Jeff Bezos used simple test when deciding to set up Amazon
Topics: Amazon, Money, Jeff Bezos, Business
Ellie Kemp
Featured Image Credit: Alex Wong/Getty Images/Chris Carroll/Corbis via Getty Images
Topics: Amazon, Money, Jeff Bezos, Business
Jeff Bezos revealed the simple test he tried that encouraged him to start up Amazon.
The billionaire is famed as the founder of world's largest online retailer, which today is worth a staggering $2,190,000,000,000.
The business rapidly grew from selling only books, to more than 12 million products - including a tiny two-storey house for less than $30,000.
Bezos took a major risk when he founded Amazon in 1994, quitting his Wall Street hedge-funder job and borrowing almost $250,000 from his parents at a time when the public trust in the internet wasn't as solid as it is today.
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It's safe to say it paid off, with Bezos officially the third richest man in the world.
But, naturally, he was hesitant when it came to taking the plunge.
Now serving as executive chairman of Amazon, Bezos revealed the visualization test he tried which helped him make the life-changing decision.
During an Amazon India Event in 2020, he explained: “I pictured myself 80 years old, thinking back on my life in a quiet moment of reflection. Would I regret leaving this company in the middle of the year? And walking away from my annual bonus?"
He added: “All of those things that in the moment can be very confusing. I thought, ‘You know, when I’m 80, I’m not going to think about that. I’m not even going to remember it.'"
The now-60-year-old said he was 'trying to figure out how to make this decision, because in the moment, personal life decisions, those choices, can be very challenging'.
He added: “I wanted not to have regrets. I knew for a fact, I have this idea, and if I don’t try, I’m going to regret having never tried.
"And I know also, if I try and fail, I’ll never regret having tried and failed. As soon as I thought about it that way, I knew I had to try.”
Just imagine the wealth Bezos would've missed out on had he not created Amazon.
And what would be in its place? Nile? Can you imagine watching Fallout on Mississippi Prime?
Bezos concluded that the growth of Amazon over the last 25 years is 'way beyond my expectations'. He admitted: "I was delivering the packages myself, we were selling books. I was hoping to build a company, but not the company you see today."
The next time you're doubting yourself, just think: what would my 80-year-old self think?