see us sell? And the list came back incredibly long-tailed… So it’s been kind of one foot in front of the other.” As Jeff explains, Amazon expands into new businesses in two ways: “One is from a customer need. We will work from a customer need to the skills that we need. And the other one is skills forward: from a skillset we have to a new set of customers.” Kindle is an example of a customer need - Amazon had no hardware team at the time, but to make sure they didn’t miss the transition to ebooks, they built one. Amazon Web Services (AWS) is an example of skills-forward: “We had probably more distributed computing expertise than anybody else in the world because of transactions. Transaction systems are so complicated and hard to build, and we had a service-oriented architecture of great complexity - probably before anybody else. Because we were doing that, we could see the future a little bit and decided to build AWS, which has turned into a huge business in its own right.” Jeff concludes: “Business is very situational. Rules of thumb are good, but they have to be applied to the right situation. Sometimes the old maxim that you should stick to the knitting is correct, but sometimes it’s wrong. And a senior leader’s job is to figure out: Which situation are you in?” Video source: Business Insider (2014)

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Jeff Bezos on the 4 principles that differentiated Amazon from other companies “The thing that connects everything that Amazon does — our #1 conviction, philosophy, and principle — is customer obsession, as opposed to competitor obsession. We are always focused on the customer, working backwards from the customer’s needs, and developing new skills internally so that we can satisfy what we perceive to be future customer needs.” Jeff Bezos continues: “It seems like we’re in a bunch of different businesses. We have Amazon Web Services, which is completely different from our Amazon Prime business or Amazon Marketplace or Amazon Studios and so on. But really the way that those businesses run are very similar, and it all starts with customer obsession. But it’s not just customer obsession.” Pioneering is another critical principle for Amazon: “We have a very inventive culture. We like to pioneer and invent. There are other very effective business strategies. Pioneering is not the only effective business strategy. In fact, some people would argue it’s not the most effective one. Close-following can be a very good business strategy, and it’s worked many times if you look at the history of business. But it just isn’t who we are.” Willingness to think long-term is another one: “That’s another common thread that runs through everything we do. We are very happy to invest in new initiatives that are very risky for 5-7 years. Most companies won’t do that. Companies will invest for very long periods of time in the cases where the outcomes are more certain, but it’s the combination of the risk-taking and the long-term outlook that make Amazon special.” Taking pride in operational excellence is the final one: “Doing things well. Finding defects and working backwards. That’s all the incremental improvement that most successful companies are very good at. If you’re not good at finding the root cause of defects and fixing that root cause — you don’t ever want to let defects flow downstream — that’s a key part of doing a good job in any business, in my opinion.” Video source: Charlie Rose (2016)

Jeff Bezos on the 4 principles that differentiated Amazon from other companies “The thing that connects everything that Amazon does — our #1 conviction, philosophy, and principle — is customer obsession, as opposed to competitor obsession. We are always focused on the customer, working backwards from the customer’s needs, and developing new skills internally so that we can satisfy what we perceive to be future customer needs.” Jeff Bezos continues: “It seems like we’re in a bunch of different businesses. We have Amazon Web Services, which is completely different from our Amazon Prime business or Amazon Marketplace or Amazon Studios and so on. But really the way that those businesses run are very similar, and it all starts with customer obsession. But it’s not just customer obsession.” Pioneering is another critical principle for Amazon: “We have a very inventive culture. We like to pioneer and invent. There are other very effective business strategies. Pioneering is not the only effective business strategy. In fact, some people would argue it’s not the most effective one. Close-following can be a very good business strategy, and it’s worked many times if you look at the history of business. But it just isn’t who we are.” Willingness to think long-term is another one: “That’s another common thread that runs through everything we do. We are very happy to invest in new initiatives that are very risky for 5-7 years. Most companies won’t do that. Companies will invest for very long periods of time in the cases where the outcomes are more certain, but it’s the combination of the risk-taking and the long-term outlook that make Amazon special.” Taking pride in operational excellence is the final one: “Doing things well. Finding defects and working backwards. That’s all the incremental improvement that most successful companies are very good at. If you’re not good at finding the root cause of defects and fixing that root cause — you don’t ever want to let defects flow downstream — that’s a key part of doing a good job in any business, in my opinion.” Video source: Charlie Rose (2016)

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Jeff Bezos on the 4 principles that differentiated Amazon from other companies “The thing that connects everything that Amazon does — our #1 conviction, philosophy, and principle — is customer obsession, as opposed to competitor obsession. We are always focused on the customer, working backwards from the customer’s needs, and developing new skills internally so that we can satisfy what we perceive to be future customer needs.” Jeff Bezos continues: “It seems like we’re in a bunch of different businesses. We have Amazon Web Services, which is completely different from our Amazon Prime business or Amazon Marketplace or Amazon Studios and so on. But really the way that those businesses run are very similar, and it all starts with customer obsession. But it’s not just customer obsession.” Pioneering is another critical principle for Amazon: “We have a very inventive culture. We like to pioneer and invent. There are other very effective business strategies. Pioneering is not the only effective business strategy. In fact, some people would argue it’s not the most effective one. Close-following can be a very good business strategy, and it’s worked many times if you look at the history of business. But it just isn’t who we are.” Willingness to think long-term is another one: “That’s another common thread that runs through everything we do. We are very happy to invest in new initiatives that are very risky for 5-7 years. Most companies won’t do that. Companies will invest for very long periods of time in the cases where the outcomes are more certain, but it’s the combination of the risk-taking and the long-term outlook that make Amazon special.” Taking pride in operational excellence is the final one: “Doing things well. Finding defects and working backwards. That’s all the incremental improvement that most successful companies are very good at. If you’re not good at finding the root cause of defects and fixing that root cause — you don’t ever want to let defects flow downstream — that’s a key part of doing a good job in any business, in my opinion.” Source: Charlie Rose (Oct 2016)

Jeff Bezos on the 4 principles that differentiated Amazon from other companies “The thing that connects everything that Amazon does — our #1 conviction, philosophy, and principle — is customer obsession, as opposed to competitor obsession. We are always focused on the customer, working backwards from the customer’s needs, and developing new skills internally so that we can satisfy what we perceive to be future customer needs.” Jeff Bezos continues: “It seems like we’re in a bunch of different businesses. We have Amazon Web Services, which is completely different from our Amazon Prime business or Amazon Marketplace or Amazon Studios and so on. But really the way that those businesses run are very similar, and it all starts with customer obsession. But it’s not just customer obsession.” Pioneering is another critical principle for Amazon: “We have a very inventive culture. We like to pioneer and invent. There are other very effective business strategies. Pioneering is not the only effective business strategy. In fact, some people would argue it’s not the most effective one. Close-following can be a very good business strategy, and it’s worked many times if you look at the history of business. But it just isn’t who we are.” Willingness to think long-term is another one: “That’s another common thread that runs through everything we do. We are very happy to invest in new initiatives that are very risky for 5-7 years. Most companies won’t do that. Companies will invest for very long periods of time in the cases where the outcomes are more certain, but it’s the combination of the risk-taking and the long-term outlook that make Amazon special.” Taking pride in operational excellence is the final one: “Doing things well. Finding defects and working backwards. That’s all the incremental improvement that most successful companies are very good at. If you’re not good at finding the root cause of defects and fixing that root cause — you don’t ever want to let defects flow downstream — that’s a key part of doing a good job in any business, in my opinion.” Source: Charlie Rose (Oct 2016)

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US President Trump on why there are US troops in Syria: Because we're trying to make sure that there's going to be and remain peace in the Middle East, and Syria is a big part of it. The new leader is a strong person, and that's what you need. We got rid of Assad, we got rid of other people that were really bad people, and that we're in the way of peace in the Middle East. You know, we have legitimate peace in the Middle East, for the first time in 3,000 years.

US President Trump on why there are US troops in Syria: Because we're trying to make sure that there's going to be and remain peace in the Middle East, and Syria is a big part of it. The new leader is a strong person, and that's what you need. We got rid of Assad, we got rid of other people that were really bad people, and that we're in the way of peace in the Middle East. You know, we have legitimate peace in the Middle East, for the first time in 3,000 years.

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Scott on why conviction in an idea is dangerous as an investor but required as a founder: "From the investor seat, I don't think you want to be in love with an idea. That's a risky thing because you'll find a way to express that by investing and make some compromises on the team because you know this idea is just so good, its time has come. But if the team isn't there, 90% of the time it doesn't work. Then there's a whole thing can you swap out the team? But the whole Founders Fund thesis was always no, you need the founder to run the company. But on the company side, you have to be in love with the idea. It's not that rational to start a company. There's a lot easier, more comfortable ways to make money if that's the goal. So it's got to be about what the company is doing specifically. If you want to actually start a company, it better be something that you're really passionate about, or you think that the problem is really important."

Scott on why conviction in an idea is dangerous as an investor but required as a founder: "From the investor seat, I don't think you want to be in love with an idea. That's a risky thing because you'll find a way to express that by investing and make some compromises on the team because you know this idea is just so good, its time has come. But if the team isn't there, 90% of the time it doesn't work. Then there's a whole thing can you swap out the team? But the whole Founders Fund thesis was always no, you need the founder to run the company. But on the company side, you have to be in love with the idea. It's not that rational to start a company. There's a lot easier, more comfortable ways to make money if that's the goal. So it's got to be about what the company is doing specifically. If you want to actually start a company, it better be something that you're really passionate about, or you think that the problem is really important."

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Peter Thiel: Europe will never have massive tech companies because they fear success. "In Silicon Valley, there's this pornography of failure. You talk about all your failures, and this somehow means you're going to succeed." "In the social democratic European societies, it's acceptable to be moderately successful, it's not acceptable to be wildly successful. If you have a successful company that's starting to grow, it will get short-circuited, and you'll sell the company. You'll never get to an enormous company if you sell it along the way." "The single most important decision in the history of Facebook— summer of 2006. It was two years into the company. We got an acquisition offer for $1B from Yahoo to buy the company. There were three of us on the board— Mark Zuckerberg, myself, and another VC. We had a meeting to decide if we should take the $1B." "The two of us thought it was a lot of money, we should maybe take it. Mark started the board meeting— 'this is a pro forma thing, we're just going to talk about this for 10 minutes. Obviously we're not taking it.'" "Any super big tech company is one where you've been offered multiple times for people to buy it, and you've chosen never to sell it. You're not that afraid of success." "In Europe, the answer is to check out sooner rather than later and go back to the decade-long vacation that people are on in Europe."

Peter Thiel: Europe will never have massive tech companies because they fear success. "In Silicon Valley, there's this pornography of failure. You talk about all your failures, and this somehow means you're going to succeed." "In the social democratic European societies, it's acceptable to be moderately successful, it's not acceptable to be wildly successful. If you have a successful company that's starting to grow, it will get short-circuited, and you'll sell the company. You'll never get to an enormous company if you sell it along the way." "The single most important decision in the history of Facebook— summer of 2006. It was two years into the company. We got an acquisition offer for $1B from Yahoo to buy the company. There were three of us on the board— Mark Zuckerberg, myself, and another VC. We had a meeting to decide if we should take the $1B." "The two of us thought it was a lot of money, we should maybe take it. Mark started the board meeting— 'this is a pro forma thing, we're just going to talk about this for 10 minutes. Obviously we're not taking it.'" "Any super big tech company is one where you've been offered multiple times for people to buy it, and you've chosen never to sell it. You're not that afraid of success." "In Europe, the answer is to check out sooner rather than later and go back to the decade-long vacation that people are on in Europe."

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Jeff Bezos shares the advice he received from John Doerr early on at Amazon “When I first met John Doerr who is the partner at Kleiner Perkins who invested in Amazon, one of the things he said really stuck with me,” Jeff Bezos begins. “What startup companies do is they take their precious early-capital dollars and systematically eliminate risks. That’s what the successful ones do.” Jeff continues: “What people often get wrong is that when you’re a startup company, 99% of whether you make it to being a more established company is luck. At Amazon we’ve worked incredibly hard. We’ve cared for our customers. I would put us up against any company in terms of how much we have bled and sweat for our customers. But we had the planets align for us so perfectly in those early days — in terms of the timing and many other things like decisions we made that were poor decisions but turned out to be the right decision anyway — and those early days are when the company’s destiny is not really in its own control.” As a company grows larger and becomes established, Jeff explains, you worry less about externalities.

Jeff Bezos shares the advice he received from John Doerr early on at Amazon “When I first met John Doerr who is the partner at Kleiner Perkins who invested in Amazon, one of the things he said really stuck with me,” Jeff Bezos begins. “What startup companies do is they take their precious early-capital dollars and systematically eliminate risks. That’s what the successful ones do.” Jeff continues: “What people often get wrong is that when you’re a startup company, 99% of whether you make it to being a more established company is luck. At Amazon we’ve worked incredibly hard. We’ve cared for our customers. I would put us up against any company in terms of how much we have bled and sweat for our customers. But we had the planets align for us so perfectly in those early days — in terms of the timing and many other things like decisions we made that were poor decisions but turned out to be the right decision anyway — and those early days are when the company’s destiny is not really in its own control.” As a company grows larger and becomes established, Jeff explains, you worry less about externalities.

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In 1997, Steve Jobs came back to Apple and canceled 70% of the product line. The engineers whose projects just died? Three feet off the ground with excitement. “They finally understood where in the heck we were going.” He spent 20 minutes explaining how he was going to bring Apple back: On focus: "We looked at the product road map going out for a few years and said a lot of this doesn't make sense." "There's way too much stuff and not enough focus." "We got rid of 70% of the stuff on the product road map." "You're going to see the product line get much simpler. And you're going to see the product line get much better." On inventory: "We've got two to three months of inventory in our manufacturing pipeline. And about an equal amount in our distribution pipeline." "So we're having to make guesses four, five, six months in advance about what the customer wants." "We're not smart enough to do that. I don't think Einstein's smart enough to do that." "So we're going to get really simple. Take inventory out of those pipelines. Let the customer tell us what they want. And respond to it super fast." On marketing: "To me, marketing is about values." "This is a very complicated world. A very noisy world. We're not going to get a chance to get people to remember much about us. No company is." "So we have to be really clear on what we want them to know about us." On brand neglect: "Apple is one of the half dozen best brands in the whole world. Right up there with Nike, Disney, Coke, Sony." "But even a great brand needs investment and caring if it's going to retain its relevance and vitality." "The Apple brand has clearly suffered from neglect in the last few years." On what not to do: "The way to bring it back is not to talk about speeds and feeds. Not to talk about megahertz. Not to talk about why we're better than Windows." "The dairy industry tried for 20 years to convince you that milk was good for you. It's a lie. But they tried anyway." "Sales were going like this." [Down] "Then they tried 'Got Milk.' Sales went like this." [Up] "Got Milk doesn't even talk about the product. It focuses on the absence of the product." On Nike: "The best example of all. One of the greatest jobs of marketing the universe has ever seen is Nike." "Nike sells a commodity. They sell shoes. Yet when you think of Nike, you feel something different than a shoe company." "In their ads, they don't ever talk about the product. They honor great athletes. That's who they are." On Apple's identity: "Our customers want to know: who is Apple? What do we stand for?" "What we're about isn't making boxes for people to get their jobs done." "Apple at its core is that we believe people with passion can change the world for the better." "Those people crazy enough to think they can change the world are the ones that actually do." On death: "For 33 years, I've looked in the mirror every morning and asked: if today were the last day of my life, would I want to do what I'm about to do today?" "Whenever the answer has been no for too many days in a row, I know I need to change something." "Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life." "Almost everything—all external expectations, all pride, all fear of embarrassment or failure—these things just fall away in the face of death." "You are already naked. There is no reason not to follow your heart." On time: "Your time is limited. So don't waste it living someone else's life." "Don't be trapped by dogma, which is living with the results of other people's thinking." "Don't let the noise of others' opinions drown out your own inner voice." "Have the courage to follow your heart and intuition. They somehow already know what you truly want to become." "Everything else is secondary." "Stay hungry. Stay foolish."

Jaynit

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Jeff Bezos on how to build a business strategy “I very frequently get the question: ‘What’s going to change in the next 10 years?” And that is an interesting question… But I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two.” Jeff argues: “You can build a business strategy around the things that are stable in time. In our retail business, we know that customers want low prices, and I know that’s going to be true 10 years from now. They want fast delivery. They want vast selection. It’s impossible to imagine a future 10 years from now where a customer comes up and says, ‘Jeff I love Amazon, I just wish the prices were a little higher.’ Or, ‘I love Amazon, I just wish you’d deliver a little slower.’ Impossible. And so we know the energy we put into these things today will still be paying dividends for our customers 10 years from now.” He gives AWS as another example. It’s impossible to imagine AWS customers asking for a less reliable or more expensive service. ”When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it… The big ideas in business are often very obvious, but it’s very hard to maintain a firm grasp of the obvious at all times. But if you can do that and continue to spin up those flywheels and put energy into those things, over time, you build a better service for your customers on the things that genuinely matter to them.” Video source: Amazon Web Services (2012)

Jeff Bezos on how to build a business strategy “I very frequently get the question: ‘What’s going to change in the next 10 years?” And that is an interesting question… But I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two.” Jeff argues: “You can build a business strategy around the things that are stable in time. In our retail business, we know that customers want low prices, and I know that’s going to be true 10 years from now. They want fast delivery. They want vast selection. It’s impossible to imagine a future 10 years from now where a customer comes up and says, ‘Jeff I love Amazon, I just wish the prices were a little higher.’ Or, ‘I love Amazon, I just wish you’d deliver a little slower.’ Impossible. And so we know the energy we put into these things today will still be paying dividends for our customers 10 years from now.” He gives AWS as another example. It’s impossible to imagine AWS customers asking for a less reliable or more expensive service. ”When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it… The big ideas in business are often very obvious, but it’s very hard to maintain a firm grasp of the obvious at all times. But if you can do that and continue to spin up those flywheels and put energy into those things, over time, you build a better service for your customers on the things that genuinely matter to them.” Video source: Amazon Web Services (2012)

Startup Archive

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Jeff Bezos on how to build a business strategy “I very frequently get the question: ‘What’s going to change in the next 10 years?” And that is an interesting question… But I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two.” Jeff argues: “You can build a business strategy around the things that are stable in time. In our retail business, we know that customers want low prices, and I know that’s going to be true 10 years from now. They want fast delivery. They want vast selection. It’s impossible to imagine a future 10 years from now where a customer comes up and says, ‘Jeff I love Amazon, I just wish the prices were a little higher.’ Or, ‘I love Amazon, I just wish you’d deliver a little slower.’ Impossible. And so we know the energy we put into these things today will still be paying dividends for our customers 10 years from now.” He gives AWS as another example. It’s impossible to imagine AWS customers asking for a less reliable or more expensive service. ”When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it… The big ideas in business are often very obvious, but it’s very hard to maintain a firm grasp of the obvious at all times. But if you can do that and continue to spin up those flywheels and put energy into those things, over time, you build a better service for your customers on the things that genuinely matter to them.” Video source: Amazon Web Services (2012)

Jeff Bezos on how to build a business strategy “I very frequently get the question: ‘What’s going to change in the next 10 years?” And that is an interesting question… But I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two.” Jeff argues: “You can build a business strategy around the things that are stable in time. In our retail business, we know that customers want low prices, and I know that’s going to be true 10 years from now. They want fast delivery. They want vast selection. It’s impossible to imagine a future 10 years from now where a customer comes up and says, ‘Jeff I love Amazon, I just wish the prices were a little higher.’ Or, ‘I love Amazon, I just wish you’d deliver a little slower.’ Impossible. And so we know the energy we put into these things today will still be paying dividends for our customers 10 years from now.” He gives AWS as another example. It’s impossible to imagine AWS customers asking for a less reliable or more expensive service. ”When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it… The big ideas in business are often very obvious, but it’s very hard to maintain a firm grasp of the obvious at all times. But if you can do that and continue to spin up those flywheels and put energy into those things, over time, you build a better service for your customers on the things that genuinely matter to them.” Video source: Amazon Web Services (2012)

Startup Archive

61,775 görüntüleme • 1 yıl önce

Chanhyuk: Company doesn’t matter, but it’s about the people you work with. “There’s also something like this. Even though we say we created a “company,” we just used that word because it’s easier for people to understand. But in the end, it’s not really about the company, it’s about the people. Like, who you work with. And what kind of experiences you share with them, that’s what really matters the most. So with these people, whether we go, volunteering or travel somewhere, we always move together as one group. Because if not and later on, when I write and release a song, if we hadn’t shared those experiences, I’d have to explain everything. Like, “I went somewhere and had this kind of experience…” But since we’ve all lived it together, I can just say, “Hey, I wrote this kind of song this time,” and they’ll be like, “Oh, yeah, I get it. I know exactly what that is.” It just makes everything so much faster, right?”

Chanhyuk: Company doesn’t matter, but it’s about the people you work with. “There’s also something like this. Even though we say we created a “company,” we just used that word because it’s easier for people to understand. But in the end, it’s not really about the company, it’s about the people. Like, who you work with. And what kind of experiences you share with them, that’s what really matters the most. So with these people, whether we go, volunteering or travel somewhere, we always move together as one group. Because if not and later on, when I write and release a song, if we hadn’t shared those experiences, I’d have to explain everything. Like, “I went somewhere and had this kind of experience…” But since we’ve all lived it together, I can just say, “Hey, I wrote this kind of song this time,” and they’ll be like, “Oh, yeah, I get it. I know exactly what that is.” It just makes everything so much faster, right?”

akmerch ⚔️

194,013 görüntüleme • 3 ay önce

"What is P vs NP and how does it relate to human knowledge?" Avi Wigderson (Turing Award & Abel Prize winner): "In a very basic way, all the problems we want to solve are really NP problems. A subset of it is the problems we can solve. So the question of P versus NP is whether we can solve all the problems we want to solve, whether we can know everything we want to know. This is basically about the limits of our knowledge. You can think there is no limit to what we may want to know but I claim that essentially in any human endeavor, what people are searching for have the property that when a solution is found, it is easily recognized. NP are all problems that we can honestly say we really want to solve and P are those that we can solve. Whether they are equal is just the very fact that a solution can be easily recognized would imply that it can be efficiently found. That means that we can know everything we ever want to know, it's a fundamental question about human knowledge."

"What is P vs NP and how does it relate to human knowledge?" Avi Wigderson (Turing Award & Abel Prize winner): "In a very basic way, all the problems we want to solve are really NP problems. A subset of it is the problems we can solve. So the question of P versus NP is whether we can solve all the problems we want to solve, whether we can know everything we want to know. This is basically about the limits of our knowledge. You can think there is no limit to what we may want to know but I claim that essentially in any human endeavor, what people are searching for have the property that when a solution is found, it is easily recognized. NP are all problems that we can honestly say we really want to solve and P are those that we can solve. Whether they are equal is just the very fact that a solution can be easily recognized would imply that it can be efficiently found. That means that we can know everything we ever want to know, it's a fundamental question about human knowledge."

Ryan Peterman

20,069 görüntüleme • 1 ay önce

Steve Jobs on how he learned to run a company: Question: "You're 21. You're a big success. You know, you've just sort of done it by the seat of your pants. You don't have any particular training in this. How do you learn to run a company?" Steve Jobs: "You know, throughout the years in business, I found something, which was that I always ask why you do things. And the answers you invariably get are, oh, that's just the way it's done. Nobody knows why they do what they do. Nobody thinks about things very deeply in business. That's what I found. I'll give you an example. When we were building our Apple I's in the garage, we knew exactly what they cost. When we got into a factory in the Apple II days, the accounting had this notion of a standard cost, where you'd kind of set a standard cost and at the end of a quarter you'd adjust it with a variance. And I kept asking, well, why do we do this? And the answer was, well, that's just the way it's done. And after about six months of digging into this, what I realized was the reason you do it is because you don't really have good enough controls to know how much it costs. So you guess, and then you fix your guess at the end of the quarter. And the reason you don't know how much it costs is because your information systems aren't good enough. But nobody said it that way. And so later on, when we designed this automated factory for Macintosh, we were able to get rid of a lot of these antiquated concepts and know exactly what something cost to the second. So in business, a lot of things are, I call it folklore. They're done because they were done yesterday and the day before. And so what that means is if you're willing to sort of ask a lot of questions and think about things and work really hard, you can learn business pretty fast. It's not the hardest thing in the world. It's not rocket science. It's not rocket science."

Steve Jobs on how he learned to run a company: Question: "You're 21. You're a big success. You know, you've just sort of done it by the seat of your pants. You don't have any particular training in this. How do you learn to run a company?" Steve Jobs: "You know, throughout the years in business, I found something, which was that I always ask why you do things. And the answers you invariably get are, oh, that's just the way it's done. Nobody knows why they do what they do. Nobody thinks about things very deeply in business. That's what I found. I'll give you an example. When we were building our Apple I's in the garage, we knew exactly what they cost. When we got into a factory in the Apple II days, the accounting had this notion of a standard cost, where you'd kind of set a standard cost and at the end of a quarter you'd adjust it with a variance. And I kept asking, well, why do we do this? And the answer was, well, that's just the way it's done. And after about six months of digging into this, what I realized was the reason you do it is because you don't really have good enough controls to know how much it costs. So you guess, and then you fix your guess at the end of the quarter. And the reason you don't know how much it costs is because your information systems aren't good enough. But nobody said it that way. And so later on, when we designed this automated factory for Macintosh, we were able to get rid of a lot of these antiquated concepts and know exactly what something cost to the second. So in business, a lot of things are, I call it folklore. They're done because they were done yesterday and the day before. And so what that means is if you're willing to sort of ask a lot of questions and think about things and work really hard, you can learn business pretty fast. It's not the hardest thing in the world. It's not rocket science. It's not rocket science."

Founder Mode

32,217 görüntüleme • 5 ay önce

ElevenLabs CEO Mati Staniszewski says that research is a head start and product ecosystem creates a moat: “The way we think about it, research is head start.” “We can give advantage to the customer earlier. And it's 6-12 month of advantage.” “You have research, product in parallel that extends that, but the thing that will really give that long-term value is the ecosystem that you create around, whether that's the brand and distribution, whether that's the collection of voices you can have, the collection of integrations you can build, the workflows that you can build.” Source: ElevenLabs CEO Mati Staniszewski on No Priors with sarah guo and Elad Gil

a16z

19,730 görüntüleme • 7 ay önce

Elon Musk: Your company is not going to exist if the ship of America sinks. “A country is no different from a person. If a country overspends and doesn't spend wisely, just like a person, the country will go bankrupt. The reason I'm here is because I'm very worried about America going bankrupt due to the corruption and waste. And if we don't do something about it, the ship of America is going to sink. And we're all on that ship. This may be a message to people out there who are wealthy, have a lot of means or control companies. Just remember, we're all in ship America here. Your company is not going to exist if the ship of America sinks. And we should do everything we possibly can to ensure that America is strong for far into the future.” Interview on Fox News, March 18, 2025

Elon Musk: Your company is not going to exist if the ship of America sinks. “A country is no different from a person. If a country overspends and doesn't spend wisely, just like a person, the country will go bankrupt. The reason I'm here is because I'm very worried about America going bankrupt due to the corruption and waste. And if we don't do something about it, the ship of America is going to sink. And we're all on that ship. This may be a message to people out there who are wealthy, have a lot of means or control companies. Just remember, we're all in ship America here. Your company is not going to exist if the ship of America sinks. And we should do everything we possibly can to ensure that America is strong for far into the future.” Interview on Fox News, March 18, 2025

ELON CLIPS

2,165,359 görüntüleme • 1 yıl önce

In 2002, Elon Musk flew to Moscow three times to buy a refurbished missile. He couldn't close the deal. On the flight home, he asked himself: "When's the last time you bought something Russian that wasn't vodka?" He started SpaceX instead. 1 year later, he stood in front of Stanford students and spent 45 minutes explaining everything he'd learned about building companies: On starting Zip2: This was 1995. Most VCs on Sand Hill Road hadn't even heard of the internet. "I thought it would be a pretty huge thing. It was one of those things that only came along once in a very long while." He got a deferment from Stanford to start the company. "When I talked to my professor and told him this, he said, 'Well, I don't think you'll be coming back.' That was the last conversation I had with him." The problem: he had no money. "I couldn't afford a place to stay and an office. So I rented an office instead, because I got a cheaper office than I could get a place to stay." "I slept on the futon and showered at the YMCA on Page Mill and El Camino." "I was in the best shape I've ever been. Go to shower, work out, and you're good to go." There was an ISP on the floor below them. "We drilled a hole through the floor and connected a null modem cable. That gave us our internet connectivity for like 100 bucks a month." "We had an absurdly tiny burn rate. And we also had a really tiny revenue stream. But we actually had more revenue than we had expenses." They sold Zip2 to Compaq in early 1999 for over $300 million. "In cash. That's a currency I highly recommend." On starting PayPal: "I didn't really take any time off." He was looking for what remained in the internet. Financial services hadn't seen much innovation. "When you think about it, money is low bandwidth. You don't need some big infrastructure improvement. It's really just an entry in a database." They built a platform that combined banking, brokerage, and insurance in one place. That took enormous effort. Then they added a little feature that took one day: the ability to email money from one customer to another. "Whenever we demonstrated these two sets of features, we'd say, 'Look how you can see your bank statement and your mutual funds and insurance, all on one page. Look how convenient that is.'" "And people would go, 'Ho hum.'" "Then we'd say, 'And by the way, we have this feature where you can enter somebody's email address and transfer funds.'" "And they'd go, 'Wow.'" "So we focused the company's business on email payments." On viral growth: "PayPal is really a perfect case example of viral marketing." "One customer would essentially act as a salesperson for you. They would send money to a friend and essentially recruit that friend into the network." "So you had this exponential growth. The more customers you had, the faster it grew." "It was like bacteria in a Petri dish. It just goes like this S-curve." The results: "I ran PayPal for about the first two years of its existence. We launched after year one. By the end of year two, we had a million customers." "We didn't have a sales force. We didn't have a VP of sales. We didn't have a VP of marketing. And we didn't spend any money on advertising." On why product matters: "The essence of viral marketing is: do you have something where one customer is going to sell another customer without you having to do anything?" "Product matters incredibly. Because if you're going to recommend something to somebody, you've got to really love the product experience. Otherwise you're not going to recommend it." "You don't want to burn your friend." On company culture: "We had a pretty flat hierarchy. Everybody had a roughly similar cube. Anyone could talk to anyone." "We had a philosophy of best idea wins. As opposed to the person proposing the idea winning because they are who they are." "Even though there were times when I thought that should have been the way to go." On decision-making: "If there were two paths and one wasn't obviously better than the other, rather than spend a lot of time trying to figure out which one was slightly better, we would just pick one and do it." "Sometimes we'd be wrong and pick the suboptimal path. But often it's better to pick a path and do it than to just vacillate endlessly on a choice." On focus: "We didn't worry too much about intellectual property, paperwork, legal stuff." "We were very focused on building the best product we possibly could." "We were incredibly obsessive about how to build something that is really going to be the best possible customer experience." "That was a far more effective selling tool than having a giant sales force or thinking of marketing gimmicks or 12-step processes." On why he started SpaceX: "I was trying to figure out why we had not made more progress since Apollo." "In the 60s, we went from basically nothing to putting people on the moon. Yet in the 70s, 80s, and 90s, we've kind of gone sideways." "The computer you could have bought in the early 70s would have filled this room and had less computing power than your cell phone. Just about every sector of technology has improved. Why has this not improved?" He thought maybe public support was the problem. So he planned a privately funded Mars mission: put plants growing on Mars for $15-20 million. But the cheapest US rocket was $50 million. So he flew to Moscow. Three trips. Couldn't close the deal. "When I got back from the third trip, I thought: why is it the Russians can build these low-cost launch vehicles? It's not like we drive Russian cars, fly Russian planes, or have Russian kitchen appliances." "When's the last time you bought something Russian that wasn't vodka?" "I think the US is a pretty competitive place. We should be able to build a cost-efficient launch vehicle." On why rockets are expensive: "The energy and velocity required to get into orbit is so substantial that you have almost no margin to play with." "A launch vehicle will get about 2% of its liftoff mass to orbit." "If you're wrong by 2%, you're not going to get anything to orbit. It'll come crashing down in the Pacific somewhere." "That means all of your calculations have to be right. If you miscalculate something, it blows up." On how SpaceX got costs down: Their rocket: $6 million. Nearest competitor: $25 million for less capability. "There's no silver bullet. It's been really hundreds of small innovations and improvements." "We've done improvements in the propulsion system, the structure, the avionics, and the launch operations." "Our overhead in a 30-person company is an order of magnitude less than Lockheed or Boeing. Just for starters." "Every decision we've made has been with consideration to simplicity. Because simplicity both improves reliability and reduces cost." "If you've got fewer components, that's fewer components to go wrong and fewer components to buy." On being an entrepreneur: "I think really an obsessive nature with respect to the quality of the product is very important." "Being obsessive-compulsive is a good thing in this context." "Really liking what you do is important. If you don't like it, life is too short." "If you like what you're doing, you think about it even when you're not working. Your mind is drawn to it." "If you don't like it, you just really can't make it work." On parallelization: "Try not to serialize dependencies. Put as many elements in parallel as possible." "A lot of things have a gestation period. There's really nothing you can do to accelerate that gestation period." "If you can have all those things gestating in parallel, that is one way to substantially accelerate your timeline." "People tend to serialize things too much." On space as a business: Someone asked if SpaceX was a good first company to start. "No. I would not recommend it." "This is advanced entrepreneuring." "You know how many people have said: the fastest way to make a small fortune in the aerospace industry is to start with a large one." This 45 minute Stanford lecture will teach you more about building companies than every startup book combined. Bookmark & give it 45 minutes today, no matter what.

In 2002, Elon Musk flew to Moscow three times to buy a refurbished missile. He couldn't close the deal. On the flight home, he asked himself: "When's the last time you bought something Russian that wasn't vodka?" He started SpaceX instead. 1 year later, he stood in front of Stanford students and spent 45 minutes explaining everything he'd learned about building companies: On starting Zip2: This was 1995. Most VCs on Sand Hill Road hadn't even heard of the internet. "I thought it would be a pretty huge thing. It was one of those things that only came along once in a very long while." He got a deferment from Stanford to start the company. "When I talked to my professor and told him this, he said, 'Well, I don't think you'll be coming back.' That was the last conversation I had with him." The problem: he had no money. "I couldn't afford a place to stay and an office. So I rented an office instead, because I got a cheaper office than I could get a place to stay." "I slept on the futon and showered at the YMCA on Page Mill and El Camino." "I was in the best shape I've ever been. Go to shower, work out, and you're good to go." There was an ISP on the floor below them. "We drilled a hole through the floor and connected a null modem cable. That gave us our internet connectivity for like 100 bucks a month." "We had an absurdly tiny burn rate. And we also had a really tiny revenue stream. But we actually had more revenue than we had expenses." They sold Zip2 to Compaq in early 1999 for over $300 million. "In cash. That's a currency I highly recommend." On starting PayPal: "I didn't really take any time off." He was looking for what remained in the internet. Financial services hadn't seen much innovation. "When you think about it, money is low bandwidth. You don't need some big infrastructure improvement. It's really just an entry in a database." They built a platform that combined banking, brokerage, and insurance in one place. That took enormous effort. Then they added a little feature that took one day: the ability to email money from one customer to another. "Whenever we demonstrated these two sets of features, we'd say, 'Look how you can see your bank statement and your mutual funds and insurance, all on one page. Look how convenient that is.'" "And people would go, 'Ho hum.'" "Then we'd say, 'And by the way, we have this feature where you can enter somebody's email address and transfer funds.'" "And they'd go, 'Wow.'" "So we focused the company's business on email payments." On viral growth: "PayPal is really a perfect case example of viral marketing." "One customer would essentially act as a salesperson for you. They would send money to a friend and essentially recruit that friend into the network." "So you had this exponential growth. The more customers you had, the faster it grew." "It was like bacteria in a Petri dish. It just goes like this S-curve." The results: "I ran PayPal for about the first two years of its existence. We launched after year one. By the end of year two, we had a million customers." "We didn't have a sales force. We didn't have a VP of sales. We didn't have a VP of marketing. And we didn't spend any money on advertising." On why product matters: "The essence of viral marketing is: do you have something where one customer is going to sell another customer without you having to do anything?" "Product matters incredibly. Because if you're going to recommend something to somebody, you've got to really love the product experience. Otherwise you're not going to recommend it." "You don't want to burn your friend." On company culture: "We had a pretty flat hierarchy. Everybody had a roughly similar cube. Anyone could talk to anyone." "We had a philosophy of best idea wins. As opposed to the person proposing the idea winning because they are who they are." "Even though there were times when I thought that should have been the way to go." On decision-making: "If there were two paths and one wasn't obviously better than the other, rather than spend a lot of time trying to figure out which one was slightly better, we would just pick one and do it." "Sometimes we'd be wrong and pick the suboptimal path. But often it's better to pick a path and do it than to just vacillate endlessly on a choice." On focus: "We didn't worry too much about intellectual property, paperwork, legal stuff." "We were very focused on building the best product we possibly could." "We were incredibly obsessive about how to build something that is really going to be the best possible customer experience." "That was a far more effective selling tool than having a giant sales force or thinking of marketing gimmicks or 12-step processes." On why he started SpaceX: "I was trying to figure out why we had not made more progress since Apollo." "In the 60s, we went from basically nothing to putting people on the moon. Yet in the 70s, 80s, and 90s, we've kind of gone sideways." "The computer you could have bought in the early 70s would have filled this room and had less computing power than your cell phone. Just about every sector of technology has improved. Why has this not improved?" He thought maybe public support was the problem. So he planned a privately funded Mars mission: put plants growing on Mars for $15-20 million. But the cheapest US rocket was $50 million. So he flew to Moscow. Three trips. Couldn't close the deal. "When I got back from the third trip, I thought: why is it the Russians can build these low-cost launch vehicles? It's not like we drive Russian cars, fly Russian planes, or have Russian kitchen appliances." "When's the last time you bought something Russian that wasn't vodka?" "I think the US is a pretty competitive place. We should be able to build a cost-efficient launch vehicle." On why rockets are expensive: "The energy and velocity required to get into orbit is so substantial that you have almost no margin to play with." "A launch vehicle will get about 2% of its liftoff mass to orbit." "If you're wrong by 2%, you're not going to get anything to orbit. It'll come crashing down in the Pacific somewhere." "That means all of your calculations have to be right. If you miscalculate something, it blows up." On how SpaceX got costs down: Their rocket: $6 million. Nearest competitor: $25 million for less capability. "There's no silver bullet. It's been really hundreds of small innovations and improvements." "We've done improvements in the propulsion system, the structure, the avionics, and the launch operations." "Our overhead in a 30-person company is an order of magnitude less than Lockheed or Boeing. Just for starters." "Every decision we've made has been with consideration to simplicity. Because simplicity both improves reliability and reduces cost." "If you've got fewer components, that's fewer components to go wrong and fewer components to buy." On being an entrepreneur: "I think really an obsessive nature with respect to the quality of the product is very important." "Being obsessive-compulsive is a good thing in this context." "Really liking what you do is important. If you don't like it, life is too short." "If you like what you're doing, you think about it even when you're not working. Your mind is drawn to it." "If you don't like it, you just really can't make it work." On parallelization: "Try not to serialize dependencies. Put as many elements in parallel as possible." "A lot of things have a gestation period. There's really nothing you can do to accelerate that gestation period." "If you can have all those things gestating in parallel, that is one way to substantially accelerate your timeline." "People tend to serialize things too much." On space as a business: Someone asked if SpaceX was a good first company to start. "No. I would not recommend it." "This is advanced entrepreneuring." "You know how many people have said: the fastest way to make a small fortune in the aerospace industry is to start with a large one." This 45 minute Stanford lecture will teach you more about building companies than every startup book combined. Bookmark & give it 45 minutes today, no matter what.

Jaynit

423,205 görüntüleme • 2 ay önce

'The customer is always right. We are the main customer' – US Commerce Secretary Latnik explained why Americans can impose sanctions on India and other countries. 'Before the conflict [in Ukraine], the Indians bought less than 2% of their oil from Russia. Less than 2%. And now they buy 40% of their oil from Russia. Why do they do this? Because the oil is under sanctions, it is really very, very cheap, as the Russians are trying to find buyers. And the Indians simply decided: forget it, let's buy cheap and make a lot of money. But you know what? This is just wrong. It's absurd. And they need to decide whose side they are on. You know what's funny? The Chinese sell to us. The Indians sell to us. They won't be able to sell to each other. We are the consumer for the whole world. People should remember: it is our $30 trillion economy that is the consumer of the world. So in the end, they will all have to come back to the customer, because we all know: in the end, the customer is always right.' - SK

'The customer is always right. We are the main customer' – US Commerce Secretary Latnik explained why Americans can impose sanctions on India and other countries. 'Before the conflict [in Ukraine], the Indians bought less than 2% of their oil from Russia. Less than 2%. And now they buy 40% of their oil from Russia. Why do they do this? Because the oil is under sanctions, it is really very, very cheap, as the Russians are trying to find buyers. And the Indians simply decided: forget it, let's buy cheap and make a lot of money. But you know what? This is just wrong. It's absurd. And they need to decide whose side they are on. You know what's funny? The Chinese sell to us. The Indians sell to us. They won't be able to sell to each other. We are the consumer for the whole world. People should remember: it is our $30 trillion economy that is the consumer of the world. So in the end, they will all have to come back to the customer, because we all know: in the end, the customer is always right.' - SK

Zlatti71

53,295 görüntüleme • 10 ay önce