Amazon.com managed to become the king of online retail. The platform surpasses any other rival by far. However, reaching the top is not an easy job. What is more difficult than this is to secure the position against decay for as long as possible. The Amazon empire is thriving thanks to large investments in innovative technology. In his annual letter addressed to shareholders, Jeff Bezos offers safe passage to his vision for the future of his company.
Jeff Bezos Takes Into Consideration the Possibility of Statis for His Amazon Empire
The Amazon empire is empowered by a brilliant founder and tens of thousands of employees that receive new workforce each year. As a result, the company has never failed to repay these massive efforts with tens of billions of dollars in revenue. Thus, there is no sign that reveals a cloudy sky for the retail behemoth. However, Jeff Bezos doesn’t think this way. The American entrepreneur does not take the two-decade old success for granted. On the other hand, he is ready to prevent any marks of decline.
As a consequence, he addressed this issue with utmost seriousness in his open annual letter to shareholders. Jeff Bezos is aware of the fact that after great success comes a period of stasis. The Amazon empire managed to avoid this period for twenty years and even made it to the fourth largest publicly traded firm in the United States. However, Bezos believes that this stage is unavoidable.
“Day 2 is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death.”
Jeff’s Solution Is Working with the Same Enthusiasm as in Day 1
The solution that Jeff Bezos proposed is to keep the entrepreneurial spirit lit as if Amazon were on its first day in business. Last year, the founder resorted to the power of experiments and the acceptance of failure to fuel the company’s energy towards greatness. However, this year’s direction is inclined more towards a vibrant managerial system.
Thus, Jeff Bezos tackled some clichés. He wants participants in the construction of the Amazon empire to act as if they heard of these concepts for the very first time. Most of these overused ideas revolve around customer care. The founder believes that customer satisfaction is the only measurement of success. All other indices promoted by businesses are delusory. Moreover, Jeff Bezos wants to deepen the cultural attribute of Amazon that urges employees to look with curious eyes into external trends. These are machine learning and automation.
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