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Our first shareholder letter, in Successful innovators don't care about innovating

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Our first shareholder letter, in 1997, was entitled, "It's all about the long term". If everything you do needs to work on a three-year
time horizon, then you're competing against a lot of people. But if you're willing to invest on a seven-year time horizon, you're now
competing against a fraction of those people, because very few companies are willing to do that. And just by lengthening the time
horizon, you can engage in endeavours that you could never otherwise pursue. At Amazon we like things to work in five to seven
years. We're willing to plant seeds, let them grow. We say we're stubborn on vision and flexible on details. In some cases, things are
inevitable. Ebooks had to happen. Infrastructure web services had to happen. You can do these things with conviction if you are
long-term-oriented and patient. - Jeff Bezos
http://www.wired.co.uk/magazine/archive/2012/01/features/ceo-of-the-internet/page/2

Published in: Business
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