Amazon CEO Jeff Bezos on ‘Meaning’ of failure – Latest Breaking News

NEW DELHI: ‘Good Failure’ and ‘Bad failureAccording to the world’s richest man and Amazon CEO Jeff Bezos. “Experimental failure is – it’s the kind of failure you should be happy with. And operational failure. We’ve built hundreds of fulfillment centers on Amazon over the years, and we know how to do that. If we create a new fulfillment center Are. And it’s a disaster, it’s just bad execution. It’s not Good failure. But when we are developing a new product or service or using it in some way, and it doesn’t work, that’s fine. That is a big failure. And you need to differentiate between those two types of failure and really seek out inventions and innovation, “Bezos says, talking about business failure in a book called ‘Invent and Vendor: Collection writing Of Jeff bezos‘.
The book is a collection of Bezos’ writings and public statements with an introduction by journalist and biographer Walter Isakson. Portions of the book have been published in Business Insider.
In the book Bezos states how Amazon has practiced failure so much, “We’ve failed many times – I think that’s a great place to fail. We’re good at it. We’ve practiced so much. ” . “He lists several failures that Amazon has seen over the years. These include Amazon Auctions, Amazon Fire Phone and zShops.
“We started the Amazon auction. Nobody came. Then we opened zShops, which was a fixed-price auction. Nobody came again. Each of these failures was like a year or a year and a half long. We finally came across this idea of ​​Dala. A third-party selection on the same product-detail pages as our own retail inventory. We called this marketplace, and it immediately started working. To find out what customer The resourcefulness to try new things to find out what we really want? It pays and this is what Bezos writes that is the core to everything we do ”.
Amazon CEO further states that failure is just a matter of keeping perspective and trust. But at the same time, he warns that tolerance for failure also has its limits.
The book also talks about how CEOs of the world’s largest e-commerce company try to read the emails that customers across the world send to them. Although Bezos acknowledges that he is not able to read all the emails he receives, he still sees a lot of them. He sees these emails as an opportunity to rectify the problems highlighted by customers. And how does he pick which email to read? In the book Bezos says, “… I use my curiosity to pick up some emails.”
Giving an example, he writes that customers usually write to him about problems or defects they have received from Amazon. “Whenever something might seem a little strange about the problem, I’ll ask the Amazon team to do a case study and find out the real root cause or causes – and then fix the actual root. So, when you fix it , So you. ‘Not just fixing it for that one customer. You’re fixing it for every customer, and this process is a big part of what we do. So if I have a failed order Or have a bad customer experience, so I treat it the same way, ”he explains.

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