Jillian D’Onfro wrote an article for the Business Insider entitled, 17 quotes that show how Jeff Bezos turned Amazon into a $200 billion company over 20 years. Jeff Bezos, founder and CEO of Amazon, has built a company with a $200+ billion market cap by being incredibly smart and business savvy, so here are some quotes that show his genius.
Ten (10) of these quotes particularly resonated with me, however you can read the original article here.
1. On complacency: “A company shouldn’t get addicted to being shiny, because shiny doesn’t last.”
2. On innovation: “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.”
3. On progress: “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.”
4. On motivation: “I strongly believe that missionaries make better products. They care more. For a missionary, it’s not just about the business. There has to be a business, and the business has to make sense, but that’s not why you do it. You do it because you have something meaningful that motivates you.”
5. On morals: “The one thing that offends me the most is when I walk by a bank and see ads trying to convince people to take out second mortgages on their home so they can go on vacation. That’s approaching evil.”
6. On strategy: “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.”
7. On growth: “All businesses need to be young forever. If your customer base ages with you, you’re Woolworth’s.”
8. On marketing: “In the old world, you devoted 30% of your time to building a great service and 70% of your time to shouting about it. In the new world, that inverts.”
9. On pricing: “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.”
10. On choosing slim profits: “Your margin is my opportunity.”
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