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Amazon is a prime example of a company that has successfully implemented the flywheel concept in their business model. The concept involves a cycle of actions that feed into each other to drive growth. For Amazon, this involved starting with a focus on customer experience, which led to increased visits. The increased traffic attracted more sellers, which expanded the selection of products. This, in turn, improved the customer experience, and the cycle continued. Other companies that have successfully implemented the flywheel concept include Apple, with its ecosystem of products and services, and Netflix, with its cycle of subscriber growth, content investment, and increased value.
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A flywheel is a heavy wheel that requires a large amount of effort to push. Once that wheel gains momentum, however, it begins to turn itself. This analogy for business was coined by Good to Great author Jim Collins. Shortly before the book was published in 2001, he helped Bezos understand Amazon's flywheel.
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Have you ever wondered how Amazon managed to grow from the first online bookstore to a global technology leader in just 20 years? Jeff Bezos' humble i...
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