7 lessons from Jeff Bezos for any Business
In your day to day life whenever you come across the name Jeff Bezos, simultaneously other words such as Amazon’s owner, the richest man, one of the most successful persons on the earth, etc. pop up in your mind. But, have you ever given a thought to this, that what made him so successful, rich, and such praiseworthy person? If not, then consider it to be food for your thought.
A person who runs a business with a clear thought process and in a disciplined fashion has every possible chance to get success in the market. Well, let us see how you can inspire yourself with the 7 basic lessons from Jeff Bezos that can bring fortune to any business.
Bezos understood it very early that key point to get success in online business was in following customer behavior. That is the reason Amazon steadily improves features to keep his customers happy, which in return raises Amazon’s sales.
So, the basic idea is that the business has to be customer friendly and work hard to find what brings a smile on your customer’s face and innovate accordingly.
Amazon practices frugality and lets us see what Amazon mean by it. For beginners, employees need to pay for their snacks at the office, parking tickets are paid from their pocket, and when travelling, employees book double rooms. In short, Amazon isn’t a place where employees spend lavish days; the rule is to work hard, long and smart without compromising with any of the three.
It is seen that sometimes success doesn’t need any particular requirements. A well-observed boycott of luxury can help you to provide your customers with pocket-friendly goods or services.
Be a rule maker
PowerPoint presentation is a necessity for any internal meeting, isn’t it? Well, at Amazon, employees need to have a written argument, and even Bezos must take out time to read and filter it. Another rule followed at Amazon is the Two-Pizza Team: According to Jeff, big teams are less productive, so the company is designed to work with self-functioning teams of 10 or fewer to be more productive.
Few self-made rules can make a larger difference, it may be radical or outlandish approach but it has the potential to make the most impact.
Think for a long run
When E-books first came into trend, publishers kept price corresponding to their print editions. Bezos projected a plan to sell e-books at some lesser price. At first, his plan brought loss to the company but in the end, when the market price of E-books dropped Amazon was already the go-to for e-books. The Kindle is a reward for his great thought and is Amazon’s one of the greatest successes.
Do not be scared to employ your decisions, it might be un-familiar at that moment but has the potential to gather future rewards.
Be ready to take risks
Before Jeff Bezos came up with an idea to set up the Everything Store at his parents’ garage and invested all his savings into it, he had a secure job at a hedge fund. That risk, the Everything Store is today better known as Amazon.
It is worthy to take risks, you’ll fail half the time but when that idea gains success, it might be huge and bold.
Data reveals the truth
It might be surprising to all, but Amazon was started as a book shop and this wasn’t a happy accident on Jeff’s part. But, the results of a long run come up with some hard facts. The facts are books can be shipped without the worry of breaking, they will never expire and they are rarely returned. To be precise books are the ideal product for online business.
Numbers never lie, humans may get it wrong. So, it’s better to consult data before making a call.
Never hold yourself to learn, innovate and evolve turns out to be the main qualities to be successful. Bezos started his business with books and very soon he had made his mark in the market, then Amazon conquered music, electronics, movies, and toys. For Jeff Bezos, the future is full of opportunity, possibilities, and inventiveness- and this man is hungry for everything it brings.
The path to success is covered with discontent. Never come to steady or say “I have done enough.” Instead, stay busy in searching for new heights and goals.