Book Review: “The Everything Store”
Book: The Everything Store by Brad Stone
Reviewer: Bobby Powers
My Thoughts: 9 of 10
Amazon is arguably the most fascinating company in the world. In The Everything Store, journalist Brad Stone pulls back the curtain to reveal interesting details about the company's founding and the customer obsession of its founder. You'll learn what drives CEO Jeff Bezos and how he came to lead the largest online retailer--a company on track to be the world's first trillion dollar enterprise. I love business profiles of top leaders and companies, and this is one of the best out there. I highly recommend this book.
Takeaways from the Book
Amazon's Culture
- “If you want the truth about what makes us different, it’s this: We are genuinely customer-centric, we are genuinely long-term oriented and we genuinely like to invent. Most companies are not those things. They are focused on the competitor, rather than the customer. They want to work on things that will pay dividends in two or three years, and if they don’t work in two or three years they will move on to something else. And they prefer to be close-followers rather than inventors, because it’s safer. So if you want to capture the truth about Amazon, that is why we are different. Very few companies have all of those three elements.” -Jeff Bezos
- “We don’t make money when we sell things. We make money when we help customers make purchase decisions.” -Jeff Bezos
- “[Bezos] gave Blue Origin (his space exploration company) a coat of arms and a Latin motto, Gradatim Ferociter, which translates to ‘Step by Step, Ferociously.’ The phrase accurately captures Amazon’s guiding philosophy as well. Steady progress toward seemingly impossible goals will win the day. Setbacks are temporary. Naysayers are best ignored."
- “Your job is to kill your own business. I want you to proceed as if your goal is to put everyone selling physical books out of a job.” -Jeff Bezos, to Steve Kessel when he put Kessel in charge of Amazon’s digital-media business.
- “He believed that if Amazon didn’t lead the world into the age of digital reading, then Apple or Google would.”
- “You are basically already late,” Bezos told Kessel.
- “Amazon, Bezos said, was the unstore...Being an unstore meant, in Bezos’s view, that Amazon was not bound by the traditional rules of retail. It had limitless shelf space and personalized itself for every customer. It allowed negative reviews in addition to positive ones, and it places used products directly next to new ones so that customers could make informed choices. In Bezos’s eyes, Amazon offered both everyday low prices and great customer service. It was Walmart and Nordstrom’s. Being an unstore also meant that Amazon had to concern itself only with what was best for the customer.”
- “Amazon’s culture is notoriously confrontational, and it begins with Bezos, who believes that truth springs forth when ideas and perspectives are banged against each other, sometimes violently.”
- Amazon has 14 leadership principles. Watch the video below to learn more about those principles.
Amazon’s Hiring Practices
- “Bezos felt that hiring only the best and brightest was key to Amazon’s success. For years he interviewed all potential hires himself and asked them for their SAT scores. 'Every time we hire someone, he or she should raise the bar for the next hire, so that the overall talent pool is always improving,’ he said.”
- “If the potential employees made the mistake of talking about wanting a harmonious balances between work and home life, Bezos rejected them.”
- “Bar raisers at Amazon--the program still exists today--are designated employees who have proven themselves to be intuitive recruiters of talent...At least one anointed bar raiser would participate in every interview process and would have the power to veto a candidate who did not meet the goal of raising the company’s overall hiring bar. Even the hiring manager was unable to override a bar raiser’s veto.”
Characteristics of Jeff Bezos
- Continuous Learner: “He went to school on everybody. I don’t think there was anybody Jeff knew that he didn’t walk away from with whatever lessons he could.” -Halsey Minor
- Hard-Working: “Bezos seemed to love the idea of the nonstop workday; he kept a rolled-up sleeping bag in his office and some egg-crate foam on his windowsill in case he needed to bunk down for the night.”
- Calm and Confident: “Through it all (failed acquisitions, multi-million dollar losses, failed investments in other companies), Bezos never showed anxiety or appeared to worry about the wild swings in public sentiment.” “I have never seen anyone so calm in the eye of a storm. Ice water runs through his veins.” -Mark Britto
- Customer-Obsessed: “There are two kinds of retailers: there are those folks who work to figure how to charge more, and there are companies that work to figure how to charge less, and we are going to be the second, full-stop.” -Jeff Bezos
- Technically-Minded: “Bezos had dreams of becoming an inventor like Thomas Edison, so his mother patiently shuttled him back and forth and back again to a local Radio Shack to buy parts for a succession of gadgets: homemade robots, hovercrafts, a solar-powered cooker, and devices to keep his siblings out of his room.”
- Competitive: “Bezos’s high-school friends say he was ridiculously competitive. He collected awards for best science student at his school for three years and best math student for two, and he won a statewide science fair for an entry concerning the effects of a zero-gravity environment on the housefly. At some point, he announced to his classmates his intention to become the valedictorian of his 680-student class, and he crammed his schedule with honors courses to bolster his rank. ‘The race [for the rest of the students] then became to be number two,’ says Josh Weinstein. ‘Jeff decided he wanted it and he worked harder than anybody else.’”
- Brilliant: “He had this unbelievable ability to be incredibly intelligent about things he had nothing to do with, and he was totally ruthless about communicating it.” -Bruce Jones, former Amazon VP
- Clear and Consistent: “Jeff is very clear and simple about his goals, and the way he articulates them makes it easy for others, because it’s consistent.” -Danny Hillis, friend of Bezos
Bezos’s Vision
- “There is so much stuff that has yet to be invented. There’s so much new that’s going to happen. People don’t have any idea yet how impactful the Internet is going to be that this is still Day 1 in such a big way.” -Jeff Bezos
- “We still powered through (various e-reader setbacks) because Jeff is not deterred by short-term setbacks.” -Jeff Wilke, regarding Jeff Bezos
- “You have to start somewhere. You climb the top of the first tiny hill and from there you see the next hill.” -Jeff Bezos
Think you’d like this book?
Other books you may enjoy:
The Amazon Way by John Rossman
Shoe Dog by Phil Knight
Becoming Steve Jobs by Brent Schlender and Rick Tetzeli
Other notable books by the author:
The Upstarts
Gearheads: The Turbulent Rise of Robotic Sports