One day I read an article on forbes about Jeff Bezos’ Amazon, I only understand a glimpse of it. It is said Amazon change the way American live through its e-commerce effort. After I read it more and analyze it, I come to understand why people and entrepreneurs are so hype on Bezos and Amazon. Amazon is the leading global e-commerce company with presence in America, Europe, and Asia, with market valuation around $430 billion, 4th biggest companies in the world.
Just few days ago, Jeff Bezos worth reach $72 billion, become 2nd richest person in the world. I am impressed by him not because of his net worth, but mainly because of his thinking framework, the way he embrace failure.
Back then in 1997, he took risk after leaving his comfortable position as banker at Wall Street, he call the decision as ‘regret minimization framework’, start Amazon as internet book store, now becoming everything store. Amazon ridiculously become market leader in two areas. In ecommerce sector, Amazon has market share around 45% with revenue more than $100 billion. In cloud computing, AWS has market share around 40% with revenue more than $10 billion. You can see traditional brick-and-mortar retail like Walmart, Target, Macy’s close thousands of store because of Amazon. You can see Microsoft Azure and Google Cloud desperately try to catch up to AWS.
Oh, don’t forget that Amazon latest product, Alexa, Voice Assistant similar to Apple’s Siri, gets smarter everyday and will come to your home and offices without you even realize. Anyway, I have one Alexa’s Amazon Echo at home. It’s pretty cool and useful for me.
Take measurable risks, be willing to fail often and fast, sure you will get to jeff bezos level within 10 or 20 years.