15 Business Lessons You Can Learn From Amazon Founder Jeff Bezos

0
40

 

Ever fantasized about building the world’s largest online retailer? How about amassing a personal wealth of over 83 billion, and being named the Time’s Person of the Year?

Well, today is your lucky day because; you can finally discover how to practically achieve from the man who has already achieved. He goes by the name Jeff Bezos, the founder and CEO of Amazon.

Do you want to:
-- Gain quality media exposure at peanut prices, Increase traffic to your site and capture leads, Generate constant leads every month that convert to sales;

-- Make regular sales from quality traffic with high ROI, Gain quality do-follow backlinks, and Catapult your brand awareness to new heights

Yes, I Do >>> See Packages for Every Budget

But did you know that things nearly turned very badly for Mr. Bezos. Below is a brief story of Amazon’s founder and 15 applicable lessons from his life story that can help transform your life and business toward attaining your grand vision.

Also Read: Tesla, Facebook, Roc Nation, Berkshire Hathaway, O’Leary Funds and Other successful Businesses Agree on Why A+ Students Work For C Students

  1. Act Now!

The universe never bends by accident to anyone’s will. This is the belief that we must know the precise right action to take before doing anything – this ultimately results in “analysis paralysis” and inaction.

And here is where Bezos differentiates himself. The possibilities of taking the wrong actions and resulting consequences don’t scare him into inaction:

“If you decide that you’re going to do only the things you know are going to work, you’re going to leave a lot of opportunity on the table.”

Jeff Bezos, CEO & President of Amazon.com

Also Read: Breaking the wall of Fake News and Debunking false rumors. How this Kenyan Celebrity is using the media to clear her name

Bezos took the decisive action to ride across town to buy the domain right to Amazon when faced with the dilemma of quitting lucrative his job to go start an online venture.

In subsequent years, Bezos’ approach to action and decision making has invigorated his employees to follow his example. Which resulted in some great success for amazon like the development of one-click shopping, and others with not so good results of which Amazon auction is a good example.

According to Bezos the occasional failures are accepted:

Also Read: Becoming a Billionaire without a Degree; Folorunso Alakija Tells Her Story.

“We are willing to go down a bunch of dark passageways, and occasionally we find something that really works.”

This is why “bias for action” is one of Amazon’s six core values.

 

  1. Grow Slow

It’s still a debate, when it comes to deciding how long it should a startup to become profitable.

Taking Bezos’ Amazon for instance, it took over six years. Even with that, with revenue of over $ 1 billion only $5 million of it was actual profit. To most, this is an impossibly long time to turn in profit with too small a profit margin.

Also Read: Ignoring Advice of Fashion Experts Spurred this Brand to Success In Less than 12 Months

However, things were moving according to Bezos’ incredibly slow-paced business plan. Indeed, Amazon’s investors were frustrated in the short term, but later they couldn’t help but keep smiling as the company survived the bursting of the dot-com bubble and big profits started rolling in quarter after quarter.

3. Charge Less

Contrary to how some companies always try to find ways to charge you more, you should do the opposite. Looking at all the extra fees that airlines and car dealerships tack on to the advertised price. Amazon on the other hand took a different strategy directly opposite this.

Bezos tells his employees in Amazon, to find ways to cut costs and increase efficiency. This is all aimed at charging their customers even less. Jeff Bezos, CEO & President of Amazon.com says:  “There are two kinds of companies: those that work to try to charge more and those that work to charge less. One will be second.”

Also Read: Finding the Gem in the Dirt: An Entrepreneurs Insight in Finding Success in Failure

 

4. Never Ever Ever Stop Innovating

As human as we are, we normally fear change. Jeff Bezos on the other hand is more afraid of becoming stagnant. He holds the tendency to push the envelope has given Amazon.com a reputation as an always-evolving company.

Jeff Bezos started Amazon by simply selling books, and since inception it has never stopped expanding. Today, Amazon sells almost everything. To top it off, the company also creates its own products, offers a host of web services, and even delivers groceries to your door for Washington Residents.

“What is dangerous is not to evolve” – Jeff Bezos, CEO & President of Amazon.com

Also Read: This Woman Couldn’t Afford To Buy A Computer. Now She Has Larry Page And Richard Brandson As Co-investors. Here’s Her Story

  1. Be flexible and Stubborn

As Bezos will say, “The thing about inventing is you have to be both stubborn and flexible, more or less simultaneously.”

Although this seems to create a paradox, Bezos explains that if you are not inherently stubborn, chances are you will give up on experiments sooner than you want to. On the other hand, if you are not flexible, you will not be smart enough to find a different solution to a particular problem.

Having a good mixture of both will help you push through boundaries and come up with innovative solutions.

Also Read: This Canadian Resident Left a Lucrative Job at Google After Just a Year to Follow an Unusual Dream: This is His Story

  1. Be Realistic

It is okay to dream big especially about how you perceive your success. This does not mean that you should allow your imagination to run wild. It simply means you need to dream big but be realistic in your goals.

Being realistic in your business is an ideal way to ease the heavy burden of being an entrepreneur. According to Bezos, if you believe that there is a 70 percent chance that your business may fail on the first day, you take a huge burden off your shoulders. This allows you to work without the added pressure from setting unrealistic expectations.

 

  1.  Be Imitate

Being unique is good and it is something most people aim for. It also good, even better, to improve on something has been proven to work.

This comes in handy when you are learning from your competitors. You watch what works for them and make improvements on that. This is a great way to save yourself some time and money.

Also Read: Some Say – Don’t Waste Your Money on Online Display Ads – Are They Right?

 

  1. Work Backwards

One way to guarantee that your product will sell is to first figure out what customers really want, and sell it to them. This is basically the strategy that Amazon adopted when it released its Kindle e-book reader.

They realized that many people were buying e-books from them but most were not sure where to read them. This is what pushed Amazon to create the Kindle. They saw the need and worked backwards to address it.

 

  1. Encourage Word of Mouth

At the time Bezos started Amazon he did it without a marketing budget. This meant that the only way his company would succeed was if spread well by word of mouth. Jeff Bezos said:

Also Read: Inspiring People Who Have Had To Choose Between Money and Passion: Bethann Wagner Chooses Running an Under Paying Youtube Channel over Working in Google

“If you build a great experience, customers tell each other about that. Word of mouth is very powerful.”

Word of mouth is so powerful that it is a top rated way of making your business grow. Therefore to aim to deliver services or products that are worth talking about. Part of this means you provide excellent customer service

10. There is Nothing More Important than the Customer

Since we have established how important word of mouth is, now let’s discuss the medium responsible for word of mouth – the customer. We all know the customer is always right and Bezos and Amazon have taken the customer-first philosophy to the extreme.

Also Read: African Mobile Money footprint Set to Grow as Huawei and Xpress Money Partner

For him, customer satisfaction isn’t just everything, it’s the only thing. Jeff Bezos says: “The most important single thing is to focus obsessively on the customer. Our goal is to be earth’s most customer-centric company.”

His position as CEO makes sure customer service is Amazon’s biggest competitive advantage:

“If there’s one reason we have done better than of our peers in the Internet space over the last six years, it is because we have focused like a laser on customer experience.

 Also Read: African Mobile Money footprint Set to Grow as Huawei and Xpress Money Partner

11.Minimize Regret

Back in day, before he quit his day job, Bezos found out he didn’t have the analytical framework necessary to make an effective decision. When faced with the dilemma of quitting his day job. To address this he invented one for himself:

“The framework I found which made the decision incredibly easy was what I called – which only a nerd would call – a ‘regret minimization framework’. So I wanted to project myself forward to age 80 and say, ‘Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.’”

Jeff Bezos, CEO & President of Amazon.com

Also Read: Rwanda Motorcycle Company to Assemble 20,000 Motorbikes by 2018

Looking at the big picture suddenly made the right decision to take very obvious. At 80 he would have found another good job and cannot regret losing his current job then. However, he would never stop picking at himself for not pursuing and taking his share of the online gold when the time to so was ripe. At the time the growth rate of the internet was 2300% per year.

“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”

Give the “regret minimization framework” of Bezos a try. Just might inspire you to take the action that could change your life for the better.

Also Read: Start Ups That Don’t Fit “Usual Mold” Earn New Funding Options

 

12. Don’t worry if you are misunderstood

When you have a business idea that is going to change the world like Jeff Bezos did in 1994, there’s bound to be people who won’t just get it. The more revolutionary your thinking, the more you’re to be misunderstood.

Bezos had a thick skin when it came to this kind of thing:

“We’re very comfortable being misunderstood. We’ve had lots of practice.”

Jeff Bezos, CEO & President of Amazon.com

Amazon never run away from good ideas just because some customers won’t like it. Quite the opposite, they’ve had a lot of skeptics. But they were confident in their vision. In the end, they converted the skeptics into believers.

Also Read: $13,000 to buy Apple’s most expensive computer

  1. Be Selective about People

First of all, it’s not wrong to be selective. You’re not picky, you just want the best. High hiring bar is one of the core values of Amazon. This means they only employ a new employee if he or she is the perfect fit.

“I’d rather interview 50 people and not hire anyone than hire the wrong person.”

Jeff Bezos, CEO & President of Amazon.com

Bezos is careful about who he hires because he noticed that great company culture flows almost naturally from people who you bring on the team. Amazon employs about 56,000 of the world’s brightest and best people as of April 2012.

Also Read: Senegal’s new airport aims at take off for both airplanes and the country’s economy

  1. Be a Visionary

Bezos saw that “a lot of people believe that you should live for the now.” But according to him, “I’m just not one of them.”

He suggests that people “think about the great expanse of time ahead of you and try to make sure that you’re planning for that in a way that’s going to leave you ultimately satisfied.”

 

The importance of long-term business

Amazon is a type of company that will sacrifice great profits today in hopes of gaining bigger profits years from now. Bezos said that “sometimes we measure things and see that in the short term they actually hurt sales, and we do it anyway.”

Here’s his thought:

“Every time the math tells you that you shouldn’t lower prices because you’re going to make less money. That’s undoubtedly true in the current quarter, in the current year. But it’s probably not true over a 10-year period, when the benefit is going to increase the frequency with which your customers shop with you, the fraction of their purchases they do with you as opposed to other places. Their overall satisfaction is going to go up.”

Also Read: Top Nigerian Business Exec Reveals His Love for Michael Jackson

15. Make History

“I’m not near the end of the story.”

Jeff Bezos, CEO & President of Amazon.com

To us, it may seem that Bezos has already reached the top of entrepreneurial achievement. But in his mind he has extreme miles to go. He has already said he hasn’t built “ a lasting company” and that “the internet in general and Amazon.com in particular, is still in Chapter One”

Bezos is definitely out to make history. And if you want to have similar success, you’ll have to adopt his “go big or go home” mindset.  Here’s his last words

“Work hard, have fun and make history”

Also Read: Angola Economy Expects Increase as 2018 Budget Indicates 4.9% Growth

 

You deserve to reach the right audience. Get quality exposure today at peanut prices.

Were you informed by this article? Have friends or relatives who might also be interested? Share this with them! Also subscribe to our YouTube Channel for more of People and Business. Don't forget to follow us on Twitter and Facebook.

get published on People & Business Media - WealthBankers

We might as well tell you ...

… since you are here; can you do us a small favor? People & Business Media website is totally free to use, and an increasing number of people are reading People & Business daily. They depend on us as their source and resource for trustworthy information.

However, advertising revenue needed to effectively run this site without a paywall, like many other top media sites are already doing, continues to decline (mainly due to increasing use ad blocking tools). We want to keep this media site as free as possible so that our readers at all financial level can continue to have unhindered access. Do you now see why we need to ask for your kind support?

People & Business Media journalism and publishing activities takes a lot of time, money and hard work to produce and complete. But we do it because we believe in the power of business in a capital economy, and we are also a major sponsor of WealthBankers Foundation who is committed to combating unemployment and promoting business and entrepreneurship across the world.

"I don't want to mention names but I'm always disappointed whenever a paywall comes up on some of these other large media sites preventing me from completing that very important article I was reading. I'm so glad People & Business Media does no such thing. If not, people like me who at the moment can not pay a monthly fee won't be able to use large trustworthy sites like yours. I will contiune to contribute to support this site to remain free for others like me. Thank you."

Jacqueline, Cyprus

See, if every reader who finds our site helpful and reads it, helps fund it - by patronizing our services or making a contribution, we will stand on a surer footing as we continue to dedicate valuable  time, money and resource to keep being helpful. So for as little as $5, you can support People & Business Media as we in turn support others – and it takes just minute. We really appreciate your act of love. Thank you so much.

LEAVE A REPLY

Please enter your comment!
Please enter your name here