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How to Grow Your Business Like Amazon - The Test Cycle
Episode 326th March 2021 • How to Grow Your Business Like Amazon • Steve Anderson
00:00:00 00:36:23

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In the third installment of How to Grow Your Business Like Amazon, Steve provides a deep dive into one of the four cycles - The Test Cycle!

In order for Amazon to cultivate such remarkable products and services, they had to test countless strategies and processes. When breaking it down, Steve explains how The Test Cycle is comprised of three primary principles: Encourage Successful Failure, Bet on Big Ideas, and Practice Dynamic Invention and Innovation.

Each of these principles help to lay the foundation of testing new products and services. Without these three principles, Amazon would have never seen the success they achieved.

So sit back, relax, and enjoy a thought-provoking discussion that could help you apply The Test Cycle's principles to your business.

Timecodes:

00:20 - Recapping discussions from prior episodes

01:00 - the importance of testing in business

03:13 - Principle #1: Encourage Successful Failure

05:20 - Inventing can be messy

06:00 - The Apollo Mission and its failure for NASA

09:00 - "Our mission became known as NASA's biggest failure"

11:45 - How Amazon has failed along their journey

14:50 - Principle #2: Bet on Big Ideas

17:00 - The company was wed to three elements: Marketplace, Prime, and AWS

19:00 - Over 50% of sales on Amazon products go through third-party sellers

21:30 - Overview on the development of Amazon Prime

23:10 - The big idea of AWS

25:45 - Principle #3: Practice Dynamic Invention and Innovation

27:00 - The development of the Kindle

32:15 - Experimentation leads to invention, that allows for thorough innovation

34:15 - The Test Cycle isn't just for startups

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