贝索斯致股东信(2006)

qimoe 发布于 2 个月前

致我们的股东:

以Amazon.com现在的规模,想要种一颗能长出新商业的种子需要遵循一些规则,并且要有耐心和成长的环境。

我们现行的业务都是扎根很稳的小树。他们在成长,享受资本带来的高回报,并在各个细分市场生长。这些特征为我们的新业务树立了很高的标准。在我们想要投资新业务的时候,我们必须确保这项业务能够为我们的股东创造足够的资本回报,同时也得确保它能够发展到一定规模成为整个公司体系中的重要一部分。

除此之外,我们还必须相信这个痛点目前是没有被很好解决的,而我们有能力为这个市场带来改变。如果没有这些,我们将会很难让这个新业务扩大规模。

总是有人问我:“你们打算什么时候开实体店?”这就是一个我们拒绝了的扩张机会。上面的标准它只满足一条,实体店的网络规模确实很诱人。但是我们不知道怎么通过实体店来用低成本实现高收益。现实世界的零售业是一个非常细致又古老的行业了,这方面的工作已经被做的很好了,我们不认为自己能做出什么令人耳目一新的用户体验的改进。

当你看到我们推出新业务的时候,以上说到的几条一定已经满足了。我们对卓越网(Joyo.com)的收购就是我们进军世界上人口最多的国家的第一步。电商在中国的发展还处在非常早期,我认为这是一个绝好的机会。鞋子、服饰和杂货这些品类是我们有能力大规模打造的,并且既能够带来高收益,又能够提高用户体验。

Fulfillment by Amazon是一系列网页服务接口,它们能够把我们1200万平方公尺的仓储物流网络变成一个巨型复杂电脑外设。每个月只需支付我们45美分每平方公尺,你就可以把你的商品存放在我们的网络之内。你可以在网上通知我们你的库存就要到货,告诉我们该如何分拣包装,以及该运向何处。在这个过程中你并不需要跟我们直接对话。这是一项具有差异性的,能做的很大的,并且可以带来很高收益的服务。

亚马逊网络服务(AWS)是另一个例子。我们正在用AWS服务另一个新的用户群体——软件开发者们。我们现在提供了超过10种网络接口服务,并打造了一个有超过24000人注册的开发者社区。我们针对开发者们的普遍需求提供服务,包括存储容量和计算性能。这些都是让广大开发者们头疼的事情,而恰巧亚马逊在高速扩张的过程中积累了非常多的经验。所以这正是我们该做的事情,它很与众不同,能做的很大,并且很有赚头。

在很多大公司,可能很难从一颗颗小种子来孵化新的业务,因为这确实需要太多的耐心和支持(nurturing)。在我看来,亚马逊的文化尤其支持这些看起来很小却很有潜力的项目。我也相信这是亚马逊竞争力的来源之一。

和很多公司相似,我们的公司文化不仅仅源自于我们的愿望,也源自于我们的历史。对亚马逊而言,即便我们还很年轻,但我们却有一些培养小种子长成大树的经验。公司里的很多人都见证了我们从几千万美金的种子长成几十亿美金的大树的过程。在我看来这种热乎乎的经历,和从中催生出的公司文化,是让我们能够从零开始推出这些新业务的动力之源。这种文化要求新的商业机会不需要在初期就很大,但是要能够展现出足够的差异性和增长潜质。

译者注:超喜欢这一段!

我依旧记得在96年网上卖书超过1千万收入大关的时候有多兴奋!我们有充足的理由兴奋啊,因为我们可是从0做到了1千万!而如今,当我们内部开展的新业务做到1千万,于我们整个公司而言无非是100亿和100.1亿的区别。那些运营着几十亿生意的大佬们也有充足的理由可以奚落说:这点钱算什么?可是他们没有。他们看到了这些种子在发芽还是一如既往的兴奋,发邮件给团队祝贺他们的可喜成绩!他们真酷,我真自豪这能是我们公司文化的一部分!

在我们的经验里,就算一个新业务飞速增长,至少也得3到7年才能在公司整体业务层面占据一席之地。我们的国际业务、早期非传媒类业务、第三方销售业务等等都是这样。如今,全球销售占了45%,非传媒占了34%,第三方占了28%的单位销售。如果我们新种下的这些种子能同这些业务一样成功我们会非常高兴。

我们距离庆祝突破1千万已经过去好一阵子了。但在我们增长的过程中还是会保持这种拥抱新业务的文化。我们会按照规矩来做:盯好预期回报,潜在大小,以及是否为用户创造有价值的差异化体验。我们不可能永远正确,也不可能永远成功,但我们会很挑剔、很努力也很耐心的孵化这些新业务。

一如既往,文末附了1997年第一封致股东信。你会发现我们的世界观和方法论没有改变。非常感谢你们的鼓励和支持。

Jeffrey P. Bezos

(Vinchent翻译)


英文原文

To our shareholders:

At Amazon’s current scale, planting seeds that will grow into meaningful new businesses takes some discipline, a bit of patience, and a nurturing culture.

Our established businesses are well-rooted young trees. They are growing, enjoy high returns on capital, and operate in very large market segments. These characteristics set a high bar for any new business we would start. Before we invest our shareholders’ money in a new business, we must convince ourselves that the new opportunity can generate the returns on capital our investors expected when they invested in Amazon. And we must convince ourselves that the new business can grow to a scale where it can be significant in the context of our overall company.

Furthermore, we must believe that the opportunity is currently underserved and that we have the capabilities needed to bring strong customer-facing differentiation to the marketplace. Without that, it’s unlikely we’d get to scale in that new business.

I often get asked, “When are you going to open physical stores?” That’s an expansion opportunity we’ve resisted. It fails all but one of the tests outlined above. The potential size of a network of physical stores is exciting. However: we don’t know how to do it with low capital and high returns; physical-world retailing is a cagey and ancient business that’s already well served; and we don’t have any ideas for how to build a physical world store experience that’s meaningfully differentiated for customers.

When you do see us enter new businesses, it’s because we believe the above tests have been passed. Our acquisition of Joyo.com is a first step in serving the most populous country in the world. E-commerce in China is still in its early days, and we believe it’s an excellent business opportunity. Shoes, apparel, groceries: these are big segments where we have the right skills to invent and grow large-scale, high-return businesses that genuinely improve customer experience.

Fulfillment by Amazon is a set of web services API’s that turns our 12 million square foot fulfillment center network into a gigantic and sophisticated computer peripheral. Pay us 45 cents per month per cubic foot of fulfillment center space, and you can stow your products in our network. You make web services calls to alert us to expect inventory to arrive, to tell us to pick and pack one or more items, and to tell us where to ship those items. You never have to talk to us. It’s differentiated, can be large, and passes our returns bar.

Amazon Web Services is another example. With AWS, we’re building a new business focused on a new customer set … software developers. We currently offer ten different web services and have built a community of over 240,000 registered developers. We’re targeting broad needs universally faced by developers, such as storage and compute capacity—areas in which developers have asked for help, and in which we have deep expertise from scaling Amazon.com over the last twelve years. We’re well positioned to do it, it’s highly differentiated, and it can be a significant, financially attractive business over time.

In some large companies, it might be difficult to grow new businesses from tiny seeds because of the patience and nurturing required. In my view, Amazon’s culture is unusually supportive of small businesses with big potential, and I believe that’s a source of competitive advantage.

Like any company, we have a corporate culture formed not only by our intentions but also as a result of our history. For Amazon, that history is fairly fresh and, fortunately, it includes several examples of tiny seeds growing into big trees. We have many people at our company who have watched multiple $10 million seeds turn into billion dollar businesses. That first-hand experience and the culture that has grown up around those

successes is, in my opinion, a big part of why we can start businesses from scratch. The culture demands that these new businesses be high potential and that they be innovative and differentiated, but it does not demand that they be large on the day that they are born.

I remember how excited we were in 1996 as we crossed $10 million in book sales. It wasn’t hard to be excited—we had grown to $10 million from zero. Today, when a new business inside Amazon grows to $10 million, the overall company is growing from $10 billion to $10.01 billion. It would be easy for the senior executives who run our established billion dollar businesses to scoff. But they don’t. They watch the growth rates of the emerging businesses and send emails of congratulations. That’s pretty cool, and we’re proud it’s a part of our culture.

In our experience, if a new business enjoys runaway success, it can only begin to be meaningful to the overall company economics in something like three to seven years. We’ve seen those time frames with our international businesses, our earlier non-media businesses, and our third party seller businesses. Today, international is 45% of sales, non-media is 34% of sales, and our third party seller businesses account for 28% of our units sold. We will be happy indeed if some of the new seeds we’re planting enjoy similar successes.

We’ve come a distance since we celebrated our first $10 million in sales. As we continue to grow, we’ll work to maintain a culture that embraces new businesses. We will do so in a disciplined way, with an eye on returns, potential size, and the ability to create differentiation that customers care about. We won’t always choose right, and we won’t always succeed. But we will be choosy, and we will work hard and patiently.

As always, I attach our 1997 letter to shareholders. You’ll see that our philosophy and approach have not changed. Many thanks for your support and encouragement.

Jeffrey P. Bezos

Founder and Chief Executive Officer

Amazon.com, Inc.