Entrepreneurs

This is what every business leader should do, according to Amazon CEO Jeff Bezos

Focus on what will matter in the long run.

Jeff Bezos
Asa Mathat | Vox Media
Jeff Bezos

If you're leading a business, Amazon founder and CEO Jeff Bezos has some advice: Figure out what will matter in 10 years, and build your strategy around that.

That's what Bezos does with Amazon. Speaking at the Code Conference, Bezos said he focuses on three things for Amazon's retail business: selection, price and speed of delivery. Those three things will always matter to Amazon customers.

"Over a 20-year time frame I predict that selection, price and delivery accuracy and speed will still be major drivers," said Bezos. "You know, it's impossible for me to imagine a customer 20 years from now saying, 'I love Amazon, I just wished you delivered a little more slowly,' or 'I love Amazon, I just wish you had less selection,' or 'I wish your prices were a little higher.'"

Bezos added that all people leading businesses should do a similar exercise for themselves.

"I would urge all of you in your own businesses to think about that," he said. "Think about what are the things you know will be true even 10 years from now because if those are stable in time, everything else will change. Your competitive set will change, that technologies that you have available to you will change, but the customer needs — if you find the right ones — will tend to be stable in time and then you can build strategies around them."