His Boss Said Don't Do It
Bezos: I really liked my job. I told my boss I was going to start an internet bookstore. He said — I think this is a good idea, but it would be an even better idea for somebody who didn't already have a good job.
That made some logical sense to me. He asked me to think about it for a couple days. I went away trying to get my head around how to think about this.
My boss said it was a good idea — for somebody who didn't already have a good job.
Project Yourself to Age 80
Bezos: For me, the right way to make that kind of very personal decision — these aren't data-driven business decisions, they're what does your heart say — the best way was to project myself forward to age 80.
When I'm 80 years old, I want to have minimized the number of regrets. Our biggest regrets turn out to be acts of omission. Paths not taken. They haunt us. We wonder what would have happened.
Our biggest regrets are acts of omission. Paths not taken. They haunt us.
100% vs. 0%
Bezos: Once I thought about it that way, it was immediately obvious. I knew that when I'm 80, I would never regret trying this thing I was super excited about — and failing. If it failed, fine. I would be very proud that I tried.
I also knew it would always haunt me if I didn't try. 100% chance of regret if I didn't try. Basically 0% chance of regret if I tried and failed. That's a useful metric for any important life decision.
100% chance of regret if I didn't try. 0% chance if I tried and failed. Immediately obvious.