Jeff Bezos’ philosophy for Amazon is that it’s always ‘Day 1’ — here’s what that means and why it works – Business Insider

Jeff Bezos’ philosophy for Amazon is that it’s always ‘Day 1’ — here’s what that means and why it works – Business Insider

Jeff Bezos
Ram Charan is the author of 27 books, including The New York Times bestseller "Execution." He is a world-renowned advisor to CEOs, business unit managers, and boards of directors. He earned his MBA and doctorate degrees from Harvard Business School, where he graduated with high distinction and taught as a faculty member. He has worked with leaders from companies like Bank of America, Verizon, Coca-Cola, 3M, GE, Merck, Amgen, Novartis, Aditya Birla Group, and Tata Group. Julia Yang is a trusted advisor to entrepreneurs, founders, CEOs, and executives. She was previously a consultant at McKinsey and a private equity investor at Bain Capital and earned her MBA from Harvard Business School. She serves on the faculty of the joint MIT-Tsinghua MBA program. The following is an excerpt from their book, "The Amazon Management System: The Ultimate Digital Business Engine That Creates Extraordinary Value for Both Customers and Shareholders." In it, they write that Jeff Bezos' approach to Amazon is operating like it's always day one. That means fighting off stasis and always working within the vitality of a startup. Visit Business Insider's homepage for more stories. Almost 80% of the Dow Jones 30 have disappeared over the last several decades. ....


Others, like Sears, have either gone bankrupt or are in serious decline. Why? Because they failed to adapt to a shifting climate and instead stuck to outdated business models. From the very beginning, Jeff Bezos was determined not to repeat the mistakes of these companies, so he implemented a mindset that kept Amazon on a continuous cycle of experimentation, innovation, iteration, and even failure (remember the Fire Phone and Askville?). Bezos calls this mindset "Day 1" and it has become the company's mantra for longevity. "The Amazon Management System: The Ultimate Digital Business Engine That Creates Extraordinary Value for Both Customers and Shareholders." Courtesy of Idea Press If you read through all the shareholder letters that Bezos meticulously wrote over the past 22 years (1997-2018), the phrase "Day 1" appeared an amazing 22 times, with striking consistency. For the past 10 years, every shareholder letter has ended with the same line: "As always, I attach a copy of our original 1997 letter. .

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