Jeff Bezos has a message for budding entrepreneurs: be ready to take big risks and fail.
- “Take risk. You have to be willing to take risk. If you have a business idea with no risk, it’s probably already being done,” he said, according to an Amazon transcript. “You’ve got to have something that might not work. It will be, in many ways, an experiment.”
- “We need big failures in order to move the needle. If we don’t, we’re not swinging enough. You really should be swinging hard, and you will fail, but that’s okay.”
- He said that in addition to taking risks and failing, entrepreneurs must also be passionate. “You’ll be competing against those who are passionate,” he said.
- Above all, he said, entrepreneurs should be “customer-obsessed.” “The most important thing is to be customer-obsessed,” he said. “Don’t satisfy them, absolutely delight them.”