This short video interview with Amazon.com founder and CEO Jeff Bezos is business studies gold dust.
Jeff Bezos was recently named Fortune Magazine Business Person of the Year for 2012. Here he talks about his long-term strategy for Amazon. Bezos has always maintained that the success of Amazon is based on long-term thinking, recognising that not every innovation or invention will work.
Bezos defines the success of Amazon as being based on the following cultures and beliefs:
- Start with the customer - Amazon's goal is to be the most customer-obsessed business in the world
- Have a willingness to invent
- Think long-term: allow 5,6,7 years before you expect to see financial returns on investment (Bezos is dismissive of short-term payback criteria)
- Be inspired by what competitors do, but don't be afraid of them ("your margin is my opportunity")
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