Last week at Tech Cocktail Sessions Chicago, 37signals cofounder Jason Fried shared the best advice Amazon CEO Jeff Bezos ever gave him.
“Make the investments in the things that will not change in your business – this is the best advice he’s ever given me,” said Fried. “You have to think about the things people will want from your company in 10 years that they want today.”
For example, Amazon customers will always want better selection, faster shipping, and better customer service. 37signals customers will always want easier-to-use, faster, and cheaper products.
Bezos made a private equity investment in 37signals in 2006 and has offered them plenty of wisdom, but this nugget about long-term thinking has stuck with Fried.
“I think it’s great advice for everybody – don’t follow the trends, follow the things that will be around forever, and they’ll just continue to pay dividends.”