Since its inception, Amazon has come a long way and so has its founder Jeff Bezos, who was more or less misunderstood by experts for more than a decade. As questions regarding their business model, future viability and growth have always intrigued both the investors and critics. However, it seems that the dust is finally settling with Bezos being the winner with his unique business values and principal. It’s hard to give another example of a firm which is least interested in profits and has been in the business for more than a two decades.
Still, for now, let’s focus on our topic as what exactly makes Jeff Bezos the businessman he is today. It’s really interesting to get into the mind of such an individual who tends to defy all the odds and beat the market everytime competition gets stiff.
We know the story of Jeff Bezos, how in 1994 seeing the opportunity in a new field he left his high paying secure job. The risk was immensely high, as leaving a job and venturing into uncharted territory was full of uncertainties. So the question that may come to the mind is what exactly Bezos thought before listening to his inner voice.
Well, it was simple, literally simple. As back then Bezos settled on the idea of “regret minimization.” The idea revolved around the fact that when he turns 80, he should have minimum regrets about the decision he made in his life. Now it’s not important whether those decisions turn right or wrong but he should at least give it a try.
In an interview, Bezos further explained “I knew that when I was 80 I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not ever having tried. I knew that that would haunt me every day, and so, when I thought about it that way it was an incredibly easy decision.”
So it was a simple trick that he could use to get the ball rolling. After all, nothing is forever and it if intuition is strong, then one try is worth the risk.