Minimum Regret Rule

Entrepreneurial Insight About Living With Minimum Regret!

Is the 80-year old version of you going to be upset about the decisions you’ve made?

I’m giving you some entrepreneurial insight about living with minimum regret, through the lens of Jeff Bezos’ journey in creating the $129 billion company that is Amazon.

 

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[00:01:07]
Fast forward yourself to 80 years from now, could be 60 years, 50 years, 40 years from right now and think is the 80 year old Ravi going to be upset that I made this decision? What’s going on, guys? Ravi Abuvala here, check this out I am actually at a five star hotel in Agra, India. Look at this. Pretty insane. This is actually right where the Taj Mahal is. I’m just a few minutes away from the Taj Mahal. And I’m headed to the Taj Mahal tomorrow morning. But what I want to talk to you guys about really quickly is about Amazon. Not actually about Amazon, but about Jeff Bezos. And not even just about Jeff Bezos, but about Jeff Bezos’s mentality. So if you guys don’t know know Amazon. Wow. You know who Jeff Bezos is? He is the creator and founder of Amazon. And I’m reading his book right now, the everything store, which, by the way, if you’re an entrepreneur is I’d recommend getting at. It’s insane. I’ve consumed. I read like three fourths of the book on the 20 hour plane ride from California over here.

[00:01:08]
But one of the cool things he talks about in there was that when he made the decision to leave his job and create Amazon, it was a tough decision because a lot of people talk about like coming from behind and like, you know, the rags to riches story and like your back was up against a wall. You had nothing lose. You went into it. But a lot of you actually talked about some people when they joined the entrepreneurship journey. They already have everything right. So Jeff Bezos went to a great school. He was gifted as a kid. And he actually was working at a hedge fund or something, somewhat of an investing firm, making a good six figure, if not seven figure a year salary and a safe and secure job. And the people there loved him already. And he ended up leaving all of that behind for Amazon and the creation of Amazon.

[00:01:55]
And some people like his wife and so many other people he was working with thought that he was crazy for doing it. Right, because the Internet. What’s the Internet? It’s not going to be big. Like what? You mean trying to sell books online? And so he said that he thought at that time, one night he he calls it the minimum regret rule. And what he thought at that time was when I’m 80 years old and I’m looking back on my life, am I going to care that I left a cushiony job and I left right before the bonuses and Christmas time were coming in order to create, you know, this business? Or am I going to regret, you know, not creating a store that is now worth one hundred twenty nine billion? Right. He was worried or he knew that when he was 80 years old, he would not even care about a bonus or his 9 to 5 job at this hedge fund. But he would care. He would regret that he never actually took the opportunity to create his own business or to take full advantage of what was going to be the Internet.

[00:02:53]
He, Jeff Bezos, saw the Internet before he was really even the Internet. So I want to challenge you guys the exact same thing. Right. There’s something in your life right now that should I do this? Should I not do it? Oh, it’s low risk, whatever it is. Fast forward yourself to 80 years from now. Could be 60 years, 50 years, 40 years from right now. And think, is the 80 year old Ravi going to be upset that I made this decision? Is I going to have regret that I made this decision? I would like even this trip to India. Like, look, I’m going to be honest with you. You know, it’s the end of the year. We’re hiring people like crazy. Our companies are scaling insanely fast. I have a few real estate products going on back in the States. It wasn’t even the best time for me to go to India, but I had an opportunity and I was like, look, I think I would regret not going. And there’s never a perfect time. So I jumped in and did it. And as you can see, it’s literally on every hotel we said is just like this. I’m seeing the Taj Mahal tomorrow. So this is a quick video. Just wanted to remind you guys, like play the minimum rugrat rule, minimum regrette rule in your head over and over again, any anytime you have a decision to make. And I’m sure you’ll find that you’ll end up on the greater side of adventure. I’ll talk to you guys soon.

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