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Jeff Bezos uses regret minimization framework to help him make tough decisions.
It s the idea that we should live our lives minimizing regrets.
To implement this strategy in your own life, it s important not to be afraid of failure.
An oft-cited interview with Jeff Bezos gives us some insight into how the Amazon CEO, and soon-to-be executive chairman when he steps down in Q3, makes big decisions.
In the interview, which was conducted by the Academy of Achievement, Bezos discusses his regret minimization framework. (We first came across this snippet of the interview in Jenny Blake s 2016 book, Pivot. )
Basically, it s the idea that we should live our lives minimizing the number of potential regrets from missed opportunities. And this idea has helped create Bezos legacy: a $1.7 trillion retail behemoth that he will soon pass over to incoming CEO Andy Jassy, who is currently the CEO of Amazon Web Services.