it is hard to imagine life without amazon.com
even for someone of my advanced age
even for someone of my advanced age after all where else can a few clicks of
after all where else can a few clicks of
after all where else can a few clicks of a mouse take you from the latest novel
a mouse take you from the latest novel
a mouse take you from the latest novel by Toni Morrison to an 18th century
by Toni Morrison to an 18th century
by Toni Morrison to an 18th century edition of the works of John Locke
edition of the works of John Locke
edition of the works of John Locke having stopped in power tools and
having stopped in power tools and
having stopped in power tools and women’s shoes along the way yet the
women’s shoes along the way yet the
women’s shoes along the way yet the founder and chief executive officer of
founder and chief executive officer of
founder and chief executive officer of the world’s largest retailer whose net
the world’s largest retailer whose net
the world’s largest retailer whose net sales surpassed twenty four point five
sales surpassed twenty four point five
sales surpassed twenty four point five billion dollars in 2009 is only 46 years
billion dollars in 2009 is only 46 years
billion dollars in 2009 is only 46 years old
old
old and amazon.com has only existed since
and amazon.com has only existed since
and amazon.com has only existed since 1995 making it even younger than the
1995 making it even younger than the
1995 making it even younger than the class of 2010 the moral of this story is
class of 2010 the moral of this story is
class of 2010 the moral of this story is that the right idea in the right hands
that the right idea in the right hands
that the right idea in the right hands at the right time can change the way we
at the right time can change the way we
at the right time can change the way we leave our lives the idea in this case
leave our lives the idea in this case
leave our lives the idea in this case was harnessing the power of the nascent
was harnessing the power of the nascent
was harnessing the power of the nascent Internet to create a virtual bookstore
Internet to create a virtual bookstore
Internet to create a virtual bookstore of limitless proportions
of limitless proportions
of limitless proportions the hands were those of our speaker Jeff
the hands were those of our speaker Jeff
the hands were those of our speaker Jeff Bezos a self-described nerdy commuter
Bezos a self-described nerdy commuter
Bezos a self-described nerdy commuter compute computer science and electrical
compute computer science and electrical
compute computer science and electrical engineering major who graduated from
engineering major who graduated from
engineering major who graduated from Princeton with highest honors in 1986
Princeton with highest honors in 1986
Princeton with highest honors in 1986 and the time was 1994 when he and his
and the time was 1994 when he and his
and the time was 1994 when he and his wife Mackenzie Tuttle Bezos of the class
wife Mackenzie Tuttle Bezos of the class
wife Mackenzie Tuttle Bezos of the class of 1992 exchanged the security of Wall
of 1992 exchanged the security of Wall
of 1992 exchanged the security of Wall Street where they worked at de Shan
Street where they worked at de Shan
Street where they worked at de Shan company for the uncertain prospects of a
company for the uncertain prospects of a
company for the uncertain prospects of a dot-com startup but then as Jeff points
dot-com startup but then as Jeff points
dot-com startup but then as Jeff points out failure is an essential component of
out failure is an essential component of
out failure is an essential component of innovation and invention if you know
innovation and invention if you know
innovation and invention if you know it’s going to work it’s not an
it’s going to work it’s not an
it’s going to work it’s not an experiment and amazon.com was nothing if
experiment and amazon.com was nothing if
experiment and amazon.com was nothing if not a grand experiment
not a grand experiment
not a grand experiment working on improvised tables in the
working on improvised tables in the
working on improvised tables in the garage of a Seattle home and using his
garage of a Seattle home and using his
garage of a Seattle home and using his parents savings as startup capital jeff
parents savings as startup capital jeff
parents savings as startup capital jeff defied the forces that caused most young
defied the forces that caused most young
defied the forces that caused most young companies to fail
companies to fail
companies to fail partly he admits through sheer good
partly he admits through sheer good
partly he admits through sheer good fortune but also because of his
fortune but also because of his
fortune but also because of his unwavering determination to create the
unwavering determination to create the
unwavering determination to create the world’s most customer centric company
world’s most customer centric company
world’s most customer centric company and as he notes in his company’s latest
and as he notes in his company’s latest
and as he notes in his company’s latest annual report of the 452 goals that
annual report of the 452 goals that
annual report of the 452 goals that amazon.com has set for itself this year
amazon.com has set for itself this year
amazon.com has set for itself this year 360 of them will directly affect the
360 of them will directly affect the
360 of them will directly affect the customer experience while the word
customer experience while the word
customer experience while the word revenue is used on only eight occasions
revenue is used on only eight occasions
revenue is used on only eight occasions I do not advise you to start off with
I do not advise you to start off with
I do not advise you to start off with 452 goals this year by the way but this
452 goals this year by the way but this
452 goals this year by the way but this is just one of the keys to Jeff’s
is just one of the keys to Jeff’s
is just one of the keys to Jeff’s success another lies in his exceptional
success another lies in his exceptional
success another lies in his exceptional ability to marry commerce and technology
ability to marry commerce and technology
ability to marry commerce and technology in creative ways in his sheer
in creative ways in his sheer
in creative ways in his sheer inventiveness and willingness to take
inventiveness and willingness to take
inventiveness and willingness to take the risks inherent in this process
the risks inherent in this process
the risks inherent in this process indeed the history of amazon.com is one
indeed the history of amazon.com is one
indeed the history of amazon.com is one of daring leaps
of daring leaps
of daring leaps one such leap involved creating the
one such leap involved creating the
one such leap involved creating the capacity to search inside the books sold
capacity to search inside the books sold
capacity to search inside the books sold by his company not by designing a modest
by his company not by designing a modest
by his company not by designing a modest pilot project but by committing the
pilot project but by committing the
pilot project but by committing the resources to make it possible to scour
resources to make it possible to scour
resources to make it possible to scour the text of more than a hundred and
the text of more than a hundred and
the text of more than a hundred and twenty thousand volumes when this
twenty thousand volumes when this
twenty thousand volumes when this feature debuted in 2003 other
feature debuted in 2003 other
feature debuted in 2003 other innovations have included one-click
innovations have included one-click
innovations have included one-click shopping online product reviews by
shopping online product reviews by
shopping online product reviews by customers and of course the Kindle
customers and of course the Kindle
customers and of course the Kindle reading device which we test-drove in
reading device which we test-drove in
reading device which we test-drove in three courses this fall mirroring the
three courses this fall mirroring the
three courses this fall mirroring the rapid growth of Amazon itself the number
rapid growth of Amazon itself the number
rapid growth of Amazon itself the number of books available through the u.s.
of books available through the u.s.
of books available through the u.s. Kindle Store topped four hundred and
Kindle Store topped four hundred and
Kindle Store topped four hundred and sixty thousand in 2009 just two years
sixty thousand in 2009 just two years
sixty thousand in 2009 just two years after its long
after its long
after its long and there’s no turning back
and there’s no turning back
and there’s no turning back our vision is every book every printed
our vision is every book every printed
our vision is every book every printed in any language all available in less
in any language all available in less
in any language all available in less than 60 seconds jeff has stated an
than 60 seconds jeff has stated an
than 60 seconds jeff has stated an audacious proposition to be sure but as
audacious proposition to be sure but as
audacious proposition to be sure but as Elle Albert Einstein once observed if at
Elle Albert Einstein once observed if at
Elle Albert Einstein once observed if at first the idea is not absurd then there
first the idea is not absurd then there
first the idea is not absurd then there is no hope for it perhaps the American
is no hope for it perhaps the American
is no hope for it perhaps the American Academy of achievement summarized our
Academy of achievement summarized our
Academy of achievement summarized our speakers impact best when it noted
speakers impact best when it noted
speakers impact best when it noted having already revolutionized the way
having already revolutionized the way
having already revolutionized the way the world buys books Jeff Bezos is now
the world buys books Jeff Bezos is now
the world buys books Jeff Bezos is now transforming the way we read them as
transforming the way we read them as
transforming the way we read them as well I like to think the Princeton
well I like to think the Princeton
well I like to think the Princeton helped to lay the groundwork for this
helped to lay the groundwork for this
helped to lay the groundwork for this revolution dreamer and doer entrepreneur
revolution dreamer and doer entrepreneur
revolution dreamer and doer entrepreneur and engineer refreshingly unassuming
and engineer refreshingly unassuming
and engineer refreshingly unassuming even in the face of unimaginable success
even in the face of unimaginable success
even in the face of unimaginable success jeff has done his alma mater proud it is
jeff has done his alma mater proud it is
jeff has done his alma mater proud it is a true honor and pleasure to welcoming
a true honor and pleasure to welcoming
a true honor and pleasure to welcoming him back to old Nassau today
as a kid I spent my summers with my
as a kid I spent my summers with my grandparents on the ranch in Texas I
grandparents on the ranch in Texas I
grandparents on the ranch in Texas I helped fix windmills vaccinate cattle
helped fix windmills vaccinate cattle
helped fix windmills vaccinate cattle and do other chores we also watched soap
and do other chores we also watched soap
and do other chores we also watched soap operas every afternoon especially Days
operas every afternoon especially Days
operas every afternoon especially Days of Our Lives
my grandparents belonged to a caravan
my grandparents belonged to a caravan Club a group of Airstream trailer owners
Club a group of Airstream trailer owners
Club a group of Airstream trailer owners who travel together around the u.s. and
who travel together around the u.s. and
who travel together around the u.s. and Canada and every few summers we joined
Canada and every few summers we joined
Canada and every few summers we joined the caravan we’d hitch up the Airstream
the caravan we’d hitch up the Airstream
the caravan we’d hitch up the Airstream to my grandfather’s car and off we’d go
to my grandfather’s car and off we’d go
to my grandfather’s car and off we’d go in a line with 300 other Airstream
in a line with 300 other Airstream
in a line with 300 other Airstream adventurers I loved and worshipped my
adventurers I loved and worshipped my
adventurers I loved and worshipped my grandparents and I really looked forward
grandparents and I really looked forward
grandparents and I really looked forward to these trips a one particular trip I
to these trips a one particular trip I
to these trips a one particular trip I was about ten years old I was rolling
was about ten years old I was rolling
was about ten years old I was rolling around in the big bench seat in the back
around in the big bench seat in the back
around in the big bench seat in the back of the car my grandfather was driving
of the car my grandfather was driving
of the car my grandfather was driving and my grandmother had the passenger
and my grandmother had the passenger
and my grandmother had the passenger seat she smoked throughout these trips
seat she smoked throughout these trips
seat she smoked throughout these trips and I hated the smell
at that age I take any excuse to make
at that age I take any excuse to make estimates and do minor arithmetic I’d
estimates and do minor arithmetic I’d
estimates and do minor arithmetic I’d calculate our gas mileage figure out
calculate our gas mileage figure out
calculate our gas mileage figure out useless statistics on things like
useless statistics on things like
useless statistics on things like grocery spending I’ve been hearing an ad
grocery spending I’ve been hearing an ad
grocery spending I’ve been hearing an ad campaign about smoking I can’t remember
campaign about smoking I can’t remember
campaign about smoking I can’t remember the details but basically the ad said
the details but basically the ad said
the details but basically the ad said every pop of a cigarette takes some
every pop of a cigarette takes some
every pop of a cigarette takes some number of minutes off of your life I
number of minutes off of your life I
number of minutes off of your life I think it might have been two minutes per
think it might have been two minutes per
think it might have been two minutes per puff at any rate I decided to do the
puff at any rate I decided to do the
puff at any rate I decided to do the math for my grandmother I estimated the
math for my grandmother I estimated the
math for my grandmother I estimated the number of cigarettes per day estimated
number of cigarettes per day estimated
number of cigarettes per day estimated the number of puffs per cigarette and so
the number of puffs per cigarette and so
the number of puffs per cigarette and so on when I was satisfied that I had come
on when I was satisfied that I had come
on when I was satisfied that I had come up with a reasonable number I poked my
up with a reasonable number I poked my
up with a reasonable number I poked my head into the front of the car tapped my
head into the front of the car tapped my
head into the front of the car tapped my grandmother on the shoulder and proudly
grandmother on the shoulder and proudly
grandmother on the shoulder and proudly proclaimed at two minutes per puff
proclaimed at two minutes per puff
proclaimed at two minutes per puff you’ve taken nine years off of your life
you’ve taken nine years off of your life
you’ve taken nine years off of your life I have a very vivid memory of what
I have a very vivid memory of what
I have a very vivid memory of what happened next
happened next
happened next and it was not what I had expected I
and it was not what I had expected I
and it was not what I had expected I expected to be applauded for my
expected to be applauded for my
expected to be applauded for my cleverness and my arithmetic skills Jeff
cleverness and my arithmetic skills Jeff
cleverness and my arithmetic skills Jeff you’re so smart
you’re so smart
you’re so smart you had to have made some tricky
you had to have made some tricky
you had to have made some tricky estimates figure out the number of
estimates figure out the number of
estimates figure out the number of minutes in a year and do some division
minutes in a year and do some division
minutes in a year and do some division that’s not what happened instead my
that’s not what happened instead my
that’s not what happened instead my grandmother burst into tears i sat in
grandmother burst into tears i sat in
grandmother burst into tears i sat in the back seat didn’t know what to do
the back seat didn’t know what to do
the back seat didn’t know what to do well my grandmother was crying my
well my grandmother was crying my
well my grandmother was crying my grandfather who’d been driving in
grandfather who’d been driving in
grandfather who’d been driving in silence pulled over onto the shoulder of
silence pulled over onto the shoulder of
silence pulled over onto the shoulder of the highway he got out of the car and
the highway he got out of the car and
the highway he got out of the car and came around and opened my door waited
came around and opened my door waited
came around and opened my door waited for me to follow was I in trouble my
for me to follow was I in trouble my
for me to follow was I in trouble my grandfather was a highly intelligent
grandfather was a highly intelligent
grandfather was a highly intelligent quiet man he had never said a harsh word
quiet man he had never said a harsh word
quiet man he had never said a harsh word to me maybe this was to be the first
to me maybe this was to be the first
to me maybe this was to be the first time or maybe he would ask that I get
time or maybe he would ask that I get
time or maybe he would ask that I get back in the car and apologize to my
back in the car and apologize to my
back in the car and apologize to my grandmother I had no experience in this
grandmother I had no experience in this
grandmother I had no experience in this realm with my grandparents and no way to
realm with my grandparents and no way to
realm with my grandparents and no way to gauge what the consequences might be
gauge what the consequences might be
gauge what the consequences might be we stopped beside the trailer my
we stopped beside the trailer my
we stopped beside the trailer my grandfather looked at me and after a bit
grandfather looked at me and after a bit
grandfather looked at me and after a bit of silence he gently and calmly said
of silence he gently and calmly said
of silence he gently and calmly said Jeff one day you’ll understand that it’s
Jeff one day you’ll understand that it’s
Jeff one day you’ll understand that it’s harder to be kind than clever what I
harder to be kind than clever what I
harder to be kind than clever what I want to talk to you about today is the
want to talk to you about today is the
want to talk to you about today is the difference between gifts and choices
difference between gifts and choices
difference between gifts and choices cleverness is a gift kindness is a
cleverness is a gift kindness is a
cleverness is a gift kindness is a choice
choice
choice gifts are easy they’re given after all
gifts are easy they’re given after all
gifts are easy they’re given after all choices can be hard you can seduce
choices can be hard you can seduce
choices can be hard you can seduce yourself with your gifts if you’re not
yourself with your gifts if you’re not
yourself with your gifts if you’re not careful and if you do
careful and if you do
careful and if you do it’ll probably be to the detriment of
it’ll probably be to the detriment of
it’ll probably be to the detriment of your choices this is a group with many
your choices this is a group with many
your choices this is a group with many gifts I’m sure one of your gifts is the
gifts I’m sure one of your gifts is the
gifts I’m sure one of your gifts is the gift of a smart and capable brain I’m
gift of a smart and capable brain I’m
gift of a smart and capable brain I’m confident that’s the case because
confident that’s the case because
confident that’s the case because admission is competitive and if there
admission is competitive and if there
admission is competitive and if there weren’t some signs that you’re clever
weren’t some signs that you’re clever
weren’t some signs that you’re clever the Dean of Admissions wouldn’t have let
the Dean of Admissions wouldn’t have let
the Dean of Admissions wouldn’t have let you in your smarts will come in handy
you in your smarts will come in handy
you in your smarts will come in handy because you will travel in a land of
because you will travel in a land of
because you will travel in a land of marvels we humans plotting as we are
marvels we humans plotting as we are
marvels we humans plotting as we are will astonish ourselves will invent ways
will astonish ourselves will invent ways
will astonish ourselves will invent ways to generate clean energy and a lot of it
to generate clean energy and a lot of it
to generate clean energy and a lot of it atom by atom will assemble small
atom by atom will assemble small
atom by atom will assemble small machines that can inner cell walls and
machines that can inner cell walls and
machines that can inner cell walls and make repairs this month comes the
make repairs this month comes the
make repairs this month comes the extraordinary but inevitable news that
extraordinary but inevitable news that
extraordinary but inevitable news that we’ve synthesized life and the coming
we’ve synthesized life and the coming
we’ve synthesized life and the coming years will not only synthesize it but
years will not only synthesize it but
years will not only synthesize it but engineer it to specifications I believe
engineer it to specifications I believe
engineer it to specifications I believe you’ll even see us understand the human
you’ll even see us understand the human
you’ll even see us understand the human brain Jules Verne Mark Twain Galileo
brain Jules Verne Mark Twain Galileo
brain Jules Verne Mark Twain Galileo Newton all the curious from the ages
Newton all the curious from the ages
Newton all the curious from the ages would have wanted to be alive most of
would have wanted to be alive most of
would have wanted to be alive most of all right now as a civilization we will
all right now as a civilization we will
all right now as a civilization we will have so many gifts just as you as
have so many gifts just as you as
have so many gifts just as you as individuals have so many individual
individuals have so many individual
individuals have so many individual gifts as you sit before me how you use
gifts as you sit before me how you use
gifts as you sit before me how you use these gifts and will you take pride in
these gifts and will you take pride in
these gifts and will you take pride in your gifts or pride in your choices I
your gifts or pride in your choices I
your gifts or pride in your choices I got the idea to start Amazon 16 years
got the idea to start Amazon 16 years
got the idea to start Amazon 16 years ago I came across the fact that web
ago I came across the fact that web
ago I came across the fact that web usage was growing at 2,300 percent per
usage was growing at 2,300 percent per
usage was growing at 2,300 percent per year I had never seen or heard of
year I had never seen or heard of
year I had never seen or heard of anything that grew that fast the idea of
anything that grew that fast the idea of
anything that grew that fast the idea of building an online bookstore with
building an online bookstore with
building an online bookstore with millions of titles something that simply
millions of titles something that simply
millions of titles something that simply couldn’t exist in the physical world was
couldn’t exist in the physical world was
couldn’t exist in the physical world was very exciting to me I just turned 30
very exciting to me I just turned 30
very exciting to me I just turned 30 years old and I’d been married for a
years old and I’d been married for a
years old and I’d been married for a year I told my wife McKenzie but I
year I told my wife McKenzie but I
year I told my wife McKenzie but I wanted to quit my job and go do this
wanted to quit my job and go do this
wanted to quit my job and go do this crazy thing
crazy thing
crazy thing that probably wouldn’t work since most
that probably wouldn’t work since most
that probably wouldn’t work since most startups don’t and I wasn’t sure what
startups don’t and I wasn’t sure what
startups don’t and I wasn’t sure what would happen after that
would happen after that
would happen after that McKenzie also Princeton grad and sitting
McKenzie also Princeton grad and sitting
McKenzie also Princeton grad and sitting here in the second row told me I should
here in the second row told me I should
here in the second row told me I should go for it as a young boy had been a
go for it as a young boy had been a
go for it as a young boy had been a garage inventor I’d invented an
garage inventor I’d invented an
garage inventor I’d invented an automatic gate closer out of cement
automatic gate closer out of cement
automatic gate closer out of cement filled tires a solar cooker that didn’t
filled tires a solar cooker that didn’t
filled tires a solar cooker that didn’t work very well out of an umbrella and
work very well out of an umbrella and
work very well out of an umbrella and aluminum foil baking pan alarms to
aluminum foil baking pan alarms to
aluminum foil baking pan alarms to entrap my siblings I’d always wanted to
entrap my siblings I’d always wanted to
entrap my siblings I’d always wanted to be an inventor and she wanted me to
be an inventor and she wanted me to
be an inventor and she wanted me to follow my passion I was working at a
follow my passion I was working at a
follow my passion I was working at a financial firm in New York City with a
financial firm in New York City with a
financial firm in New York City with a bunch of very smart people and I had a
bunch of very smart people and I had a
bunch of very smart people and I had a brilliant boss I much admired I went to
brilliant boss I much admired I went to
brilliant boss I much admired I went to my boss and told him I was going to
my boss and told him I was going to
my boss and told him I was going to start a company selling books on the
start a company selling books on the
start a company selling books on the Internet he took me on a long walk in
Internet he took me on a long walk in
Internet he took me on a long walk in Central Park listen carefully to me and
Central Park listen carefully to me and
Central Park listen carefully to me and finally said that sounds like a really
finally said that sounds like a really
finally said that sounds like a really good idea
good idea
good idea but it would be an even better idea for
but it would be an even better idea for
but it would be an even better idea for someone who didn’t already have a good
someone who didn’t already have a good
someone who didn’t already have a good job
that logic made some sense to me and he
that logic made some sense to me and he convinced me to think about it for 48
convinced me to think about it for 48
convinced me to think about it for 48 hours before making a final decision
seen in that light it really was a
seen in that light it really was a difficult choice but ultimately I
difficult choice but ultimately I
difficult choice but ultimately I decided I had to give it a shot I didn’t
decided I had to give it a shot I didn’t
decided I had to give it a shot I didn’t think I’d regret trying and failing and
think I’d regret trying and failing and
think I’d regret trying and failing and I suspected I would always be haunted by
I suspected I would always be haunted by
I suspected I would always be haunted by a decision to not try at all after much
a decision to not try at all after much
a decision to not try at all after much consideration I took the less safe path
consideration I took the less safe path
consideration I took the less safe path to follow my passion and I’m proud of
to follow my passion and I’m proud of
to follow my passion and I’m proud of that choice tomorrow in a very real
that choice tomorrow in a very real
that choice tomorrow in a very real sense your life the life you author from
sense your life the life you author from
sense your life the life you author from scratch on your own begins how will you
scratch on your own begins how will you
scratch on your own begins how will you use your gifts what choices will you
use your gifts what choices will you
use your gifts what choices will you make will inertia be your guide or will
make will inertia be your guide or will
make will inertia be your guide or will you follow your passions will you follow
you follow your passions will you follow
you follow your passions will you follow Dogma or will you be original will you
Dogma or will you be original will you
Dogma or will you be original will you choose a life of ease or a life of
choose a life of ease or a life of
choose a life of ease or a life of service an adventure will you wilt under
service an adventure will you wilt under
service an adventure will you wilt under criticism or will you follow your
criticism or will you follow your
criticism or will you follow your convictions will you Bluff it out when
convictions will you Bluff it out when
convictions will you Bluff it out when you’re wrong or will you apologize will
you’re wrong or will you apologize will
you’re wrong or will you apologize will you guard your heart against rejection
you guard your heart against rejection
you guard your heart against rejection or were you act when you fall in love
or were you act when you fall in love
or were you act when you fall in love will you play it safe or will you be a
will you play it safe or will you be a
will you play it safe or will you be a little bit swashbuckling when it’s tough
little bit swashbuckling when it’s tough
little bit swashbuckling when it’s tough will you give up or will you be
will you give up or will you be
will you give up or will you be relentless will you be a cynic or will
relentless will you be a cynic or will
relentless will you be a cynic or will you be a builder
will you be clever at the expense of
will you be clever at the expense of others or will you be kind
others or will you be kind
others or will you be kind I will hazard a prediction when you are
I will hazard a prediction when you are
I will hazard a prediction when you are 80 years old and in a quiet moment of
80 years old and in a quiet moment of
80 years old and in a quiet moment of reflection narrating for only yourself
reflection narrating for only yourself
reflection narrating for only yourself the most personal version of your life
the most personal version of your life
the most personal version of your life story the telling that will be most
story the telling that will be most
story the telling that will be most compact and meaningful will be the
compact and meaningful will be the
compact and meaningful will be the series of choices you have made in the
series of choices you have made in the
series of choices you have made in the end we are our choices build yourself a
end we are our choices build yourself a
end we are our choices build yourself a great story thank you and good luck
”
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