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Jeff Bezos: “People who are right a lot change their mind a lot”

“Because of AI, new technologies, and all the dynamism in the world, so many things are changing — and they’re changing rapidly,” Jeff observes.

The best solution he’s found for dealing with this rapid change is “thinking long-term” because it forces you to ask yourself, “What are the points of stability?” and “What is not going to change?”

He continues:

“One of the things that changes very slowly is customer needs. So you can build a strategy around customer needs. That will have durability.”

When building Amazon, for example, Jeff built the company around the customer needs of fast delivery, low prices, and vast selection.

“The technologies will change. Your competitive set will change. Everything will change, except those customer needs,” Jeff argues.

And it’s this idea that is behind Jeff’s core idea of “Be stubborn on the vision, and flexible on the details.”

He explains:

“You have to be [flexible on the details] because the world is changing and so you change your mind. I’ve noticed that people who are right a lot change their mind a lot. People who are wrong a lot are very stubborn on the details.”