Kevin Murawinski’s Post

Jeff Bezo’s decision making framework! This is a decision-making framework from Jeff Bezos that he has used to scale up Amazon from a tiny startup to a multi-billion-dollar business. He shared this in his recent podcast with Lex Fridman. 👉 Single Door Decisions vs Double Door Decisions: 1. Single Door Decisions: - Characteristics: Significant, difficult to reverse, have a long-term impact, high stakes, and are complex. - Approach: Involve thorough analysis, consultation with stakeholders, risk assessment, strategic thinking, and a cautious approach. - Examples: Major acquisitions, launching new product lines, strategic shifts in business direction. 2. Double Door Decisions: - Characteristics: Reversible, involve lower stakes, have a short-term impact, and are simpler. - Approach: Encourage quick decision-making, experimentation, incremental decision-making, adaptation based on feedback, and team empowerment. - Examples: Minor product adjustments, new marketing strategies testing, organizational changes. 👉 Recognizing and Handling the Decisions: - Recognizing Single Door Decisions: Look for signs of irreversibility, long-term impact, complexity, and significant resource involvement. - Recognizing Double Door Decisions: Identify decisions that are easily altered, have lower risks, and are more straightforward. This framework is key in understanding the reversibility and impact of decisions, leading to more effective and efficient decision-making. Jeff Bezos emphasizes the importance of recognizing the type of decision you're facing. Mistaking the type can lead to either missed opportunities due to unnecessary delays or increased risks due to insufficient deliberation. #jeffbezos #lexfridman

Smart decision-making just like Jeff Bezos? Learn about 𝐓𝐰𝐨-𝐖𝐚𝐲 𝐃𝐨𝐨𝐫 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬🚪💡 Ever wondered how Jeff Bezos navigates the labyrinth of decision-making at huge entity like Amazon? Here's a sneak peek into his playbook. 🔍 Step 1: Identify Two-Way Door Decisions Not all decisions are cast in stone. Bezos categorizes them into Type 1 (big, irreversible) and Type 2 (changeable, reversible) decisions.  Two-way door decisions fall under Type 2 - they offer the opportunity to backtrack if needed. ⏱ Step 2: Quick Decisions by High Judgment Individuals &/ Small Groups In Bezos's world, deliberation isn't indefinite.  Type 2 decisions are meant to be swift, or through efficient discussion with small, agile teams. No dilly-dallying. No overthinking. 🔄 Step 3: Execute, Evaluate, Repeat Once the decision is made, it's time to dive in.  But here's the kicker - evaluate, iterate, and if necessary, backtrack. Bezos's philosophy dismantles the notion that every decision is irrevocable.  By embracing the two-way door approach, you're not just making decisions; you're unleashing a culture of experimentation and innovation. Remember, sometimes it's OKAY to be wrong. Just as Bezos said, “Failure and invention are inseparable twins.” Let’s keep making #billiondollarmoves, more so, with smart decision-making! 💼🚀 #leadership #decisionmaking #motivation - If you enjoyed this, 1/ Follow Sarah Chen-Spellings and Billion Dollar Moves Podcast as we travel across the globe, to surface what we call the 'unexpected leader'; unicorn founders & funders who were underestimated, long before they became iconic. 2/ Repost this to share this with an entrepreneur you know.

"Day 1 thinking is about renewal. It's waking up every day, starting afresh, and not letting yourself get trapped in dogma and ideas that worked in the past." ~Jeff Bezos This is the best explanation so far on what it means to have "Day 1" thinking. Jeff Bezos shares the following as key insights on how companies can avoid having "Day 2" thinking: 1. Customer obsession: Focus on what the customer wants and needs 2. High-velocity decision making: Making quick decisions and be willing to change course if needed 3. Skeptical view of proxies: Don't rely on metrics blindly. Understand the reasons behind the metric(s). Metrics should also evolve to match reality. 4. Eager adoption of external trends: Be open to adopting new trends and ideas from outside the company Check out the entire interview, hosted by Lex Fridman here: https://lnkd.in/dns95UxX

https://lnkd.in/ed58V3vz I listen to quite some business podcasts and this is the most valuable for me in the last three months. Most of us might have heard of some business practices that came from Amazon / Jeff Bezos, so I was really excited to hear an update from him directly. If you don't want to spend two hours here is my subjective summary with a focus on entrepreneurial topics, innovation, culture, feedback and processes:   The first hour is mainly about his space program, innovation and cost reduction that can be considered beyond the aerospace industry. Amazon is 1,500,000 people and still fast in decision making. How?   01:00:00 1 way door decision vs 2 way door decision. (i.e. decision you can't turn back easily) 01:03:15 Decision making: "Disagree and commit" principle. Vs "compromise" as a low energy resolution mechanism (doesn't seek the truth) - vs. "Stubborness wins" by exhausting one party which is demoralizing. 01:21:00 Day One thinking. Idea about renewal. You are not trapped by who you were.  01:25:00 Metrics. Developing and using metrics to measure the truth. What Bezos describes here, I have witnessed in my entire business life. 01:28:00 how to create a culture where truth telling is supported although it feels so uncomfortable. Who should speak first, who last? 01:32:00 I love this so much: how do we go about decision making with gutt feeling vs. data? 01:37:00 what are the big things, still valid in 10 years? Versus the 'paper cuts' (tiny customer deficiencies). Create different teams to work on either a big thing or the paper cuts. 01:45:00 Jeffs view on AI. Large Language Models. Invention vs. Discovery. 01:55:00 the productive day of Jeff Bezos. 02:00:00 the perfect meeting: 'a crisp document and a messy meeting'. The legendary aspect of the 6 pages memo. We do study hall, we read, think, takes notes and then we discuss. Othwise people will bluff like in collage and pretend to have read the memo. No Powerpoint because it is a sales tool. A memo is difficult for the writer and easy for the audience. Powerpoint is easy for the writer and difficult for the audience. thanks to #lexfridman for great questions on this two hours conversation.

In business one of the hardest things to do is often the most basic "Trust your gut", be confident in your intuition and believe that with the heart you can lead successfully. We often need that extra validation, which is why we rely on external factors and metrics that not only help us gauge our thoughts but help influence and shape our decisions either quantitatively or qualitatively. Some may argue that this is good, and honestly in most cases it is, but decisions both long and short term that need to be threaded without facts backing it often require us to trust intuition, focus the vision and be confident with those decisions.

Lessons from Amazon’s Early Growth Strategy

Amazon founder and CEO Jeff Bezos emphasizes the importance of intuition and emotional insight in decision-making. According to Bezos, his decisions, in business and in life, have come from heart, intuition, guts. This perspective is not unique to Bezos; many other renowned business leaders share this belief. Steve Jobs, Oprah Winfrey, and Richard Branson have also credited a significant part of their success to trusting their instincts. Intuition plays a crucial role in effective decision-making because it enables quicker judgments compared to the more time-consuming analytical approaches. While analysis is essential for many aspects of business, relying solely on it can sometimes hinder swift and innovative choices. The ability to balance data-driven insights with gut feelings allows leaders to navigate complex situations more adeptly, fostering both creativity and agility in their strategies. #Leadership #DecisionMaking #Trendigm #IntuitionInBusiness Trendigm | Enabling Innovation

In this episode, Travis and Dave explain why investments in the future are important for long-term growth and success. They encourage us to measure the impact of these investments, which can be challenging, but they are often leading indicators of future success. They provide examples of companies like Amazon, CVS, and FedEx prioritizing investing in their future growth. They also share that Investments can come in various forms, such as financial investments, attention, and management training. https://loom.ly/ZEU-d-M

There's no way holacracy could survive in the "real world," right? And surely there's no way a global behemoth like Amazon would allow it to be used in their business... right? Wrong and wrong — just look at Zappos. 🤝 Acquired by Amazon in 2009 👥 Practicing holacracy since 2013 📈 Has experienced positive YoY growth since 2015 Does this mean that every company in the world should implement holacracy? Absolutely not. But it's worth researching to see if there are any concepts that can be adopted for your own organization. Check out Geoff's insights on holocracy and more in next week's episode of Open Source CXO! #Holacracy #LetsTalkTech #OSCXOpodcast

After attending the "Dealing with Difficult Conversations" webinar yesterday, I stumbled upon the article below. It prompted me to question whether expressing the truth can be considered a challenging conversation. The pursuit of truth is sometimes overshadowed in today's working reality by a culture that avoids hard questioning. Speaking candidly is sometimes seen as an act of rebellion, challenging the established norms and values of a company, which, in everyday working reality, may carry little more weight than the ink used to write them. The article explores the paradox of truth-seeking in a social context, drawing insights from Jeff Bezos's observations about human nature and the vital role of truth-telling in organizational success. Yes, you might like or dislike him in any shape or form, but putting this aside – does he have a point? I think he does. Despite the discomfort it may bring, the article emphasizes the necessity of fostering a culture that encourages and supports truth-telling, a critical element for high-performing organizations. No paywall – dive in. https://shorturl.at/ikvB4