Why Jeff Bezos wants his employees to wake up in fear
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Loading...For Jeff Bezos complacency is the end of a successful business and a successful life. This is why according to Bezos fear is one of the most important motivators behind success in life and behind innovative thinking - and it should be present even when everything is okay. In a shareholder letter from 1999 Bezos says that he always reminds his employees that they should be afraid. Because their business was built by their customers, who can at any moment go to a competitor for better service. Thus, his employees should be afraid and must find innovative ways to satisfy their customers.
Fear is also a useful instrument for motivation recommended by author Tim Ferris as well as by PepsiCo CEO Indra Nooyi. For them fear is an exercise, which allows them to visualize the worst case scenario. Imagining the worst-case scenario, their thinking goes into overdrive: this allows them to solve a life-or-death problem in the most creative way possible.
Fear is likely the most important quality for trading. If the most important rule in trading is never losing money, then the way to enforce this rule is to fear the loss of money. This is likely the secret behind Soros' mysterious animal instincts, which allow him to close positions that deep within himself he feels are wrong. Although irrational, such rules enforce discipline in the trader and investor by protecting him from positions that he himself feels are loss-makers.
Image: Jeff Bezos Official Twitter
Source: CNBC
Original post: Why Jeff Bezos wants Amazon employees to "wake up every morning terrified"
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