TIP OF THE DAY: Understanding That You'll Probably Fail Is The First Step Towards Success

jeff bezos small

Today’s tip of the day comes from Jeff Bezos, founder and CEO of Amazon.com:

Once you are looking at the odds in a realistic way — it’s very important for entrepreneurs to be realistic — and so if you believe on that first day while you’re writing the business plan that there’s a 70 per cent chance that the whole thing will fail, then that kind of relieves the pressure of self-doubt.
It’s sort of like, I don’t have any doubt about whether we’re going to fail.That’s the likely outcome. It just is, and to pretend that it’s not will lead you to do strange and unnatural things.
So, what you do with those early investment dollars… is you go about systematically trying to eliminate risk.
So, you pick whatever you think the biggest problems are, and you try to eliminate them one at a time. That’s how small companies get a little bit bigger, and then a little bit bigger, and a little bit bigger, until finally, at a certain stage, you reach a transition where the company has more control over its future destiny.
                                                                     — Jeff Bezos, founder and CEO, Amazon.com
Read the rest of the entire interview at the Academy of Achievement >


Want your business advice featured in Tip Of The Day? Submit your tips to [email protected]. Be sure to include your name, your job title, and a photo of yourself in your email.

NOW WATCH: Ideas videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In