Wealth Building Lessons from Jeff Bezos
Jeff Bezos is the definition of an exceptional entrepreneur. This is evident in the great rise of Amazon which has continued to thrive successfully and emerged even stronger despite a worldwide pandemic. Here are a few tips from Jeff Bezos from over the years.
1. Take Risks, But Calculate That Risk First
It is ok to take risks; in fact, it’s great to take risks. However, these need to be calculated risks, not foolish and reckless, because they tend to lead to the biggest rewards. Although success might not always be guaranteed like this, not taking risks, inventing, or innovating at all will lead to a total loss of opportunity to gain invaluable insight on how to and how to not do something.
2. Be Stubborn and Flexible
According to Bezos, good entrepreneurs must be stubborn and flexible. When referring to Amazon, Bezos says, “We are stubborn on vision. We are flexible on details.”
3. Think Long Term
If you can know only one thing about Bezos, it should be that he thinks long term. Think long-term because a lot of your inventions and innovations might not work or last. If you are going to be customer-centric, you have to establish facilitating inventions and innovations as a core part of your business model. Bezos further states that you need to be very clear about the framework of your long-term strategy and have a straightforward approach to the way you plan to operate.
4. It Is Easier To Invent The Future Than To Predict It
It is easier to invent the future than to predict it. Jeff Bezos applied this same concept with Amazon. When he started Amazon, nobody sold books or e-products online — and it was considered strange to buy things online with your credit card. Amazon started this and it has become a major part of Amazon and its innovation. Now, most businesses buy and sell e-products online. Don’t wait for the future to happen. If you find anything you’re frustrated about in life, be the change that you wish to see in the world (Gandhi).
5. Obsess About Customers
“Focusing on the customer makes a company more resilient.”- Jeff Bezos
At Amazon, there is a common line of thinking “Start with the customer and work backward.” You focus on customer needs and then work backward from there. He advises entrepreneurs to make themselves customer-focused rather than competition-focused. In the long run, only the customer-focused approach will win the market. Customers are never satisfied as such, the need to keep them happy and satisfied results in continuous innovation, and developing your product to offer better solutions to their problems.
Originally published at https://blog.biznurture.loan on September 24, 2020.
