Categories
Uncategorized

When Millions of Eyes at Amazon Were Wrong

Disclaimer: I worked at Amazon Web Services as the Head of Banking Business Development. This writing does not represent the views of Amazon and opinions written here are strictly my own. Also, I’ll admit that this post wouldn’t be very interesting if it wasn’t about Amazon; however, it does highlight some key things about the company: 1) Amazon, like every other company, makes mistakes 2) Unlike many other companies, Amazon doesn’t view itself as infallible 3) When mistakes are discovered, the company quickly fixes them.

Amazon has a very strong culture. At other places I’ve worked, culture is an aspiration at the senior level but took a back seat to more pressing concerns like making as much money as possible. Amazon embeds its culture in its 14 Leadership Principles. This is a common language and framework that forms the basis of everything the company does, from interviews to everyday decisions.

Categories
Books / Audiobooks / Podcasts / Articles

What a Wonderful Word

 

I remember the first time it happened to me. It was the first year of business school and we were working on an economics problem set. My friend Yugin had just arrived from Korea and she was correcting an answer for her economics homework.

She asked me “What’s the English word for after you erase something?”

I thought this was a philosophical question like, “What’s left of an image after you remove it?” Something like the way Robert Rauschenberg erased a drawing by William de Kooning to push the boundaries of art.

So I answered, “When you erase something there’s nothing left. You’ve erased it.”

“No, that’s not what I’m asking. Those little pink things that come off the eraser. What do you call that?”

“Hmmm … eraser shavings maybe. We don’t have a word for that in English.”

“Huh,” she said, “that’s odd. We have a word for that in Korean.”

Categories
MIL Guide to Technology

How Much is That Really Worth? The Mother-in-Law’s Guide to Valuation

Dearest Mother-in-Law,

Last year, when you and I went to the One World Observatory, we saw that famous tourist location—the penny crushing machine. We watched a tourist put her penny in the machine and then added in a dollar. The machine then crushed the penny into a medallion that she could take home as a souvenir. Your quite reasonable reaction was, “Why would you pay a dollar to have your own Penny crushed?”
The Penny I Crushed at 1 World Trade

The way you were looking at it was:

  1. Initial valuation: $1.01.
  2. You start with a penny and a dollar.
  3. Then you put a dollar in a machine that crushes the penny.
  4. You get back the crushed penny.
  5. Final valuation: $0.01.
  6. Result: You feel like you’ve wasted a dollar.

But I think the crushed penny is a pretty good value. To understand why, let’s understand the job that the crushed penny is doing. When most people think about products, they think about the product itself, i.e., I’ve taken a penny and gotten a crushed penny. But people don’t buy most products just to own them, they hire products to perform a job. The famous Harvard marketing professor Theodore Levitt used to tell his students, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”