#161 – Jason Calacanis: Startups, Angel Investing, Capitalism, and Friendship
Lex Fridman Podcast
Amazon Prime Is a Great Way to Start a Business
Entrepreneurs can greatly benefit from adopting a problem-solving mindset characterized by fresh and critical thinking. This involves questioning existing processes and considering innovative solutions each day, a practice known as day one thinking or first principles. While it's crucial to innovate, there must also be a balance to avoid overengineering, ensuring that projects are completed and products shipped. Setting audacious goals, like achieving two-day shipping, aligns teams towards a common objective and drives business growth. The development of Amazon Prime exemplifies this strategy; the focus was less on individual product shipping and more on securing subscriptions, which fostered consumer loyalty. With millions of users valuing the convenience provided by Prime, the monthly fee becomes a small price for immediate access to products, highlighting the effectiveness of creating a reliable service that meets customer needs.
