hi I’m Evan Carmichael and welcome to another edition of modeling the masters
another edition of modeling the masters
another edition of modeling the masters I believe that the fastest the most
I believe that the fastest the most
I believe that the fastest the most effective way to grow your business is
effective way to grow your business is
effective way to grow your business is the model the strategies that people who
the model the strategies that people who
the model the strategies that people who have already done what you’re trying to
have already done what you’re trying to
have already done what you’re trying to do so today we’re going to look at our
do so today we’re going to look at our
do so today we’re going to look at our man came from a single family home was
man came from a single family home was
man came from a single family home was born to a teenage mother and turned to
born to a teenage mother and turned to
born to a teenage mother and turned to his love of computer science to build an
his love of computer science to build an
his love of computer science to build an online billion-dollar plus business this
online billion-dollar plus business this
online billion-dollar plus business this is a story of amazon.com founder Jeff
is a story of amazon.com founder Jeff
is a story of amazon.com founder Jeff Bezos and a top-three lessons you can
Bezos and a top-three lessons you can
Bezos and a top-three lessons you can learn from his success Jeff Bezos was
learn from his success Jeff Bezos was
learn from his success Jeff Bezos was born in January 12th 1964 in New Mexico
born in January 12th 1964 in New Mexico
born in January 12th 1964 in New Mexico to his teenage mother Jackie she
to his teenage mother Jackie she
to his teenage mother Jackie she divorced business his father that same
divorced business his father that same
divorced business his father that same year when business was 5 years old
year when business was 5 years old
year when business was 5 years old Jackie remarried – Miguel Bezos a Cuban
Jackie remarried – Miguel Bezos a Cuban
Jackie remarried – Miguel Bezos a Cuban born engineer for Exxon the family moved
born engineer for Exxon the family moved
born engineer for Exxon the family moved to Houston Texas near a 25 thousand acre
to Houston Texas near a 25 thousand acre
to Houston Texas near a 25 thousand acre ranch owned by businesses maternal
ranch owned by businesses maternal
ranch owned by businesses maternal grandfather it was here where Basil’s
grandfather it was here where Basil’s
grandfather it was here where Basil’s would spend most of his summers but in
would spend most of his summers but in
would spend most of his summers but in the basics of everything from veterinary
the basics of everything from veterinary
the basics of everything from veterinary care for cattle to repairing bulldozers
care for cattle to repairing bulldozers
care for cattle to repairing bulldozers and what he now calls just an incredible
and what he now calls just an incredible
and what he now calls just an incredible incredible experience even as a young
incredible experience even as a young
incredible experience even as a young child
child
child basil showed signs of being mechanically
basil showed signs of being mechanically
basil showed signs of being mechanically gifted he dismantled his own crib with a
gifted he dismantled his own crib with a
gifted he dismantled his own crib with a screwdriver and rigged his room with an
screwdriver and rigged his room with an
screwdriver and rigged his room with an electrical arm to keep his younger
electrical arm to keep his younger
electrical arm to keep his younger siblings out Beezus would go on to
siblings out Beezus would go on to
siblings out Beezus would go on to graduate from Princeton with a degree in
graduate from Princeton with a degree in
graduate from Princeton with a degree in computer science and electrical
computer science and electrical
computer science and electrical engineering although he toyed with the
engineering although he toyed with the
engineering although he toyed with the idea of starting his own company he
idea of starting his own company he
idea of starting his own company he decided to give himself more time to
decided to give himself more time to
decided to give himself more time to learn about the business world first
learn about the business world first
learn about the business world first so Bezos took a job with a brokerage
so Bezos took a job with a brokerage
so Bezos took a job with a brokerage firm on Wall Street where he was able to
firm on Wall Street where he was able to
firm on Wall Street where he was able to use his computer skills to build
use his computer skills to build
use his computer skills to build networks that would help clear trades it
networks that would help clear trades it
networks that would help clear trades it was the spring of 1994 and the internet
was the spring of 1994 and the internet
was the spring of 1994 and the internet was growing at 2,300 percent a year
was growing at 2,300 percent a year
was growing at 2,300 percent a year Bezos immediately began looking into the
Bezos immediately began looking into the
Bezos immediately began looking into the top 20 mail-order businesses to try to
top 20 mail-order businesses to try to
top 20 mail-order businesses to try to find the one that could be conducted
find the one that could be conducted
find the one that could be conducted more efficiently over the internet
more efficiently over the internet
more efficiently over the internet finding no comprehensive mail-order
finding no comprehensive mail-order
finding no comprehensive mail-order catalog for books it would be too big to
catalog for books it would be too big to
catalog for books it would be too big to mail Bezos decided this would be the
mail Bezos decided this would be the
mail Bezos decided this would be the perfect product to sell over the
perfect product to sell over the
perfect product to sell over the Internet the very next day business flew
Internet the very next day business flew
Internet the very next day business flew to the American Booksellers Convention
to the American Booksellers Convention
to the American Booksellers Convention in Los Angeles to better understand the
in Los Angeles to better understand the
in Los Angeles to better understand the industry there he discovered that
industry there he discovered that
industry there he discovered that electronic lists of inventory for the
electronic lists of inventory for the
electronic lists of inventory for the major wholesalers already existed
major wholesalers already existed
major wholesalers already existed basil’s would just have to create a
basil’s would just have to create a
basil’s would just have to create a single place on the Internet
single place on the Internet
single place on the Internet Zoomers could go to search for and order
Zoomers could go to search for and order
Zoomers could go to search for and order the books they wanted and that’s what
the books they wanted and that’s what
the books they wanted and that’s what gave him the idea for Amazon the rest is
gave him the idea for Amazon the rest is
gave him the idea for Amazon the rest is history by following his passion and by
history by following his passion and by
history by following his passion and by not being afraid to jump at an
not being afraid to jump at an
not being afraid to jump at an opportunity Bezos was able to build an
opportunity Bezos was able to build an
opportunity Bezos was able to build an online billion dollar-plus empire from
online billion dollar-plus empire from
online billion dollar-plus empire from scratch to help you jump-start your
scratch to help you jump-start your
scratch to help you jump-start your business here are three action items you
business here are three action items you
business here are three action items you can learn from Jeff Bezos action item
can learn from Jeff Bezos action item
can learn from Jeff Bezos action item number one throw away the rule book
number one throw away the rule book
number one throw away the rule book sometimes you be successful you have to
sometimes you be successful you have to
sometimes you be successful you have to listen to your gut and do what you feel
listen to your gut and do what you feel
listen to your gut and do what you feel is right even when the experts tell you
is right even when the experts tell you
is right even when the experts tell you that you’re wrong it takes a lot of
that you’re wrong it takes a lot of
that you’re wrong it takes a lot of courage and you’ll come up against many
courage and you’ll come up against many
courage and you’ll come up against many roadblocks but if you keep at it you’ll
roadblocks but if you keep at it you’ll
roadblocks but if you keep at it you’ll be rewarded for your persistence the
be rewarded for your persistence the
be rewarded for your persistence the industry experts might have said that it
industry experts might have said that it
industry experts might have said that it couldn’t be done but Bezos couldn’t have
couldn’t be done but Bezos couldn’t have
couldn’t be done but Bezos couldn’t have cared less time and time again
cared less time and time again
cared less time and time again Bezos ignored what the pundits were
Bezos ignored what the pundits were
Bezos ignored what the pundits were telling him to do or not to do through
telling him to do or not to do through
telling him to do or not to do through with a rule book and trusted his own gut
with a rule book and trusted his own gut
with a rule book and trusted his own gut instincts and time and time again
instincts and time and time again
instincts and time and time again basil’s proved to be right amazon.com
basil’s proved to be right amazon.com
basil’s proved to be right amazon.com customers rewarded bezos’s instincts
customers rewarded bezos’s instincts
customers rewarded bezos’s instincts with word-of-mouth advertising that
with word-of-mouth advertising that
with word-of-mouth advertising that helped the company grow at a rate
helped the company grow at a rate
helped the company grow at a rate incomprehensible to most other companies
incomprehensible to most other companies
incomprehensible to most other companies in Amazon coms early days it was harder
in Amazon coms early days it was harder
in Amazon coms early days it was harder for the little startup to ignore expert
for the little startup to ignore expert
for the little startup to ignore expert advice and forge his own path today
advice and forge his own path today
advice and forge his own path today however it is not so hard amazon.com is
however it is not so hard amazon.com is
however it is not so hard amazon.com is corporate giant and what Bezos says goes
corporate giant and what Bezos says goes
corporate giant and what Bezos says goes the company still has its critics and
the company still has its critics and
the company still has its critics and many people often still think Bezos is
many people often still think Bezos is
many people often still think Bezos is out on a Ledge but just like when he
out on a Ledge but just like when he
out on a Ledge but just like when he first started out Bezos couldn’t care
first started out Bezos couldn’t care
first started out Bezos couldn’t care less
less
less according to Bezos every
according to Bezos every
according to Bezos every well-intentioned high judgment person we
well-intentioned high judgment person we
well-intentioned high judgment person we asked told us not to do it we got some
asked told us not to do it we got some
asked told us not to do it we got some good advice we ignored it and it was a
good advice we ignored it and it was a
good advice we ignored it and it was a mistake but that mistake turned out to
mistake but that mistake turned out to
mistake but that mistake turned out to be one of the best things that ever
be one of the best things that ever
be one of the best things that ever happened to the company if you’re not
happened to the company if you’re not
happened to the company if you’re not stubborn you’ll give up on experiments
stubborn you’ll give up on experiments
stubborn you’ll give up on experiments too soon and if you’re not flexible
too soon and if you’re not flexible
too soon and if you’re not flexible you’ll pound your head against the wall
you’ll pound your head against the wall
you’ll pound your head against the wall and you won’t see a different solution
and you won’t see a different solution
and you won’t see a different solution to a problem you’re trying to solve
to a problem you’re trying to solve
to a problem you’re trying to solve we’re very comfortable being
we’re very comfortable being
we’re very comfortable being misunderstood we’ve had a lot of
misunderstood we’ve had a lot of
misunderstood we’ve had a lot of practice
practice
practice action item number two higher quality
action item number two higher quality
action item number two higher quality employees I business is only as good as
employees I business is only as good as
employees I business is only as good as the people inside it if you want to grow
the people inside it if you want to grow
the people inside it if you want to grow your company you need to bring on people
your company you need to bring on people
your company you need to bring on people to help take your time and do it right a
to help take your time and do it right a
to help take your time and do it right a warm body might help solve a short-term
warm body might help solve a short-term
warm body might help solve a short-term problem but always ends up costing you
problem but always ends up costing you
problem but always ends up costing you more time energy and money than if you
more time energy and money than if you
more time energy and money than if you just took the time to hire properly from
just took the time to hire properly from
just took the time to hire properly from the beginning hire slowly and fire
the beginning hire slowly and fire
the beginning hire slowly and fire quickly to build a quality team one of
quickly to build a quality team one of
quickly to build a quality team one of the biggest factors behind the amazing
the biggest factors behind the amazing
the biggest factors behind the amazing success of amazon.com is the people the
success of amazon.com is the people the
success of amazon.com is the people the company has behind it from day one Bezos
company has behind it from day one Bezos
company has behind it from day one Bezos has made it a priority to hire very
has made it a priority to hire very
has made it a priority to hire very carefully he wanted this company to have
carefully he wanted this company to have
carefully he wanted this company to have a long shelf life I knew that with his
a long shelf life I knew that with his
a long shelf life I knew that with his staff he’d be creating an enduring
staff he’d be creating an enduring
staff he’d be creating an enduring culture Vizslas wasn’t taking a time to
culture Vizslas wasn’t taking a time to
culture Vizslas wasn’t taking a time to hire the very best for the company so
hire the very best for the company so
hire the very best for the company so that everyone would have to check with
that everyone would have to check with
that everyone would have to check with each other before anything could get
each other before anything could get
each other before anything could get done instead Jesus wanted a
done instead Jesus wanted a
done instead Jesus wanted a decentralized company where small groups
decentralized company where small groups
decentralized company where small groups can innovate and pursue their visions
can innovate and pursue their visions
can innovate and pursue their visions independently of other groups according
independently of other groups according
independently of other groups according to Bezos I’d rather interview 50 people
to Bezos I’d rather interview 50 people
to Bezos I’d rather interview 50 people and not hire anyone then hire the wrong
and not hire anyone then hire the wrong
and not hire anyone then hire the wrong person cultures aren’t so much planned
person cultures aren’t so much planned
person cultures aren’t so much planned as they evolve from that early set of
as they evolve from that early set of
as they evolve from that early set of people for every leader in the company
people for every leader in the company
people for every leader in the company not just me there are decisions that can
not just me there are decisions that can
not just me there are decisions that can be made by analysis the most junior
be made by analysis the most junior
be made by analysis the most junior person in the company can win an
person in the company can win an
person in the company can win an argument with the most senior person
argument with the most senior person
argument with the most senior person with a fact-based decision action item
with a fact-based decision action item
with a fact-based decision action item number three think long term you’ve got
number three think long term you’ve got
number three think long term you’ve got to keep the big picture of what you want
to keep the big picture of what you want
to keep the big picture of what you want to do in mind it can be hard when you’re
to do in mind it can be hard when you’re
to do in mind it can be hard when you’re putting out fires all day long we have
putting out fires all day long we have
putting out fires all day long we have to remind yourself of what you’re trying
to remind yourself of what you’re trying
to remind yourself of what you’re trying to do think about why you started your
to do think about why you started your
to do think about why you started your business and what you hope to accomplish
business and what you hope to accomplish
business and what you hope to accomplish don’t let short-term problems or
don’t let short-term problems or
don’t let short-term problems or opportunities make you deviate from your
opportunities make you deviate from your
opportunities make you deviate from your plan even if it’s not a popular decision
plan even if it’s not a popular decision
plan even if it’s not a popular decision from day one
from day one
from day one much of the dissent of investors and
much of the dissent of investors and
much of the dissent of investors and onlookers Bezos has insisted on taking a
onlookers Bezos has insisted on taking a
onlookers Bezos has insisted on taking a long term strategy for his company he
long term strategy for his company he
long term strategy for his company he was not interested in whether something
was not interested in whether something
was not interested in whether something would help sell a few books today
would help sell a few books today
would help sell a few books today instead business wanted to make sure
instead business wanted to make sure
instead business wanted to make sure even more books were being sold tomorrow
even more books were being sold tomorrow
even more books were being sold tomorrow whether it’s selling books online or any
whether it’s selling books online or any
whether it’s selling books online or any other venture Vizslas recommends taking
other venture Vizslas recommends taking
other venture Vizslas recommends taking a long-term point of view while he
a long-term point of view while he
a long-term point of view while he acknowledges this is something about
acknowledges this is something about
acknowledges this is something about which there’s a lot of controversy his
which there’s a lot of controversy his
which there’s a lot of controversy his experience tells him it works according
experience tells him it works according
experience tells him it works according to Bezos you can do the math 15
to Bezos you can do the math 15
to Bezos you can do the math 15 waste and every time the math tells you
waste and every time the math tells you
waste and every time the math tells you that you shouldn’t lower prices because
that you shouldn’t lower prices because
that you shouldn’t lower prices because you’re going to make less money that’s
you’re going to make less money that’s
you’re going to make less money that’s undoubtedly true in the current quarter
undoubtedly true in the current quarter
undoubtedly true in the current quarter in the current year but it’s probably
in the current year but it’s probably
in the current year but it’s probably not true over a 10-year period where the
not true over a 10-year period where the
not true over a 10-year period where the benefit is going to increase the
benefit is going to increase the
benefit is going to increase the frequency with which your customers shop
frequency with which your customers shop
frequency with which your customers shop with you the fraction of their purchases
with you the fraction of their purchases
with you the fraction of their purchases they do with you as opposed to other
they do with you as opposed to other
they do with you as opposed to other places their overall satisfaction is
places their overall satisfaction is
places their overall satisfaction is going to go up sometimes we measure
going to go up sometimes we measure
going to go up sometimes we measure things and see that in the short term
things and see that in the short term
things and see that in the short term they actually hurt sales and we do it
they actually hurt sales and we do it
they actually hurt sales and we do it anyway if you’re very clear to the
anyway if you’re very clear to the
anyway if you’re very clear to the outside world that you’re taking a
outside world that you’re taking a
outside world that you’re taking a long-term approach then people can
long-term approach then people can
long-term approach then people can self-select in so remember throw away
self-select in so remember throw away
self-select in so remember throw away the rule book hire quality employees and
the rule book hire quality employees and
the rule book hire quality employees and think long term to finish up this video
think long term to finish up this video
think long term to finish up this video I wanted to share my favorite true
I wanted to share my favorite true
I wanted to share my favorite true stories about Jeff Bezos and some of his
stories about Jeff Bezos and some of his
stories about Jeff Bezos and some of his buzz quotes a lot of people don’t know
buzz quotes a lot of people don’t know
buzz quotes a lot of people don’t know that
that
that amazon.com was not Jeff Bezos his first
amazon.com was not Jeff Bezos his first
amazon.com was not Jeff Bezos his first business while still in high school
business while still in high school
business while still in high school Vasil started the dream Institute after
Vasil started the dream Institute after
Vasil started the dream Institute after working for McDonald’s one summer
working for McDonald’s one summer
working for McDonald’s one summer basil’s found out he didn’t like working
basil’s found out he didn’t like working
basil’s found out he didn’t like working for others so he started the business of
for others so he started the business of
for others so he started the business of his own the next summer the dream
his own the next summer the dream
his own the next summer the dream Institute was an educational summer camp
Institute was an educational summer camp
Institute was an educational summer camp for fourth fifth and sixth graders the
for fourth fifth and sixth graders the
for fourth fifth and sixth graders the entire camp was built around reading
entire camp was built around reading
entire camp was built around reading assignments and the youngsters
assignments and the youngsters
assignments and the youngsters comprehension of what he or she read he
comprehension of what he or she read he
comprehension of what he or she read he charged $100 per camper and got six
charged $100 per camper and got six
charged $100 per camper and got six signups for the camp after that he never
signups for the camp after that he never
signups for the camp after that he never liked working for anyone else again
thank you for joining me for another
thank you for joining me for another dish of modeling the masters if you
dish of modeling the masters if you
dish of modeling the masters if you liked the video and you want to see more
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please give it a thumbs up below I’d also love to hear what you have to think
also love to hear what you have to think
also love to hear what you have to think if you want to leave a comment under the
if you want to leave a comment under the
if you want to leave a comment under the video so thank you and I’ll see you on
video so thank you and I’ll see you on
video so thank you and I’ll see you on the next episode
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