10 lessons to learn from Jeff Bezos
by Joe · 28 things on Twos
- Long-Term Game
- Fundamental metrics for success are measures like free cash flow and revenue
- Bias towards action
- Most decisions should be made with 70% of the information you wish you had
- The ability to reflect & improve makes a great organization
- High-quality & high-velocity decisions
- Be outcome driven, not process-driven
- When the process becomes more important that the outcome, it becomes a roadblock
- Regret minimization framework
- Project yourself into the future & look back on your decision from that perspective
- Forces you to think beyond the moment
- Customer obsession
- Instead of competitor-focused, product-focused, tech-focused, business model-focused
- Hiring the right people
- Will you admire this person?
- Will this person raise the average level of effectiveness of the group
- Along what dimension might this person be a superstar?
- Two pizza teams
- Organize your people into autonomous groups of fewer than 10-people
- Small enough that when working late, the team can be fed with two pizzas
- Writing memos
- If a team member wants to present something, they must write a memo explaining the idea/issue
- Long-form writing helps people refine vision & purpose
- Process over results
- Focusing on the process of controllable inputs is the most effective way to maximize financial outputs over time
- Focus on customers and executing, the financial results will happen
- Growth focused
- Long-term and emphasis on revenue, not net income or profitability