October 20, 2013

Jeff Bezos Wisdom: What Will NOT Change In Your Business?

A truth that will never change.

A truth that will never change.

Recently I read a brilliant quote of Jeff Bezos’ wisdom:

“I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very interesting question; it’s a very common one. I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two — because you can build a business strategy around the things that are stable in time. … [I]n our retail business, we know that customers want low prices, and I know that’s going to be true 10 years from now. They want fast delivery; they want vast selection. It’s impossible to imagine a future 10 years from now where a customer comes up and says, ‘Jeff I love Amazon; I just wish the prices were a little higher,’ [or] ‘I love Amazon; I just wish you’d deliver a little more slowly.’ Impossible. And so the effort we put into those things, spinning those things up, we know the energy we put into it today will still be paying off dividends for our customers 10 years from now. When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it.”

I realized that Bezos is absolutely right — it’s always best to build a business on facts or trends that you know will NOT change.

Warren Buffet knows this too, which is why he only buys businesses he’s certain will be around 50 years from now. The most famous example is Coca-Cola. Coke is over 100 years old. Chances are excellent that 50 years from now people still will be drinking Coke. But will people be using Apple products in 50 years? Who knows!

When I look at my new business, ITviec, I see a lot of things that will NOT change in the next 10 years that will benefit ITviec:

  • At a ~5% annual growth rate the Vietnam economy will be at least 62% larger (1.05^10)
  • There will be a greater demand for IT as businesses use more information technology to gain a competitive edge
  • Companies will have a hard time finding and hiring talented IT people
  • A greater percentage of the population will be online
  • There will be more IT graduates
  • There will be a greater demand for outsourced solutions from developed countries
  • Vietnamese will buy more online

I’m certain that these trends will continue. It’s like having the wind at our back as our team builds ITviec.

What is not changing in your business field? How do you plan to take advantage of it? Join the discussion below!

PS – Read more Jeff Bezos wisdom here.

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