“I’ve MADE billions of dollars of FAILURES” – Jeff Bezos’s (@JeffBezos) Top 10 Rules Volume 2


– I’ve made billions
of dollars of failures, at Amazon.com. Literally billions of dollars of failures. It’s easy to have ideas; it’s very hard to turn an idea
into a successful product. Do something you’re very passionate about. And don’t try to chase what is kind of the hot passion of the day. (whoosh) – He’s best known as the
founder, chairman, and CEO of Amazon.com. He’s also the founder of Blue Origin, a human space flight company. He’s currently listed as
the third wealthiest person in the world, with a net
worth of $72.8 billion. He’s Jeff Bezos, and here’s my take on his
Top Ten Rules of Success, Volume Two. Also guys, as you’re watching, if you hear something that
really resonates with you, please leave it down
in the comments below, and put quotes around it, so other people can be inspired. Also when you write it down, it’s much more likely to
lock into yourself as well. Enjoy. (whoosh) (inspirational music) (whoosh) – My job, one of my jobs
as the leader of Amazon, is to encourage people to be bold. And people love to focus on
things that aren’t yet working. And that’s good, that’s human nature, that kind of divine discontent
can be very helpful. But it’s incredibly hard to
get people to take bold bets. And you need to encourage that. And if you’re going to take bold bets, they’re going to be experiments. And if they’re experiments, you don’t know ahead of time
that they’re going to work. Experiments are, by their
very nature, prone to failure. But big successes, a few big successes, compensate for dozens and dozens
of things that didn’t work. So bold bets AWS, Kindle, Amazon Prime, our third party seller business. All of those things are examples
of bold bets that did work, and they pay for a lot of experiments. I’ve made billions of dollars
of failures at Amazon.com. Literally, billions of
dollars of failures. You might remember Pets.com, or Cozmo. I’d give myself a root canal
with no anesthesia very easily. None of those things are fun. But they also don’t matter. What really matters, is companies that don’t
continue to experiment, companies that don’t embrace failure, they eventually get in
the desperate position, where the only thing they can do is make a kind of Hail Mary bet at the very end of their
corporate existence. Whereas companies that are, you know, making bets all along, even big bets, but not a bet the company bets. I don’t believe in bet the company bets. That’s when you’re desperate. That’s the last thing you can do. (whoosh) We know, from our past experiences, that big things start small. The biggest oak starts from an acorn. And if you want to do anything new, you’ve got to be willing
to let that acorn grow into a little sapling, and
then finally into a small tree, and then maybe one day, it’ll
be a big business on its own. – And in fact, that’s one of your mottos for one of your initiatives. And forgive my pronunciation in Latin, but gradatim ferociter. What does that mean to you? – Well, it means step by step ferociously. And it’s the motto for Blue Origin. Basically, you can’t skip steps, you have to put one foot
in front of the other, things take time, there are no shortcuts. But you want to do those steps
with passion and ferocity. (whoosh) I think probably our most important piece of intellectual property
is our brand name. And I think this is very important for anybody who’s going
to start a company, or marketing invention to understand, is that brands for companies are like reputations for people. And reputations are
hard-earned and easily lost So, the most important
intellectual property that a company can have, is for us, it’s Amazon. It’s that name, but what it stands for. We work very hard to earn trust. You can’t ask for trust, you just have to do it the
hard way, one step at a time. You make a promise, and
then fulfill the promise. You say “we’ll deliver
this to you tomorrow,” and we actually deliver it tomorrow. (laughing) And if you do that over and over again, then it ultimately, you can
instill your company’s name with the reputation. And that’s, I think, sometimes
people talk about brands in this very amorphous way. But for me, I like to
think of it as a person, and what is the reputation
that that person has, and how have they earned that reputation? (whoosh) I think stress, you can be, one of the things that’s very
important to note about stress is that stress primarily
comes from not taking action over something that you
can have some control over. So, if I find that some particular thing is causing me to have stress, that’s a warning flag for me. What it means is, there’s something that I haven’t completely identified, perhaps in my conscious mind, that is bothering me, and I haven’t yet taken any action on it. I find, as soon as I identify it, and make the first phone call, or send off the first email message, or whatever it is that we’re going to do to start to address that situation, even if it’s not solved, the mere fact that we’re addressing it, dramatically reduces any
stress that might come from it. So stress comes from ignoring things that you shouldn’t be ignoring,
I think in large part. So stress doesn’t come. People get stress wrong all
the time, in my opinion. Stress doesn’t come from
hard work, for example. You can be working incredibly
hard, and loving it. Likewise, you can be out of work, and incredibly stressed, over that. And likewise, if you kind
of use that as an analogy for what I was just talking about, if you’re out of work, but you’re going through
a disciplined approach of a series of job interviews and so on and are working to remedy that situation, you’re going to be a lot less stressed than if you’re just worrying
about it and doing nothing. (whoosh) If you’re giving great
customer experience, and the only way to do
that is with happy people. You can’t do it with a
set of miserable people, watching the clock all day. – So does that include work-life balance, and all those things? – Yes, but I teach three
leadership classes a year at Amazon, well part of
it, they’re bigger classes but I come in and teach a session. And I always talk about work-life balance, except I like to use the
phrase work-life harmony, rather than balance, because to me, balance
implies a strict trade, whereas, I find that,
when I am happy at work, I come home more energized,
I’m a better husband, a better dad. And when I’m happy at home,
I come in a better boss, and better colleague. You can be out of work, and have terrible work-life balance. Even though you’ve got
all the time in the world, you can just feel like, oh my
god, you know, I’m miserable, and you would be draining energy. And so you have to find that harmony, it’s a much better word. And I think for most people, it’s about meaning. People want to know that
they’re doing something interesting and useful. And for us, because of the challenges that
we have chosen for ourselves, we get to work in the future. And it’s super fun to work in the future, for the right kind of person. (whoosh) It’s easy to have ideas. It’s very hard to turn an idea
into a successful product. There are a lot of steps in between, it takes persistence, relentlessness. So, I always tell people who think they want to be entrepreneurs, you need a combination of
stubborn relentlessness, and flexibility. And you have to know when to be which. And basically you need to
be stubborn on your vision, because otherwise it’ll
be too easy to give up. But you need to be very
flexible on the details. Because as you go along
pursuing your vision, you’ll find that some of your
pre-conceptions were wrong. And you’re going to need to be
able to change those things. So I think taking an idea successfully all the way to the market and turning it into a real
product that people care about really improves people’s lives. It’s a lot of hard work. (whoosh) I had some family role models,
and I had some other people, you know some sort of
historical role models that I looked at too. So certainly my grandfather was
a serious role model for me. I just had spent so much time, you learn different
things from grandparents than you learn from parents. I would encourage anybody
to try to spend time not only with their parents,
but with their grandparents. And I also had two people
I always would read about were Thomas Edison, and Walt Disney. Those were sort of my
two biographical heroes. (laughing) I’ve always been interested
in inventors and invention. And Edison, of course,
just for a little kid, and probably for adults too, I
still feel this way at least, is not only the symbol of that,
but the actual fact of that. The just incredible inventor. I’ve always felt that
there’s a certain kind of important pioneering that goes on from an inventor like Thomas Edison. And then Disney was a
different sort of thing. He also, a real pioneer and
inventor, and doing new things. But it seemed to me that he
had this incredible capability to create a vision, that he could get a large
number of people to share. Because the things that Disney invented, like Disneyland, the
theme parks, and so on, they were such big visions, that no single individual, unlike a lot of the things
that Edison worked on, no single individual
could ever pull them off. And Walt Disney really was able
to get a big team of people working in a concerted direction. (whoosh) I don’t really remember
the exact day or anything, but when I was in college, is
when I started thinking about wanting to be an entrepreneur someday. So I was not the kid
with the lemonade stand. I wasn’t one of these kids who was always trying to raise money. I always wanted to be a
scientist when I was little. But I’d also always loved computers. I was lucky, ’cause at
my age this was unusual to have access to a mainframe computer from my elementary school
when I was in 4th grade, and quickly learned that
there was a pre-programmed Star Trek game on that computer, so I never did anything
except play Star Trek with that computer, so I don’t
know how formative that was. It certainly helped my Star
Trek knowledge considerably. (audience laughing) But I’ve always loved computers. Somewhere in college, I started
watching some of the people who were setting up college
pizza delivery services, and kind of the core entrepreneurs, and thinking, you know, this looks like a really fun thing to do. (whoosh) Science is a very rare idea, that can be done by a single individual. Almost everything that is
going to change the world, solve a problem, improve something, these are usually big efforts, and they require a team working together to really get something important done. And that has been the story of Amazon.com. Every step along the way,
we’ve had a team here that is making this work. Even at the smallest scale, you have to figure out how to
get help from your friends, from your family members,
from people that you can hire in those early days. I think without that, it would never work. (whoosh) Do something you’re very passionate about. And don’t try to chase what
is the hot passion of the day. I think we actually saw this, I think you see it all over the place in many different contexts. I think we saw it in the
Internet world quite a bit, where, at the sort of peak
of the Internet mania, in say 1999, we found people who were very passionate, somebody that kind of left that job, and decided I’m going to do
something in the Internet. Because it’s almost like the
1849 gold rush, in a way. You find that people, you go
back and study the history of the 1849 gold rush. You find that at that time, everybody who was within
shouting distance of California was, they might have been a doctor, but they quit being a doctor, and they started panning for gold. (laughing) And that almost never works. Even if it does work,
according to some metric, financial success, or
whatever it might be. I suspect it leaves you
ultimately unsatisfied. So you really need to be
very clear with yourself, and I think one of the
best ways to do that, is this notion of projecting
yourself forward to age 80, looking back on your life, and trying to make sure you’ve minimized the number of regrets you have. That works for career decisions, it works for family decisions. I have a 14-month-old son, and it’s very easy for me to, if I think about myself when I’m 80, I know I want to watch
that little guy grow up. I don’t want to be 80 and think shoot, I missed that whole thing, and I don’t have the kind
of relationship with my son that I wished I had, and so on and so on. So if you think about that, so I guess another thing that
I would recommend to people, is that they always take
a long-term point of view. And I think this is something about which there’s a lot of controversy. There’s something a lot of people and I’m just not one of them, believe that you should live for the now. I think what you do, is you think about the great
expansive time ahead of you, and try to make sure that
you’re planning for that in a way that is going to
leave you ultimately satisfied. This is just my, this is
the way it works for me. Everybody needs to find
that for themselves. So, I think there are a lot
of paths to satisfaction. And you need to find
one that works for you. (whoosh) – Thank you guys
(inspirational music) so much for watching, I’d love to know what did
you think of this video? And in general what do you think of our Volume Two series? Leave it down in comments below, I’m super curious to find
out what you have to say. Also I’d love to learn, what
did you take from this video? What did you learn from Jeff today? Which clip resonated the most with you, and what are you going to
immediately apply to your life or your business somehow? Please leave it down in the comments, and I’m going to join in the discussion. Finally, I wanted to
give a quick shout out to Carolyn Owens. Thank you so much, Carolyn, for
picking up a copy of my book “Your One Word,” and posting
a picture of it on Twitter. I really really really
appreciate the support, and I hope you’re enjoying the read. So thank you guys so much for watching, I believe in you, I hope you
continue to believe in yourself and whatever your one word is. Much love, and I’ll see you soon. (whoosh) – The best defense to
speech that you don’t like about yourself, as a public figure, is to develop thick skin. It’s really the only effective defense, because you can’t stop it. You know you are going
to be misunderstood. If you’re doing anything
interesting in the world, you’re going to have critics. If you absolutely can’t tolerate critics, then don’t do anything
new, or interesting. (audience laughing) And then you can insulate yourself. Then think how wonderful your life– – Is that the Bezos principle? – Yeah. Usually people, if you see something, I don’t know, you’re
kind of a public figure, you’ve probably, things have
probably been written about you that you didn’t think were nice. – That’s true. – And, my advice if
you came to me and said “Jeff, somebody wrote this and
it really hurt my feelings. What should I do?” I would say, go stand on a street corner. In a crowded urban area. And watch all the people walk by. And think about what
they’re thinking about. I bet you none of those
people are thinking about you. If you stay on that street corner, and really in your mind, you
can do this thought experiment. Like, okay, there’s a
woman who just walked by. What is she actually thinking about? Maybe what she’s going to
cook for dinner that night. Or the argument that she had
with one of her employees. Or, whatever it is. It’s not about us. – A lot of small book publishers, and other smaller companies, worry that the power of
Amazon, give them no chance. – You’ve got to earn
your keep in this world. When you invent something new, if customers come to the party, it’s disruptive to the old way. – But I mean, there are areas
where your power’s so great, and your margin, you’re
prepared to make it so thin. You can drive people out of business, and you have that kind of strength, and people worry, is Amazon
ruthless in their pursuit of market share? – The Internet is disrupting
every media industry, Charlie. People can complain about that, but complaining is not a strategy. Amazon is not happening to book selling, the future is happening to book selling.

100 Replies to ““I’ve MADE billions of dollars of FAILURES” – Jeff Bezos’s (@JeffBezos) Top 10 Rules Volume 2

  1. Thanks Evan to make a great job in combining this videos for the amazing ideas and philosophies that create time in our life!

  2. Like Amazon start Up plan come in Jeff Bezos Mind, While He was travelling. I also get a lot of creative ideas while travelling

  3. Amazon is not happening to bookselling – the future is happening to bookselling.

    Awesome!

  4. The first tip reminds me a lot of poker. Gambling is all about making calculated bets so you don't end up with such a small stack that you need to shove. Apparently Jeff thinks business operates under a similar principle.

  5. 5:50 That is so true. When I was stressed out over the active sonar by the Navy which is killing the whales I cried and cried and felt so helpless knowing that the whales and dolphins are suffering and bleeding to death internally by the Navy's sonar sound. I went out to stand in front of stores in LA to petition and get signatures for the whales and to outlaw active sonar. I was shy and felt awkward but I was very focused on what I was doing including talking to strangers because this was not for me this was for the animals and it felt real and good. I learned a lot about myself during those years. It was not easy because I stood there in wind and rain. The weather was cold and the people were often very cold as well. But while I was collecting signatures I felt better, I felt like I was doing something about it, I was moving closer to my goal of outlawing active sonar and I even enjoyed the process.

  6. Much of what Bezos said resonated with me. But What I would really like is information on how to get started if you are living in poverty. What if you can't afford to invest money, and all you have are your skills and a membership to a site that provides hosting, wordpress themes/templates, and some awesome free plug-ins, and tech support for your sites, and a community of helpful people?

  7. he is right.this is how people get successful unlike what people think in general.1 word is a combination of many things.so success can NEVER be achieved only by luck or a good idea.i admire these people…

  8. His idea about sources of stress isn't exactly accurate. It actually more often comes from NOT KNOWING WHAT TO DO, or being completely UNABLE to take action, when you're in a dire situation that needs to be fixed. People that KNOW what needs to be done and are ABLE to do it, yet they don't do it… They're not "stressed", they're just gutless or lazy.

  9. 100% truth about stress, I`ve never been stressed at work, but since I left work and important things were`nt done, I was stressing and thinking about it constantly

  10. Global news for future children Amazon best news for future children max is also global news for future children ❤️❤️❤️❤️❤️

  11. #10: 13:00 – we found people who were passionate about what they were doing, but left that job and decided I'm going to do something in the internet. Like the gold rush in a way. Doctors were abandoning their practices to pan for gold!

  12. It's really interesting advices.. But what really make us frustrated is who is going to believe me in my early day startup, it's really difficult to find team or even a one person that I trust and in the same time they have the talent that I need. Also the passion and hardwork is different between two partners and the risk taking level, and above all of that, the owning tendecy inside the startup guys are really tough, everyone nowdays thinking to be the only owner of a business, it's very difficult to find partners in early days startup. This is my opinion, thanks a lot for these amazing videos keep doing this good work

  13. In just a year his networth doubled for him becoming the undefeated, undisputed heavyweight champion of the wooooooorld. Jeff da man

  14. So this guy makes 275 million a day? I cannot be a part of making him more money in a day than Every member of my whole family's history will make.

  15. Correction: Stress comes from doing the wrong things, not just doing whatever , just because you’re doing it. Stress is an environment, often caused by the wrong decision and dealing with the wrong people.

  16. Hi Jeff really wonder being $1oo billion man, still the richest in the world what keeps you going .The power the ambition to earn more, get wealthy or it is just the passion to do the work you love ,and automatically the other things fall in place . Did u ever expected yourself to be the richest man in the world after whatever adversities/failures/criticism/financial setbacks you had in raising Amazon a successful venture? Keep the inventions on. Goodluck. It was wonderful watching the👌🏻 video . Great work Great mind .

  17. Spending time to do nothing is very stressful, it's true! I didn't know who was Bezos but I'm agree with him in many things. When I do nothing I'm nervous and sad and I can't stand that feeling. I love working hard for my dreams. It make me feel alive!

  18. I agree with Bezos’ point “it’s easy to have great ideas but it’s hard to call them to life” 👍🏻👋🏻

  19. And now (June; 2019) his net worth is even more than the double of what you mentioned in this post. And that's after giving up 35 billion to his ex wife!!!

  20. Forgive me to download after its time to watch and see my wifi is limited of load thank you God bless Jeff

  21. Lack of action causes stress, so good. Remember to take bold bets he's made billions of dollars in mistakes. Its easy to have an idea but we need to execute on that idea, thats the important part.

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