Member-only story
How Businesses Go From Good To Great (And How You Can Do The Same)
In 2001, Jeff Bezos received advice that shaped Amazon’s fate. Here’s his story and how you can build a great business with the flywheel effect:
In 2001, Amazon was in trouble.
The dot-com bubble had popped.
And all tech stocks were crashing to the bottom.
Every week, the news covered a tech company going out of business.
Amazon’s stock also dropped 90%.
So reporters expected Amazon to join other failed companies.
As an optimist, Jeff Bezos believed Amazon could survive the crisis.
But the severity of the crisis created some doubt.
Did Amazon grow only thanks to the dot-com bubble?
Or was it different than other tech companies?
The same year, consultant Jim Collins wrote his book Good to Great.
He had researched the patterns that turn good companies into great ones.
And documented his findings in the book.
It quickly became popular in business circles.