Jeff Bezos, founder of Amazon.com, is the third richest man in the world. His net worth in 2016 was something like 85.1 billion US dollars.
Let’s go back in time. The internet was about seven years old. Jeff was a member of a quantitative hedge fund, the D.E. Shaw Group in New York. He had a very good job. He also had an idea. His idea was to begin selling books on the internet.
He and his boss, D.E. Shaw, went for a two hour walk around Central Park. Jeff was thinking seriously about leaving the Shaw Group and striking out on his own. He presented the idea to his employer. Mr. Shaw said, “I think it’s a great idea. But not for someone who already has a good job.” He asked Jeff to think about it for forty-eight hours before making his decision.
Jeff formulated his pending decision within a nerdy concept called a “Regret Minimization Framework.” Summed up, it went like this: Project yourself ahead into the future when you’re eighty years old. Looking back, you ask the question “If I do X and I fail at X, will I regret having tried and failed?” Answer: “No.”
Next question. “If I don’t try X (and thus never know what could happen), will I have regrets?” Answer: “Yes.”
Jeff moved to Seattle and started Amazon.
We know now just how successful his choice was. But he could not have known what 2017 would look like way back in the early 2000’s. Amazon is ubiquitous. We all shop there.
Regret Minimization Framework. A big term. Summed up, what kinds of decisions can you or I make now that won’t leave us tossing and turning at night in the twilight years wondering what might have been?
For reflection:
- What choices have you already made that have left you with definite regrets? What would you have done differently?
- Do you have an idea, knowing ideas carry risk, that you would like to develop and see through? If you choose not to follow through on this idea, will you regret the missed opportunities and adventures which could have been yours as your life nears its end?
- Are you aware, as JK Rowling said, that allowing fear to keep you from stepping out on your dream is ultimately to fail by default?
Suggested Resources:
The Everything Store: Jeff Bezos and the Age of Amazon (Brad Stone)
The Upside 
