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Insights: Jeff Bezos’ Tips for Being an Entrepreneur

April 28, 2020 18:20 PM UTC
- Updated April 28, 2020 18:20 PM UTC

He spoke at the 2019 re:MARS conference. (June 2019)

Transcript
[MUSIC PLAYING] If you want to be an entrepreneur, the most important thing is to be customer-obsessed. So don't satisfy your customers. Figure out how to absolutely delight them. That is the number one thing, whoever your customers are. Passion-- you have got to have some passion for the arena that you're going to develop and work in, because, otherwise, you're going to be competing against people who do have passion for that. And they're going to build better products and services. You can't be a mercenary. You have to be a missionary. Missionaries build better products and services. They always win. The mercenaries are just trying to make money. And paradoxically, the missionaries always end up making more money. You have to pick something that you actually have a genuine passion for. You have to take risk. You have to be willing to take risk. If you aren't going to take risk-- if you come up with a business idea, but there's no risk there, you're probably-- you know, it's probably already being done. Those ideas already being done. And they're being done well by many, many people. So you've got to have something that might not work. And so you have to accept that your business is going to be, in many ways, an experiment. And it might fail. And that's OK. That's what risk is. The good news is, at Amazon, we still take risks all the time. And we encourage it. And we talk about failure. We should be failing. Our failures have to grow with the company. We need big failures if we're going to be moving the needle. We need to have billion-dollar scale failures. And if we're not, we're not swinging hard enough.