Jeff Bezos Shares His Secrets to Money and Prosperity

Amazon CEO Jeff Bezos is now the world’s richest person with an estimated net worth of $160 billion. From its first-ever paperwork in 1994, Amazon has become the e-commerce giant we all recognize today. It’s not just luck that made it happen — not to him at least. Are you familiar with his “two pizza rule”? To become more productive, Bezos only holds meetings wherein two pizzas can feed the entire group. That’s because if a team is larger than the number of people the pizzas can feed, then it’s too large that nothing gets done. Let’s celebrate Amazon’s 25th year by looking back on their CEO’s best pieces of advice:
  1. Realize a vision and fulfill it in 2 to 3 years. “Vision is absolutely important, but it doesn’t deserve your day-to-day attention… mostly your time should be spent on things that are happening today, this year, maybe in the next two or three years.” Bezos shared at the Yale Club in New York according to a transcript from Business Insider.
In Amazon, employees’ quarterly financial results are determined by work done years prior. “...What I really think about is that quarter was kind of baked and done two or three years ago, and right now the senior executives at Amazon are working on a quarter that’s going to happen in 2021, 2022 — that kind of thing,” he continued.
  1. You will be misunderstood; accept it when it happens. No matter how rich and famous, you will always receive negative criticism. Bezos said in another BI Interview, “We would be very naïve to believe that we’re not going to be criticized... if you’re going to do anything new or innovative, you have to be willing to be misunderstood. If you cannot afford to be misunderstood, then for goodness’ sake, don’t do anything new or innovative,” he advised.
  1. Take time to be inefficient. Bezos shares that inefficiency may be useful when you use it to explore a curiosity. “Sometimes (often actually) in business, you do know where you’re going, and when you do, you can be efficient. Put in place a plan and execute,” he said in a yearly letter to shareholders.
Bezos explained: “In contrast, wandering in business is not efficient … but it’s also not random. It’s guided — by hunch, gut, intuition, curiosity, and powered by a deep conviction that the prize for customers is big enough that it’s worth being a little messy and tangential to find our way there… Wandering is an essential counterbalance to efficiency… You need to employ both. The outsized discoveries — the ‘non-linear’ ones — are highly likely to require wandering.”