Jeff Bezos: preference

Transcript context

…So in some sense, you don’t want a single day of comfort. You’ve written about this many times. We’ll talk about your writing, which I would highly recommend people read and just the letters to shareholders. So explaining the idea of day one thinking, I think you first wrote about in 97 letters to shareholders. Then you also in a way wrote it about, sad to say, is your last letter to shareholders as CEO. And you said that, “Day two is stasis followed by irrelevance, followed by excruciating painful decline, followed by death.” And that is why it’s always day one. Can you explain this day one thing? This is a really powerful way to describe the beginning and the journey of Amazon. It’s really a very simple, and I think age-old idea about renewal and rebirth and every day is day one. Every day you are deciding what you’re going to do and you are not trapped by what you were or who you were or any self-consistency. Self-consistency even can be a trap. And so day one thinking is we start fresh every day and we get to make new decisions every day about invention, about customers, about how we’re going to operate. Even as deeply as what our principles are, we can go back to that. It turns out we don’t change those very often, but we change them occasionally. And when we work on programs at Amazon, we often make a list of tenants. And the tenants are… They’re not principles, they’re a little more tactical than principles, but it’s the main ideas that we want this program to embody, whatever those are. And one of the things that we do is we put, “These are the tenets for this program and parentheses. ” We always put, “Unless you know a better way.” And that idea, “Unless you know a better way,” is so important because you never want to get trapped by dogma. You never want to get trapped by history. It doesn’t mean you discard history or ignore it. There’s so much value in what has worked in the past, but you can’t be blindly following what you’ve done. And that’s the heart of day one, is you’re always starting afresh. And to the question of how to fend off day two, you said, “Such a question can’t have a simple answer,” as you’re saying. “There will be many elements, multiple paths, and many traps. I don’t know the whole answer, but I may know bits of it. Here’s a starter pack of essentials, maybe others come to mind. For day one, defense, customer obsession, a skeptical view of proxies, the eager adoption of external trends and high velocity decision-making.” So we talked about high velocity decision-making, that’s more difficult than it sounds. So maybe you can pick one that stands out to you as you can comment on. Eager adoption of external trends, high velocity decision-making, skeptical view of proxies. How do you fight off day two?…

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