Recently, I have been reading Jeff Bezos’s book “Invent & Wander.” A topic of much debate, this book is quite simple and straightforward, leaving some readers yearning for more ‘substance.’ It’s divided into two sections: the first comprises letters to shareholders from Bezos over the years, and the second is a compilation of his interview excerpts over several years.
Upon completing the book, a phrase that resonated with me was “ordinary,” primarily because Bezos continually emphasizes on long-term thinking and putting customers first. The narratives and examples within the book are woven around these principles. The section that left a lasting impression on me was titled “Looking Three Years Ahead,” surprisingly discussing Bezos’s sleep habits.
Bezos believes that any success Amazon enjoys today is a result of decisions made three years ago, not the efforts of the present moment. Hence, he values the quality of decisions immensely. He states that a senior manager’s most crucial duty is to make decisions on a few significant issues, rather than resolving hundreds of minor matters daily. “If I could make three good decisions a day, that’s enough. And for these three decisions, I will give my utmost effort.” In this aspect of focusing on ‘few but critical decisions,’ Bezos admires Warren Buffet, who stresses, “If I can make three good decisions a year, that’s enough to not have any worries.”
To ensure the quality of decisions, it’s vital to have good sleep quality. Therefore, Bezos adheres to a basic principle in his daily schedule: “Sleep comes first.” He wakes up early and takes time to unwind. He candidly shares, “Leisure time is very important to me.” Therefore, he wakes up early, takes time to clear his mind, and schedules his first meeting generally around 10 AM, reserving any brain-storming or intellectually demanding discussions for this morning meeting. The last meeting of his day concludes before 5 PM as by then, his capacity for rigorous intellectual discussion dwindles.
Not only does Bezos follow this routine, but he also expects his senior executives to adopt a similar schedule. According to him, it’s about “working and living rooted in the future.” He insists that anyone reporting directly to him should not focus solely on the current quarter. Reading this, it provides a moment for all of us to reflect on our sleep and meeting habits, encouraging us to adopt a more future-oriented approach in our daily routines.
The insights I’ve garnered from this matter are as follows:
1. Managers Must Adhere to “Long-termism”
Today’s outcomes are the result of decisions made three years ago, hence senior managers should invest more energy in making decisions valuable for three years down the line. Essentially, the primary duty of managers at any level is to make decisions for the future, although the impact period and scope of these decisions may vary. As managers, the quality rather than the quantity of decisions should be of concern.
However, many managers, especially senior ones, are so busy in fast-paced business environments that they lack the time for review and reflection—this is the most diligent yet bewildering form of self-sabotage. The impact may not be apparent in the short term, but it is quite significant in the long term. Almost all companies are busy, yet only a few succeed. The core reason behind many companies being busy yet unsuccessful includes the fact that “managers don’t have time for review and reflection”.
To continually make high-quality decisions on crucial matters, managers must ensure ample sleep. Good sleep and energy are necessary to make three right decisions daily. In the long run, making three correct decisions daily reaps huge benefits. Any habit that affects sleep is a display of “short-termism”.
Startup managers are bound to be busy, but finding suitable leisure time is essential, as it acts as a breeding ground for inspiration, a venue for review, and an opportunity for cognitive enhancement. The cognitive growth of managers is the biggest blessing for a company and team, meaning we can achieve better results at a lower cost.
2. Individuals Should Also Adhere to “Long-termism”
We are the senior managers of our own “Life Limited Company”, and the quality of decisions made many years ago, like whom to marry, which company to join, which industry to enter, or which company stocks to invest in, primarily dictates our life’s course. These decisions are as crucial to an individual as the business decisions made by senior managers in a company.
Hence, how one adheres to “long-termism” in daily life creates a divide among individuals.
3. We Can Practice “Long-termism” Daily, In Every Aspect
Although the impact of long-termism mainly manifests in decisions on key matters, to achieve this, we need to practice “long-termism” in our daily life and work, every day, in every matter.
For instance, in terms of knowledge accumulation, we write Memos (memorandums) daily, like messages sent to friends on Facebook or colleagues on WhatsApp. If you value the quality and long-term worth of these messages, you focus on their quality, essentially treating them as memos. Recording, reviewing, and deepening your understanding of these memos leads to cognitive enhancement. Having realized this, I’ve adopted the habit of documenting key thoughts shared on various instant messaging platforms on OneNote daily.
Moreover, maintaining a healthy diet, exercising regularly, and ensuring adequate sleep daily are manifestations of practicing “long-termism”, as these seemingly minor daily actions are linked to long-term value. These habits significantly contribute to making high-quality decisions daily.
4. We Need to Switch to “Long-termism” Starting Today
Switching from short-termism to long-termism doesn’t require a lengthy preparation period. The answers you seek lie in each day, in every matter. As long as we’re willing to change, every day and every matter presents an opportunity. Changing the way we handle matters today and how we spend today may not have an immediate impact or return, but the change is quietly happening. Often, the answer to our long-standing troubles is found in the present, in the matter at hand.
Many people verbally agree with “long-termism”, but when it comes to action, they’ll say, “I am too busy today to rest, let alone have time to think and learn. I’ll talk about it when I’m free.” But for habitually busy individuals, when will there ever be free time?
Hence, we face two fates: continually being trapped in busyness, or making changes today, in the present, in this matter. We are the captains of our destiny’s ship, and unless we’re willing to change the course now, no external force will alter our fate.
Starting today, we can analyze our time investments daily to see how much is invested in the future versus how much is spent on present emergencies. A wise captain should spend more time investing in the future, as striving in the right direction is of paramount importance. We need ample energy to think and judge what the right direction is.
The essence of the book “Long-termism” lies in the term itself—how to adhere to long-termism from Day ONE, how to practice “long-termism” daily, and in every matter. The differences between individuals, and between companies, accumulate day by day, matter by matter.
In Conclusion, I’d Like to Re-Emphasize:
Living in today’s society, adhering to three points will not only ensure a decent life but also continuous improvement: return to common sense, stay true to oneself, and focus on the long-term.
- In a world flooded with information yet lacking common sense, returning to basics yields extra benefits.
- With popular trends overshadowing individuality, exploring and adhering to one’s true self will ultimately gain recognition.
- While quick success grabs attention, patience in the long run is scarce; adhering to long-termism will certainly lead to transcending competition.
