Amazon is a household name that continues to lead and dominate the international business scene. The trillion-dollar business that it is today, however, did not happen overnight. Their success story involves failures, risks, inventions, innovation, and an intense company culture not for the faint of heart. Intimidating as it is, though, there is a treasure trove of ideas that we can learn from them to scale our business, even in the construction industry.
In this week’s Construction Genius podcast episode, I welcome Steve Anderson, best-selling author of the Bezos Letters. He shares how Jeff Bezos built Amazon into what it is today and how he laid out his plans through his annual letters to shareholders. We discuss things that are considered crucial to Amazon’s growth and how companies can use those strategies to grow their businesses.
This episode is something you shouldn’t miss. Listen to it today!
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Discussion Points:
0:00 Introduction
1:44 What can commercial contractors learn from a ‘book nerd’?
3:03 Practicing dynamic innovation and invention
3:54 The difference between invention and innovation
6:46 Jeff Bezos’ personality as a leader
9:21 How Bezos is unconventional in his business mindset
11:18 Experimentation is a culture in Amazon
12:04 Timeline for an idea to come into fruition
12:49 How does Amazon balance innovation with risks
14:11 Invention is where disruption occurs
15:25 How Amazon positions itself in business
17:02 Three customer pillars of Amazon
17:37 Understand and articulate your culture
19:23 Generate high-velocity decisions
21:48 Promoting ownership
23:14 Understand your flywheel
25:25 Amazon’s flywheel
26:34 Measuring what matters, question what’s measured, trust your gut
28:18 Believe it’s always day one
30:22 The starter pack of day one defense
31:48 What can we learn from Jeff Bezos’s leadership?
33:35 Three action items from the Amazon story
About the Guest:
Steve Anderson is an expert in strategic risk and business growth. Drawing on decades of experience in the insurance industry, he wrote The Bezos Letters: 14 Principles to Grow Your Business Like Amazon, a Wall Street Journal, USA Today, and an international bestseller. With hundreds of thousands of followers, LinkedIn has handpicked Steve as one of the world’s most influential thought leaders.
Steve helps business owners understand how to leverage the exquisite tension between risk-taking and business growth.
Resources:
- Do Your Project Executives Need to Become Better Leaders? Book a 10-minute call with Eric Anderton (https://10minutes.youcanbook.me/)
- Visit Steve Anderson’s website (https://thebezosletters.com/)
Books mentioned in this episode:
- The Bezos Letters: 14 Principles to Grow Your Business Like Amazon https://www.amazon.com/Bezos-Letters-Principles-Business-Amazon-ebook/dp/B07VD2XMHQ/
- Turning the Flywheel: A Monograph to Accompany Good to Great by Jim Collins: https://www.amazon.com/Turning-Flywheel-Monograph-Accompany-Great-ebook/dp/B07JFT5G7N/
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!
