For about three weeks I’ve been meaning to write about the amazing success that is Amazon. Back then it was when I read they were planning to create 100k US jobs in the next 18 months, are worth more than the next eight biggest US retailers combined (see chart above), and that they now employ 45k robots, up 50% year-on-year. I finally put pen to paper today (so to speak) because I saw the additional news that they are building a $1.5bn hub for their own cargo airline (sic), have 0.7% of the UK grocery market a mere six months after launching here, and had a record holiday season in 2016 shipping over 1 billion items.
That’s quite a list, and unsurprisingly their share price has been tracking an exponential curve over the last few years.
When I think about what’s got them there, the list of characteristics are exactly the sort of things we love to see here in startups here at Forward Partners:
- Execution oriented
- Keep it simple
- Independent thinkers
- Not afraid to make mistakes
- Values driven
That list makes them sound a bit like The Borg and whilst I love Amazon I will admit there’s some validity in that comparison, also noting that The Borg were hugely successful. That said, new startups trying to emulate Amazon would be well advised to make sure they also have a good dose of creativity and brand story.
Finally, there’s a great entrepreneur at the heart of every great business and Jeff Bezos is perhaps the greatest out there at the moment. I still love this video I posted back in 2010 where he shares some stories about Amazon’s first days and then tells us “everything he knows” in about five minutes. He has an incredible ability to distill complex concepts into simple insights.
There’s no denying that Amazon have had and still have their critics and naysayers, but from an entrepreneurial perspective, we could all aspire to be a little more Amazon.