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Synopsis

Have you ever wondered how Amazon managed to grow from the first online bookstore to a global technology leader in just 20 years?

Risk and growth expert Steve Anderson along with author and director Karen Anderson identify specific Cycles of Growth and 14 "Growth Principles" based on patterns they observed within shareholder letters written by Jeff Bezos between 1997 and 2018.

From The Bezos Letters: 14 Principles to Grow Your Business Like Amazon, learn how these same growth principles can be applied to any business and help you get into the same mindset that made Amazon a trillion-dollar company.

Top 20 insights

  1. Leaders should see business risk as an investment rather than something to be avoided. Bezos often takes risks based on what he observes to be future opportunities rather than a sure bet, such as emerging technologies.
  2. Take advantage of existing infrastructures to facilitate growth. Amazon would not have been able to offer fast, two-day shipping if FedEx hadn't already led the way with an efficient delivery network decades before.
  3. Utilize A/B testing and invent on behalf of the customer so that you alway drive your industry forward. This is a low-risk way to test new ideas. You may find that you know what customers want before they do.
  4. Identify what your company is known for, then experiment with advances in that marketplace. For example, this is how Amazon attracted authors to its Amazon Publishing platform – the company paid royalties monthly, rather just twice a year (which was a common practice at the time).
  5. Companies can repeat a series of growth cycles: Test (Experiment, learn from mistakes and maintain a culture of innovation), Build (Use long-term thinking and stay true to core principles), Accelerate (Streamline, make quick decisions, utilize technology and promote ownership within the company) and Scale (Do it right and do it consistently). This will help to not only achieve, but continue growth.
  6. Encourage "successful failure" within the company. Most businesses view failure as a risk to be avoided. Bezos encourages employees to try new things and turn any failures into valuable lessons. Amazon lost $178 million on its failed Fire Phone, but used what it learned to launch the Kindle.
  7. Bet on big ideas, but start small. Free shipping for orders over $25 encouraged Amazon customers to fill up their carts with multiple items. When that proved successful, Amazon Prime was launched on the back of lessons learned.
  8. No one knows their job better than a person who does it every day. Inspire each level of the company to experiment with new, faster or easier ways to do the work, then reward success. If an experiment fails, have the employee evaluate what can be learned rather than punish them for failure.
  9. Obsess over customers. This might sound obvious, but your customers are your fuel for growth; not competitors, overhead costs or how many locations you have. As Amazon says, "Leaders start with the customer and work backwards."
  10. Apply long-term thinking to every facet of your business. Even though Bezos originally came from the world of Wall Street, he made investment decisions for Amazon that were based on "long-term market leadership considerations" rather than short-term Wall Street reactions.
  11. Elements of your business should work as cogs on a wheel – each adding momentum to your central goal or "Flywheel." Amazon's flywheel has growth at the center of it and each element from customer experience to higher selection turns the wheel. With enough momentum, the wheel begins to turn itself.
  12. Meaningful growth is stymied by poor decision-making. Amazon teaches its leaders to distinguish between major, business-changing decisions and more flexible ones so that time is not wasted on unnecessarily long research or debate. Major decisions at Amazon require an extensive, six-page memo so that informed decisions happen quickly. This memo can also be used as a debrief should the idea fail.
  13. Make complexity simple – identify and eliminate pain points for the customer. One example of this is Amazon's "frustration-free" packaging, which offers incentives to manufacturers that eliminate complicated elements designed for in-store retail. Technology allows us to rethink many established methods that can be improved upon.
  14. Be intentional when you use technology to grow your business. Stay on the cutting edge, adopt or invent new technologies. Amazon created Web Services to power its own business and then turned it into a revenue stream.
  15. Encourage everyone in the company from the janitor to the CEO to think like an owner. It's much easier to think long-term and consider risks when you are invested. That's why Amazon gives stock to all its employees and calls its shareholders "shareowners."
  16. To maintain your culture, focus on personal leadership as well as constant and continuous growth. Reconnect with or reinforce that entrepreneurial spirit and encourage it in all levels of the business.
  17. No matter how large your company becomes, focus on high standards, raise the bar and don't allow yourself to become complicit. Amazon rewards its employees and gives preferential treatment to third-party merchants who consistently strive for the best.
  18. Measure what matters, question what's measured and trust your gut. Ensure that you gather data on the most useful information and upon review, trust your instincts. Concentrate your data gathering on information that drives your business' core values. In this case of Amazon, that is always customer experience.
  19. Believe it's always day one of your business. As soon as you no longer push hard to be the best, your growth stops. To maintain the habits of an entrepreneur, stay up to date on trends, competition and consumer habits and take advantage of emerging technologies.
  20. Adopt and maintain a risk and growth mindset. Sometimes it is riskier for a business not to take enough risks. Amazon took a risk when it allowed third-party merchants, meaning competitors to sell on its platform. As of 2018, third-party sales accounted for 58% of physical gross merchandise sold on Amazon.

Summary

Right out of the gate, Bezos identified growth as the most important focus for the company. Ever since, this decision has provided Amazon leaders with a compass that guides all strategy. Inside his annual letters to shareholders, Bezos left a trail of innovative mindsets, leadership techniques and company priorities that allowed Amazon to become the trillion-dollar behemoth it is today. Take advantage of these growth principles and help your business discover and implement new avenues of meaningful growth.

Questions and answers

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Businesses can implement the innovative mindsets and leadership techniques mentioned in Bezos' letters by focusing on growth as the primary objective. This can be done by setting a clear vision and strategy that aligns with this objective. Additionally, businesses can adopt Amazon's innovative mindsets by being customer-centric, embracing change, and encouraging experimentation. Leadership techniques can be adopted by promoting a culture of ownership, long-term thinking, and high standards. It's also important to continuously seek and implement new avenues of meaningful growth.

Some of the key lessons from Bezos' shareholder letters for businesses looking to grow include the importance of focusing on growth as a primary goal, the value of innovative mindsets, effective leadership techniques, and setting company priorities that align with growth. These principles have guided Amazon's strategy and have been instrumental in its transformation into a trillion-dollar company. Businesses can leverage these principles to discover and implement new avenues for meaningful growth.

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Encourage "successful failure"

Some of Amazon's biggest achievements were made possible by its most "successful" failures. While many business leaders shy away from risk, Bezos encourages it at all levels of his company with one stipulation: you must learn from failures.

Amazon Auctions, Bezos' answer to eBay, taught him that customers expected to pay a low, fixed price on Amazon but had a different mindset when bidding on eBay that didn't translate. The failed zShops proved too complicated for third-party sellers and customers but later evolved into the wildly successful Amazon Marketplace.

Questions and answers

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Some examples of companies turning their failures into successes include Apple, who initially failed with the Apple Lisa but later found success with the Macintosh. Similarly, Microsoft's Windows Vista was not well-received, but they learned from their mistakes and improved with Windows 7. Another example is Coca-Cola, who faced backlash with New Coke, but used the experience to solidify the popularity of Coca-Cola Classic.

Some examples of companies that have adapted their business models based on customer feedback include Starbucks, which expanded its product line based on customer suggestions, and Netflix, which shifted from a DVD rental service to a streaming platform in response to changing customer preferences. Microsoft is another example, as they continually update their software based on user feedback.

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The Fire Phone was created to give AT&T customers exclusive mobile access to Amazon – something we now take for granted. The failed idea cost Amazon $178 million dollars in losses. But Amazon's teams took what they learned from Fire Phone and put it into Alexa, which continues to yield billions.

Bet on big ideas

When Bezos launched Amazon, no one knew what an online bookstore was and most consumers didn't have internet in their homes. The company, itself, was a bet on big ideas, but that tradition continues to this day.

In 2002, shipping costs prevented many customers from purchasing online. Super Saver Shipping was an experiment to see if free, albeit slow, shipping for orders over $25 would encourage more purchases. It was such a success that the idea evolved into Amazon Prime.

So bet on big ideas, but start slow. "Super saver" shipping was a way to test different features and get to the root of what customers wanted before asking them to pay upfront for free shipping. The same goes for infrastructure. Amazon Web Services began as an internal infrastructure for the company's own use, which could be privately tested before offering it as a service to the world.

Questions and answers

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Some other examples of companies that have successfully implemented the principle of starting slow with a big idea include Google and Facebook. Google started as a simple search engine and gradually added features like Gmail, Google Maps, and Google Drive. Facebook started as a social network for college students and gradually expanded to include other demographics and features like Marketplace and Facebook Watch.

Some strategies for ensuring that a big idea is both scalable and sustainable include starting slow, testing different features, and understanding what customers want before asking them to pay upfront. It's also beneficial to start with an internal infrastructure that can be privately tested before offering it as a service to the world.

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Practice dynamic invention and innovation

In a 2018 interview, Bezos relayed a story about packing boxes on his hands and knees. When he told his associate they needed knee pads, the man replied that they needed packing tables. And he was right.

Have you ever made a suggestion at work about how to make your job more efficient, only to have it shot down or worse, given an insincere pat on the head never to hear about it again? Bezos encourages experimentation at all levels of Amazon and in every department. In fact, invention is a part of each person's job description.

Questions and answers

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The themes of The Bezos Letters are highly relevant to contemporary business issues and debates. The book outlines 14 principles that have guided Amazon's growth, including a focus on long-term thinking, a willingness to take bold risks, and a commitment to operational excellence. These principles are applicable to any business seeking to innovate and grow in today's fast-paced, technology-driven marketplace. Furthermore, the book's emphasis on customer obsession and the importance of experimentation and failure in innovation are topics of ongoing debate in the business world.

The Bezos Letters present several innovative ideas. One of them is the encouragement of experimentation at all levels of Amazon and in every department. Invention is considered a part of each person's job description. This approach fosters a culture of innovation and continuous improvement, which has been a key factor in Amazon's success.

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Everyone is expected to try new things, ask questions, and look at processes differently from their first day on the job. Invention and innovation are part of Amazon's core growth principles. It allows the company to identify its most inventive team members, empowers employees to make their own jobs better and keeps the company moving forward.

Questions and answers

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A small business can use the growth principles covered in The Bezos Letters in several ways. Firstly, they can foster a culture of invention and innovation, encouraging employees to try new things and look at processes differently. This can lead to the identification of inventive team members and empower employees to improve their own jobs. Secondly, they can adopt a customer-centric approach, focusing on delivering exceptional customer service and continuously improving the customer experience. Lastly, they can embrace failure as an opportunity for learning and growth, understanding that not all innovations will be successful, but each one provides valuable lessons that can drive future success.

The lessons from "The Bezos Letters" can be applied in today's business environment by embracing the principles that Jeff Bezos used to grow Amazon. These include fostering a culture of invention and innovation, empowering employees to improve their own jobs, and maintaining a forward-thinking mindset. Businesses can also learn from Amazon's agility and efficiency, which have been key to its success.

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Obsess over customers

Being customer-obsessed means to be proactive rather than reactive. Instead of saying, "the customer is always right," which tells employees to defer to the customer whenever there is a problem, Amazon says to be "customer-obsessed," which translates to solution-based planning. That's why customer service agents are given the authorization to solve many issues without supervisor approval.

Questions and answers

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The Bezos Letters does not provide specific case studies but rather outlines 14 principles that Jeff Bezos used to grow Amazon. One key principle is being customer-obsessed, which means being proactive rather than reactive. This approach empowers customer service agents to solve many issues without supervisor approval, leading to efficient problem-solving and increased customer satisfaction. The broader implication of this principle is that it can be applied to any business seeking to improve customer service and foster growth.

The Bezos Letters" has significantly influenced corporate strategies and business models by providing insights into the principles that have driven Amazon's success. These principles, such as being customer-obsessed and encouraging experimentation, have been adopted by many companies to foster innovation and growth. The book has also highlighted the importance of long-term thinking and the willingness to take bold risks, which has reshaped the strategic planning of many businesses.

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Many businesses spend too much time thinking about how to improve existing features rather than market new ones. Think like a customer, then work your way backward.

Questions that Amazon always asks:

  • Who is the customer?
  • What is the customer problem or opportunity?
  • What is the most important customer benefit (singular)?
  • How do you know what the customer needs?
  • What does the customer experience look like?

Apply long-term thinking

Long-term thinking allows businesses to create a legacy for their future employees. Anderson calls this "being a good ancestor to your business' future owners and employees."

Bezos is always thinking about the future. He defies the quarterly earnings reports and instead focuses on long-term value propositions. This mindset helped Amazon to be one of the few companies that survived the dot-com bust and set the example for how Apple presents its earnings.

From the very first shareholder letter, Bezos emphasized that long-term growth would remain at the core of Amazon's culture. If you could go back to 1997 and tell your past self what commerce was like, it would sound like science fiction. Imagine where your business will be in five, 10, even 100 years. Then make plans now so that you are on the cutting edge.

Questions and answers

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A startup can use the growth principles covered in The Bezos Letters in several ways. Firstly, they can focus on long-term growth, as emphasized by Bezos. This involves envisioning where the business will be in the future and making plans accordingly. Secondly, they can strive to be on the cutting edge of their industry, constantly innovating and adapting to changes. Lastly, they can build an agile and efficient culture within their organization, similar to Amazon's, which can help in quickly responding to market changes and customer needs.

The "Cycles of Growth" concept in "The Bezos Letters" is a principle that Jeff Bezos, the founder of Amazon, emphasized in his shareholder letters. It's about the long-term growth and sustainability of a business. Bezos believed that businesses should always plan and prepare for the future, envisioning where they would be in five, ten, or even a hundred years. This forward-thinking approach allows businesses to stay on the cutting edge of their industry, constantly evolving and growing. It's a cycle because as the business grows, it needs to continually reassess its position and plan for the next stages of growth.

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Understand your "flywheel"

A flywheel is a heavy wheel that requires a large amount of effort to push. Once that wheel gains momentum, however, it begins to turn itself. This analogy for business was coined by Good to Great author Jim Collins. Shortly before the book was published in 2001, he helped Bezos understand Amazon's flywheel.

Your company's primary goal is identified as the center of the flywheel. In Amazon's case, that is growth. Activities on the outside of the flywheel are designed to turn it. It doesn't matter where you apply pressure to the flywheel or where you start; you just have to identify those activities and improve them.

Questions and answers

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Some key takeaways from "The Bezos Letters" that entrepreneurs or managers can apply to their businesses include:

1. Identify your company's primary goal and make it the center of your business operations. For Amazon, this was growth.

2. Activities in your business should be designed to achieve this primary goal. It doesn't matter where you start; the important thing is to identify these activities and continuously improve them.

3. Embrace and encourage innovation. Bezos' letters emphasize the importance of being bold and taking risks.

4. Customer obsession rather than competitor focus. Amazon's success is largely due to its relentless focus on customer satisfaction.

5. Long-term thinking. Bezos always planned for the long term, and this perspective has been integral to Amazon's growth.

The flywheel concept in 'The Bezos Letters' challenges traditional business growth strategies by focusing on continuous improvement and momentum rather than immediate results. Traditional strategies often focus on immediate gains and quick wins. However, the flywheel concept emphasizes the importance of identifying key activities that drive growth and continuously improving them. This creates a momentum that, over time, leads to exponential growth. This approach requires patience and persistence, as the initial progress may be slow, but once the flywheel starts spinning, the momentum can lead to significant growth.

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The "cogs" on Amazon's flywheel add momentum to one another, allowing the company to grow. For example, Prime offers lower prices, which attracts more traffic, which attracts merchants to sell on the site, which increases the product selection, which improves the customer experience, which allows Amazon to grow and maintain a lower cost structure. And the wheel keeps turning.

Questions and answers

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Amazon's Prime service contributes to its growth by acting as a cog in its flywheel model. Prime offers lower prices, which attracts more traffic. This increased traffic attracts more merchants to sell on the site, which in turn increases the product selection. The improved product selection enhances the customer experience, allowing Amazon to grow and maintain a lower cost structure. This cycle keeps the wheel turning, contributing to Amazon's continuous growth.

The 'cogs' concept in Amazon's growth strategy, as explained in 'The Bezos Letters', refers to the interconnected elements that drive the company's growth. Each 'cog' or component adds momentum to the next, creating a self-sustaining cycle or 'flywheel'. For instance, Amazon Prime offers lower prices, which attracts more traffic. This increased traffic attracts more merchants to sell on the site, which in turn increases the product selection. A wider product selection enhances the customer experience, which allows Amazon to grow and maintain a lower cost structure. This growth and cost efficiency then allows for lower prices, and the cycle continues.

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The Bezos Letters - Diagrams

Generate high-velocity decisions

No business can stay on the cutting edge or achieve meaningful growth if leaders spend all their time debating and procrastinating choices.

Anderson identifies two types of decisions

Type 1: decisions that hold major consequences and there's no turning back, meaning acquisition or selling the company (What you are doing).

Type 2: decisions that can be changed or reversed, meaning new procedures or pricing structures (How you are doing it).

Amazon can grow as fast as it does because all 60,000 employees are given the ability to make swift Type 2 decisions that will not make or break the company. Employees at Amazon are encouraged to take risks, come up with new ideas and accept small failures.

Bezos advises that you make decisions when you have about 70% of the information you wish you had. Otherwise, your decision-making can be slowed down. Quickly recognize and correct bad decisions. If there is no consensus on an idea, you can ask the other parties to "disagree and commit" or make the choice to do so yourself.

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The Bezos Letters - Diagrams

Make complexity simple

Books have not changed much since their inception. There is nothing inherently wrong with the traditional book design, but Bezos knew that the internet could make finding and reading them easier than ever. With the introduction of Amazon Kindle, book lovers were given access to more than 110,000 books, blogs, magazines and newspapers at the press of a button. That number is now in the millions.

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Traditional packaging, for example, was designed for brick-and-mortar retail. They advertise the product on a shelf and protect it during shipping. The result, however, is a mess of thick plastic and twist ties. In 2008, Amazon worked with product manufacturers to simplify packaging. Now, customers have a choice of packaging that is traditional or "Frustration-Free."

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Take a look at your industry and observe which elements continue to be used simply because "that's the way it's always been done." Chances are, technology has advanced in a way that can disrupt your industry and you could be the first to do it.

Accelerate time with technology

Intentional growth allows companies to take control and scale without the pressure of being left behind. The best way to do this is to identify exponential technologies (new but rapidly growing) that will help your business grow in the long term. Bezos and his team identified cloud computing as a technology that could help Amazon scale and manage its data in a secure environment. The company's fulfillment centers use technology that can tell an employee where a product is anywhere in the storage area. This allows Amazon to store 25% more inventory in the same space as traditional warehouses.

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Promote ownership

Ownership is a mindset. In a 2003 letter to shareholders, Bezos related a story in which his friends rented their house to tenants who nailed a Christmas tree directly to the hardwood floor. "No owner would be so short-sighted," he added.

Bezos compared the tenant mentality to many investors who turn their portfolios so quickly that they are "just renting the stocks that they temporarily own." Amazon's leader wants everyone involved in the company from drivers to investors to think like owners. Employee compensation at Amazon has traditionally been tied into stock in the company and beginning in 2002, Bezos began referring to shareholders as "shareowners."

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Amazon promotes ownership by encouraging invention and decision-making so that everyone in the company becomes personally invested in the outcome. In addition, the company offers employees money to quit every year, ranging from $2,000-$5,000 depending on length of employment. First implemented at Zappos, Amazon adopted the practice to encourage employees to stop and think about what they really want. That way, the company only keeps those who want to be there, and employees have the opportunity to make a change for the better, if that's the case.

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Maintain your culture

Bezos admits that maintaining a company culture becomes more difficult as it grows. Bureaucracy stifles creativity and causes employees to lose sight of what's important. The solution, he said, during a 2018 Forum on Leadership, is to teach everyone how to be a leader and make swift decisions.

Amazon's 14 leadership principles are:

  • Customer Obsession
  • Ownership
  • Invent and Simplify
  • Are Right, a Lot (Leaders should have strong judgment and good instincts)
  • Learn and Be Curious
  • Hire and Develop the Best
  • Insist on the Highest Standards
  • Think Big
  • Bias for Action
  • Frugality
  • Earn Trust
  • Dive Deep
  • Have Backbone, Disagree, and Commit (Respectfully challenge decisions when you agree. Do not compromise for the sake of social cohesion. If you still disagree, commit wholly nonetheless.)
  • Deliver Results

Focus on high standards

Amazon purposely makes it difficult to work there. Bezos says, "You can work long, hard, or smart, but you can't choose two out of three." Employees are encouraged to only hire those they would admire. This keeps the bar high for performance and expectations.

Third-party merchants and delivery partners must also adhere to strict standards. In 2018, Amazon invited people to start their own businesses. The company maintains strict guidelines for eligibility, however, each one echoing Amazon's own internal principles.

If your customer service is inconsistent, you will never be able to scale. Begin by evaluating the customer experience you want to achieve, then explore ways to improve it. That could be through better quality materials, different manufacturers, new procedures or technology.

Measure what matters, question what's measured and trust your gut

Data drives everything at Amazon. The company is constantly testing different ways to improve the customer experience: from allowing customers to answer questions about a product to suggest other things to buy.

Use this A/B testing technique to divide test subjects into two groups, give one option to one group, and another option to the second. Then, measure which option performs better. Amazon has its own internal experimentation platform, called "Weblab" which it uses to evaluate improvements. The company rewards those who view this data and identify new ways to improve the customer experience.

Questions and answers

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Yes, there are several companies that have successfully implemented the practices outlined in The Bezos Letters. For instance, companies like Apple, Google, and Microsoft have adopted similar principles to foster innovation, customer obsession, and long-term thinking. However, it's important to note that each company adapts these principles to their unique context and business model.

Companies might face several obstacles when applying the growth principles from The Bezos Letters. These could include resistance to change, lack of resources, and difficulty in implementing new strategies. Overcoming these obstacles requires strong leadership, clear communication, and a willingness to take calculated risks. It's also important to have a clear understanding of the company's current state and future goals. Companies can also learn from Amazon's resilience during the internet bubble burst, where despite a huge financial hit, it managed to survive due to its generated income.

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When you question what has been measured, you make sure that the appropriate data is being looked at. For example, Bezos measures free cash flow per share instead of earnings to illustrate the company's financial health.

Amazon took a huge financial hit when the internet bubble burst. The company's stock fell from $113 to $6. But unlike other companies that folded during that time, Amazon had already generated the income it needed to carry on, so additional funding wasn't needed. The data would say that Amazon was not a healthy company, but the truth was far different.

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At the end of the day, leaders need to trust their gut. Anderson says that there will always be tension between data and gut instincts, but you always have to have both.

Believe it's always "day 1"

Every year, Bezos refers back to his original 1997 letter to shareholders. In this way, he maintains "Day 1" as a concept, not a date. When a business first opens, few things are more important than being the best and satisfying the customer. As soon as you lose that mindset, Bezos warns, the company dies.

Questions and answers

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A startup can adopt a risk and growth mindset to disrupt their industry in several ways as suggested in The Bezos Letters. Firstly, they can adopt the "Day One" mindset, which means always being aware of the latest trends, what their competitors are doing, and consistently looking for ways to provide the best customer service or product. This mindset encourages continuous innovation and improvement. Secondly, they can take calculated risks to innovate and differentiate themselves from competitors. This might involve investing in new technologies, exploring new business models, or entering new markets. Lastly, they should never stop thinking like a startup, which means staying agile, adaptable, and customer-focused, even as they grow.

A small business can apply the "Day One" principle by always staying alert and aware of the latest trends and what their competitors are doing. They should consistently look for ways to provide the best customer service or product. This involves maintaining a growth mindset and being willing to take risks. It's about not taking anything for granted and always thinking like a start-up, regardless of how long the business has been operating.

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As Bezos wrote in his 2016 letter: "Day 2 is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death. That is why it is always Day 1."

The idea of it always being "Day One" of your business is that leaders should not take anything for granted. "Day One" business owners are aware of the latest trends, what their competitors are doing, and consistently look for ways to provide the best customer service or product. You don't need a million dollars to disrupt your industry. All you need is a risk and growth mindset. And never stop thinking like a start-up.

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