Thursday, July 23, 2009

Amazon Buys Zappos! Breaking News

Holy Cow! This is a game changer folks! Amazon just announced they are buying See video w/Amazon CEO Jeff Bezos comments here

See email sent to all Zappos employees from Zappos CEO Tony Hsieh.

Interesting points made by Amazon CEO Jeff Bezos:

1. Obsess over customers, NOT competitors. Start w/customers and work backwards.

2. Invent! Anytime a problem comes up, never accept "either or" thinking. Come up with a solution that gets both things. You can invent your way out of any box if you believe that you can. Invent on behalf of customers. Listen to customers. They won't tell you everything. Focus on invention. Ex. Kindle, elastic Ec2 cloud.

3. Think long term. Critical! It's much rarer than you might think. Most initiatives may pay dividends to customers right away, but take 5-7 years to pay back company.
Also allow willingness to be misunderstood. Tolerate it. Regarding any new inventions, if we think we're right then we continue, if we are criticized about something and we're wrong we change it, we fix it. Never buckle to standard pressure that comes with short term thinking. Think long term.

4. It's always day 1.
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