Jeff Bezos held us all spellbound in July 2017 when he had that brief stint on top of the list of Forbes world’s richest due to a rise in the price of Amazon shares. He was overtaken again when the shares dropped but he made a return in October and surpassed the $100billion mark briefly in November-a feat no one has achieved. He is still the world’s richest as at press time.
Despite his wealth, some people might not have recalled the name as easily as other wealthy techpreneurs like Bill Gates and Mark Zuckerberg but his impact and prowess as a businessman is undeniable.
Amazon which started out as an internet merchant of books has expanded into many other diverse industries since its inception, including running the world’s largest cloud service, AWS.
As an entrepreneur, it is the norm to have a mentor to look up to and we truthfully think there is so much you can learn from the Amazon Boss.
In this post, we have shared three very important business lessons that business owners can learn from.
Persevere, Slow and Steady Does Win Races.
Amazon which started out in 1995 didn’t make profit till 2001. In 2001, it made about $5million dollars on $1billion dollar revenue. This would have been enough to break someone else’s vision but he was so driven that he stayed true to his vision and you will agree with me that the end result is worth the ‘slow’ start.
Your Competitors Are Not Your Concern, Your Customers Are.
Amazon has always been customer-centric. they have been dedicated to providing the best customer experience that they possibly can. Amazon always come up with innovative ways to give their customers a great experience. They have pioneered very ambitious customer satisfaction solutions including same day delivery options on their e-commerce site among many others.
Do not be Afraid to Take Risks.
Jeff Bezos is a known risk taker. He quit his well-paying hedge fund management job to start Amazon.
He once said “Given a 10 percent chance of a 100-times payout, you should take that bet every time. Failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment.”
Be Stubborn and Flexible
Jeff said We are stubborn on vision but flexible to details.
As a business owner, you should create room for flexibility. Technology keeps advancing and there may be newer ways of approaching situations. To grow, you should not be so stiff to change.
