On this episode, Mike is joined by Steve Anderson. Steve is the author of The Bezos Letters.
- How does Amazon do it?
- How are they growing?
- What is your approach to research?
- Why do we struggle going deeper?
- How do we work on understanding our flywheel?
- How do we make the complex simple?
- What does it mean to be dynamic?
- Bezos is the master of risk. He understands that businesses have to take risks if they are going to grow.
- All research starts with a question. You need to be curious.
- Interpretations help you go deeper.
- Keep asking “why” 5 times in hopes of getting to the core problem.
- Amazon’s flywheel isn’t necessarily your flywheel.
- It is hard to implement - every piece of the flywheel has to be working right.
- Treat every morning like it is your first day in business.
- As a business becomes successful, they tend to stop iterating. They need to be constantly watching how customers are changing.
- Dynamic means it is happening all the time.
- Core to being dynamic is experimentation.
- Businesses need more experimentation, not more innovation.
- Every business goes through cycles, don’t get overwhelmed.
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