Jeff Bezos

  • “We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better”
  • I very much believe the Internet is indeed all it is cracked up to be.
  • Great industries are never made from single companies. There is room in space for a lot of winners.
  • The common question that gets asked in business is, ‘why?’ That’s a good question, but an equally valid question is, ‘why not?’
  • I believe you have to be willing to be misunderstood if you’re going to innovate.
  • There are two ways to extend a business. Take inventory of what you’re good at and extend out from your skills. Or determine what your customers need and work backward, even if it requires learning new skills. Kindle is an example of working backward.
  • There are two kinds of companies, those that work to try to charge more and those that work to charge less. We will be the second.
  • It’s not an experiment if you know it’s going to work.
  • If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.
  • If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.
  • What’s dangerous is not to evolve.
  • I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.
  • The best customer service is if the customer doesn’t need to call you, doesn’t need to talk to you. It just works.
  • We’ve had three big ideas at Amazon that we’ve stuck with for 18 years, and they’re the reason we’re successful: Put the customer first. Invent. And be patient.
  • I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very interesting question; it’s a very common one. 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 mor important of the two – because you can build a business strategy around the things that are stable in time.
  • “Our profitability is not our customer’s problem. We don’t take the point of view that we’re going to price products at a particular margin. We price products competitively and if that means on that product that we lose money that’s ok. We need to take care of the customer and earn trust and we’ll figure out over time if we can or if we can’t ever make money with that product. If we can’t we’ll stop selling it but we’re not going to make customers pay for any of our inefficiencies.”.
  • “Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right.”
  • “Why focus on cash flows? Because a share of stock is a share of a company’s future cash flows, and, as a result, cash flows more than any other single variable seem to do the best job of explaining a company’s stock price over the long term.”
  • “Earnings don’t directly translate into cash flows, and shares are worth only the present value of their future cash flows, not the present value of their future earnings.”
  • “We are firm believers that the long-term interests of shareholders are tightly linked to the interests of our customers: if we do our jobs right, today’s customers will buy more tomorrow, and we’ll add more customers in the process, and it will add up to more cash flow and more long-term value for our shareholders.”