Wednesday, November 20, 2019
This is the one question Jeff Bezos asked himself before launching Amazon
This is the one question Jeff Bezos asked himself before launching Amazon This is the one question Jeff Bezos asked himself before launching Amazon In 1994, a 30-year-old Jeff Bezos was already the youngest senior vice president at a major New York hedge fund. Heâd been married for a year, he had a nice apartment on the Upper West Side and he couldnât shake a number that heâd come across in his research. Web usage, he had learned, was growing by 2,300 percent per year.He had what would become a historic idea: an Internet bookstore, with millions of titles- the kind of thing that couldnât happen in a brick-and-mortar shop. As Bezos recalled it on stage at this yearâs Summit conference in Los Angeles, he told his boss about it; the supervisor said that it was indeed a nice idea, but probably better suited for someone who didnât already have a good job. Heâd better take a couple days to think about it. So he did.âThose decisions, theyâre not major business decisions- they are, âwhat does your heart say?ââ Bezos recalled, sitting on stage with his brother, Mark. âThe best way to think about it was to pr oject myself forward to age 80. When Iâm 80 years old, I want to have minimized the number of regrets that I have.â Hence the question he posed to himself: 50 years in the future, what would I regret?âYou murder somebody, you regret that,â Bezos said with a laugh. âBut our biggest regrets are acts of omission, paths not taken. They haunt us. You wonder what would have happened: âI loved that person and never told them and then they married somebody else.ââ Things immediately became obvious: at 80, Bezos knew heâd never regret trying this thing he was so excited about- even if it failed. But he also knew heâd be haunted by it if he didnât try.There was a âone hundred percent chance of regret if I didnât try, and basically a zero percent chance if I tried and failed,â the worldâs richest man said. âI think thatâs a useful measure for making important life decisions.âThe way the Amazon founder thought through this judgement call feeds into one of neuroscienceâs key insights about how we make decisions. According to the work of University of Southern California neuroscientist Antonio Damasio, the way we make decisions is both emotional and imaginative: when we contemplate possible future scenarios, our bodies react accordingly, whether itâs with the bubbling of anxiety or a flush of excitement. Or, as Bezos describes it, the presence or absence of regret. Your brain asks a question, and your body helps you feel your way to the answer- if not to becoming the worldâs wealthiest person, then certainly to making more informed decisions.This article originally appeared on Thrive Global.
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