What strategies did Jeff Bezos use to scale Amazon to where it is today? Jeff has shared all his strategies, executions, and lessons willingly in letters to his shareholders and, my guest today, Steve Anderson, took those letters and decoded it. Steve decoded 4 growth cycles of a business (testing, building, accelerating, and scaling) as well as 14 principles that underpin them. In this episode, we talk about growth, risk, decision making, and betting on big ideas so that you can come out on top and create a business that is truly remarkable. If you are looking to grow and scale your business, you need to tune into this.
In this episode we discuss:
- [02:28] How Steve found his way into insurance and then entrepreneurship.
- [07:56] What separates Bezos from the rest.
- [10:01] How Bezos’ experience impacted and shaped his direction with Amazon.
- [13:15] Remaining committed to your vision.
- [15:03] Overview on the 4 Growth Cycles.
- [20:27] Making good decisions with incomplete information and managing the risks around it.
- [27:35] Enhancing customer experience.
- [29:22] What betting on big ideas means in Amazon’s experience.
- [32:17] How can small businesses create an ecosystem to grow their group.
- [36:01] Understand your Flywheel principle.
- [39:13] Amazon’s near-death experiences.
- [42:46] Common traits among entrepreneurs like Bezos and Elon Musk and where their sense of confidence comes from.