Amazon founder and CEO Jeff Bezos has released his annual letter to shareholders. The company is obviously doing pretty well, as we saw in its last earnings report, but that’s not what Bezos is focusing on. In the note he writes about how every day at Amazon is “Day 1.” Once a company begins looking at business as if it’s Day 2, he writes, things start to go south.
He goes on about ways he believes Amazon consistently focuses on every day being Day 1: focus and obsess over customers; don’t let internal processes become substitutes for their intended effects; adapt to outside forces and trends; make bold decisions. In short, Bezos believes that constantly iterating a business to focus on what customers need and care about and how they interact with the world is the only way to fend off becoming obsolete. You can read the entire letter here.