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10 Amazing Quotes From Amazon.com CEO Jeff Bezos
Leading Amazon Towards Growth Bezos has led Amazon from a small online bookstore with $510,000 in sales during 1995 to the undisputed leader in online retail with over $103 billion in expected revenue for 2015.
Delivering Massive Gains for Investors
The Size of the Opportunity “This is day one for the Internet and, if we execute well, for Amazon.com. Today, online commerce saves customers money and precious time. Tomorrow, through personalization, online commerce will accelerate the very process of discovery. Amazon.com uses the Internet to create real value for its customers and, by doing so, hopes to create an enduring franchise, even in established and large markets." Bezos knew right from the beginning that online commerce was an extraordinary opportunity for Amazon.com. From his letter to investors in 1997:
Amazon Is About Growth and Competitive Strength “We first measure ourselves in terms of the metrics most indicative of our market leadership: customer and revenue growth, the degree to which our customers continue to purchase from us on a repeat basis, and the strength of our brand. We have invested and will continue to invest aggressively to expand and leverage our customer base, brand, and infrastructure as we move to establish an enduring franchise.”
A Simple Strategy for Success "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."
Relentless Competitive Drive Amazon doesn’t care much about profit margins, the company is focused on capitalizing on its growth potential over the long term. Where other companies see a chance to make a profit, Amazon sees an opportunity to outgrow the competition. “Your margin is my opportunity”
Amazon’s Powerful Customer Proposition "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."
Quality Service Is the Best Marketing “The balance of power is shifting toward consumers and away from companies… The right way to respond to this if you are a company is to put the vast majority of your energy, attention and dollars into building a great product or service and put a smaller amount into shouting about it, marketing it. 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.”
No Complacency "All businesses need to be young forever. If your customer base ages with you, you're Woolworth's."
Scarcity Drives Innovation Most companies operate on the premise that you need money and other resources to innovate. Jeff Bezos believes many great ideas come from scarcity. "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."
Learning by Doing A company needs to be action-oriented and willing to take risks in order to innovate successfully. "If you double the number of experiments you do per year you’re going to double your inventiveness."
Mission and 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."
3 Companies Poised to Explode When Cable Dies Cable is dying. And there are 3 stocks that are poised to explode when this faltering $2.2 trillion industry finally bites the dust. Just like newspaper publishers, telephone utilities, stockbrokers, record companies, bookstores, travel agencies, and big box retailers did when the Internet swept away their business models. And when cable falters, you don't want to miss out on these 3 companies that are positioned to benefit. Click here for their names. Hint: They're not the ones you'd think!