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Jeff Bezos’ 5 tips for running your business
Bezos is one of the world’s most successful businessmen.
Before becoming one of the most famous figures in the world, Jeff Bezos was an incredibly successful businessman. In the ‘90s, he launched Amazon.com, changing the face of bookselling and the landscape of online shopping. Nowadays, Bezos has a networth of $142 billion, making him the second richest man on Earth after Elon Musk.
Here are five of his most important tips for entrepreneurs:
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Start small
One of the keys to Bezos success is to add a personal touch to his businesses, favoring small starts before taking on bigger steps that the company might not be prepared for. “It’s hard to remember for you guys, but for me it’s like yesterday I was driving the packages to the post office myself, and hoping one day we could afford a forklift,” Bezos said to Fast Company.
Take risks
Bezos also favors taking risks, claiming that it’s the only way to experience rewards. In a 2018 letter to shareholders, Bezos discussed the failure of the Fire Smartphone and the success of the Amazon Alexa, two technologies that were being developed at the same time. "As a company grows, everything needs to scale, including the size of your failed experiments. If the size of your failures isn't growing, you're not going to be inventing at a size that can actually move the needle."
Think about your customer
Bezos believes in “Customer obsession,” making it into one of the principles of Amazon. Bezos claims it’s important for companies to put their customers first even if company growth is important. "Even when they don't yet know it, customers want something better, and your desire to delight customers will drive you to invent on their behalf," he said, per the website Fool.com.
Learn from your competitors
It’s important for companies to keep an eye on their competitors, learning from them and copying their best tactics and techniques.
Be passionate
Lastly, Bezos encourages all businessmen and entrepreneurs to choose a project that they’re passionate about, believing that these companies are more likely to last in the longrun.
