10 best Business Lessons You Can Learn from Jeff Bezos

Jeff Bezos

“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. Companies are rarely criticized for the things that they failed to try. But they are, many times, criticized for things they tried and failed at.” Jeff Bezos

Do you know Jeff Bezos or at least have you ever purchase something from Amazon? So, he is the founder and CEO of worldwide famous retail store Amazon. Jeff Bezos is one of the most successful startup entrepreneurs like Steve Jobs, Elon Musk, Mark Zuckerberg. Bezos’ entrepreneurship is not limited and he does more than running Amazon. He is also involved in a private enterprise called Blue Origin. Bezos is the fifth wealthiest man alive according to the Forbes. 

Surely, the success of this man has its secrets, I have picked up a piece of advice for you which Bezos gives to prospective entrepreneurs. So, let’s take a look!

Be Stubborn and…

As Jeff Bezos says, a good entrepreneur should be stubborn on vision and flexible on details. “If you’re not stubborn, you’ll give up on experiments too soon. And if you’re not flexible, you’ll pound your head against the wall and you won’t see a different solution to a problem you’re trying to solve.”

Small team

According to Jeff Bezos, the group of working team should be as small so as two pizzas are enough to feed them. Of course, don’t take this “two pizzas” directly, the meaning is that the group of 5-7 people is enough to make a good team. He says that the larger the groups the less efficient the work becomes.

Experiment all the time

Experiments lead to the creation of new innovations. For example, food companies experiment with new foods and flavors, tech companies have “laboratories” like Google labs, sports teams experiment with new plays and/or players. “At Amazon, experimentation and willingness to invent have always been a part of the culture. It’s not secondary or something that “has to be done because everyone else does it.”

Long-term thinking

“I’m thinking a few years out. I’ve already forgotten those numbers.”

  For Jeff Bezos, long-term thinking and experimentation are fundamentals for the growth of any company. If you focus on a long term, you will have better results as Bezos says.

If we think long term, we can accomplish things that we couldn’t otherwise accomplish.

 Remove risks

As an entrepreneur, you should find risks and get rid of them as soon as possible.

Good entrepreneurs don’t like risk; they seek to reduce risk…Starting a company is already risky, and then you systematically eliminate risk step by step in those early days…

Start now!

“Better late than never” doesn’t go well with starting a new business otherwise the fear for possible loss will ruin your the possibility of the growth of your company.

Jeff Bezos advice

Never chase the hot thing….you need to position yourself and wait for the wave. And the way you do that is you pick something you’re passionate about. That’s the number one piece of advice that I’d give to someone that wants to start a company or start a new endeavor inside of a bigger company. Make sure it’s something you’re interested in, something you’re passionate about.

Think about the customer first

We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.

Can’t stand the competitors? Buy them…

Amazon buys its competitors… really great idea to stand out and build a giant company. This is a working strategy worked out by the world’s leading retail store. So, crush the competition by buying it…

Don’t run, be patient

We’ve had three big ideas at Amazon that we’ve stuck with for 18 years, and they’re the reason we’re successful: Put the customer first. Invent. And be patient.”

Surely, it is the matter of time and effort to build a successful business which will break the local borders and reach international markets. Stay stuck to your aim and never give up. If one managed to fulfill his/her business ideas what can ban you to do the same? Guess, nothing! And if no one managed to do the things you want to, you will be the first to do, won’t you?

 

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