Lessons We Can Learn from Amazon Founder Jeff Bezos
The founder of Amazon Jeff Bezos established Amazon in July 1995 with just an employees and few sales to talk about. Within a short period of two months, Bezos and his company had clients in 45 countries and all 50 states in the United States with sales zooming up to $20,000 a week. By May 1997 Amazon was a public company with a valuation of $500 million.
Presently Amazon has everything a customer can think about at prices which are low and shipping speeds which need to be seen or experienced to be believed. The market cap Of Amazon is currently $172 billion. Bezos has the following advice to give for anyone who wants to replicate his success or benefit from the advice of a man who is currently listed as one among the top five richest men in the world. His advice is as follows:
Bezos asks entrepreneurs to focus on customers and not competitors
It is common to notice companies focusing on competitors which Bezos thinks is not the right way to go. He advises entrepreneurs to focus on customers and not to get obsessed with the competition. He advises entrepreneurs to be customer centric rather than competitor centric and in fact, mentions his own example of Amazon which he says is the most customer-centric company on this planet.
Thinking long-term is another advice provided by Bezos
Bezos is never concerned about the quarterly financial results published by his company and it is a quality which has made him stand apart from many successful entrepreneurs. He asks people to follow his example and focus on long-term goals. He advises startups that are looking to survive for a long time by making plans similarly and not focusing on short-term profits by compromising on long-term goals.
Never stop experimenting
Jeff Bezos mentions when you double your experiments per year you and also double your inventiveness and successful CEOs and entrepreneurs have agreed with Bezos on this matter. They all believe that experimentation is essential to create new ideas and innovation and without it, startups will have a difficult time competing with the big boys in the market. They will never be able to get an edge over their competitors simply because they are not willing to experiment.
Jeff Bezos mentions it’s good to be criticized
Whenever entrepreneurs enter into new domains they are likely to receive harsh reviews in the initial stages because most people do not understand the reasons behind their actions. Bezos advises that the criticism should be taken into stride but entrepreneurs should not be bogged down because of it. Bezos says Amazon is comfortable for being criticized because of the years of practice they have developed. He advises entrepreneurs to be confident about their vision and move ahead because it helps to convert critics into customers.
Bezos advises flexibility and stubbornness
Being flexible and stubborn at the same time can sound confusing for most because these words are opposites. However, Bezos has a different explanation for his belief and he states not being stubborn will make you give up on your experiments and without the flexibility, you would come up against a wall and will not see alternative solutions to the problem you are trying to solve. Successful entrepreneurs need to be stubborn and yet have an idea about when they should be flexible in order to strike a perfect balance between the two.
Jeff Bezos has provided this advice for the benefit of young entrepreneurs who he believes should be following his pattern and be like him. He wants entrepreneurs to be innovative, experimental and focused on their customers. He also wants them to remain focused on the vision they have along with their mission to ensure any criticism they face in the initial stages of the entrepreneurial journey will not cause them to lose motivation or distract them. Coming from one of the five richest men in the world who is extremely successful we can confirm that every word mentioned by Jeff Bezos can be considered as gospel.
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