Wednesday, June 26, 2019
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The biggest failure of Jeff Bezos – People – Culture

Jeff Bezos, the richest man in the world, recognized that to succeed, you have to make mistakes. Amazon's founder said in his annual letter to shareholders published on Thursday that the company learned from its wrong decisions and warned that future failures may occur in the future.

The biggest mistake of the company was a product that had to be discontinued in 2015 because it failed to convince consumers. An error that cost Amazon about US $ 170 million. "While the Fire phone was a failure, we were able to learn and accelerate our efforts to build Echo and Alexa," Bezos said.

Fire Phone

"Future multi-million dollar failures"

In the letter, Bezos said that the online sales giant will have "occasionally multimillion-dollar failures" in the future., product of commercial experiments that must be traveled to maintain leadership.

"We will work hard to make good bets, but not all good bets will finally pay dividends," he said. "We can not foresee with certainty how those programs will be, much less if they will succeed, but they have been driven with intuition and heart, and fed with optimism," said Bezos.

We will work hard to make good bets, but not all good bets will finally pay dividends

Amazon plans to expand its operations to new sectors such as health insurance, product delivery from space and robotics, but has not explicitly confirmed which is the investment route.

On non-digital sales (that is, the business through "physical" stores), Bezos said he will have to "imagine the impossible". Stores that allow consumers to pick up their products and leave without having to line up in a box have paid good dividends, added the CEO.

Raise the minimum wage

Bezos took advantage of the letter to challenge his rivals to raise the minimum wage. "I challenge our main retail competitors (you know who I'm talking about!) To match the benefits of our employees and our minimum wage of US $ 15," said Bezos.

"Better yet, raise it to $ 16 and challenge us back, it's a kind of competition that will benefit everyone."

The company raised the minimum wage of its workers to US $ 15 per hour in November, benefiting close to 250,000 employees and around 100,000 workers. seasonal

The decision was announced after several complaints in the US press about poor working conditions in the firm's warehouses and after US presidential candidates Bernie Sanders and Elizabeth Warren warned that employees had to resort to food stamps to survive.

Among the main rivals of Amazon in the United States are Walmart and Target. The latter firm announced last week that it would raise the minimum wage to US $ 13 per hour, while Walmart placed it at US $ 11 last year.

THE NATION
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