And so the lessons are:

• Have a strategy, even though the world is unpredictable.


• Decide quickly → get customer reactions quickly → learn quickly → make new decisions quickly.


• Upgrade the strategy by following customer behavior.


• Product “abuse” is a strong signal for updating the strategy.


• The strategy must include building a moat or two.


• The strategy

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Bet on what will not change

Made famous by Jeff Bezos, it is difficult to predict how the future will change, but it can be easy to predict the ways the future will not change. In Amazon’s case, he cites “low prices” and “fast delivery” as two of those things; in ten years, people will still want that. Therefore, Amazon can (and does) invest... See more