Things to learn from Jeff Bezos- CEO, Amazon

From: Linking Tribes
Published: Wed Dec 07 2016


Recently, Connected HomeĖ an idea that home appliances and accessories will all be connected to the Internet, has been adopted by Amazon. Soon, your fridge will send a text message when the milk is running low. With Amazonís CEO Jeff Bezosí vision, this prospect has become a reality with Amazon Echo Speaker. It will have a wifi speaker and a sort of Siri-in-a-tube that answers userís spoken questions.

Jeff Bezos is the founder, Chairman and CEO of Amazon.com. Bezos does more than running a Retail online store. His other business interests include Aerospace & Newspapers. He is founder & manufacturer of Blue Origins. In 2013, he purchased The Washington Post newspaper. The annual Forbes ranking lists Jeff Bezos in 2016 as the 5th wealthiest billionaire in the world at just over 45 billion dollar net worth.

When current & aspiring tech entrepreneurs are asked who they look up to the most, they generally give names like Steve Jobs, Mark Zuckerberg, Bill Gates. But unfortunately, there arenít many who mention Jeff Bezos. But there are a lot that entrepreneurs can learn from this summa cum laude Princeton Graduate. After all, he is the man behind Amazonís success over the years!! Read on to learn about some of his business philosophies.

#Stay Hungry

The road to success is paved with dissatisfaction. Never accept the status quo or say, "Iíve done enough". Instead, keep searching for potential and inciting growth. Amazon began with books and after gaining a foothold in that market, they conquered music, movies, electronics etc. Later came the Kindle and with it, Amazon won its niche. Becoming a viable player in various different fields, Bezos never sit back. He kept on building Amazon in a better way with each stage. He believed that there are no products and services Amazon couldnít sell.

#Attention to Business details

Bezos is known for his attention to business details. As described by Portfolio.com, he is at once a happy-go-lucky mogul and a notorious micromanager: "an executive who wants to know about everything from contact minutiae to how he is quoted in all Amazon press releases." Jeff Bezos believes in having a strong management structure around him so that every relevant and minute thing can be covered while taking decisions. Because of this behavioral aspect of CEO, Amazon is working on creating a new advanced premium version of Echo Speaker.

#Donít be afraid of failures; be Innovative

When Amazon became profitable beyond bookselling, Bezos made a risky bet to build a large number of warehouses growth-by-business-model-innovation-a-lecture-at-leuphana-university-44-728which initially sank stock prices but later made the company the leading online discount store. It is always important for the entrepreneurs to learn from the failures rather than becoming disheartened & discouraged. True innovators understand testing new ideas will rarely bring instant success, but see each experiment as an opportunity to gather data to improve for the next time.

#Push the boundaries

As a child, Bezos spent his summers fixing windmills and repairing equipments on his grandparentsí ranch. Though these experiences might seemed insignificant that time, today he gives credits to his summer tinkering for his nature of being experimental. Itís his drive to push the boundaries of whatís possible that has helped Amazon gain and maintain its reign. He said in an interview, "If you can increase the number of experiments you can try from a hundred to a thousand, you dramatically increase the number of innovations you produce."

#Regret nothing

Bezos founded Amazon after leaving a VP position at an investment firm. Itís tough to leave behind a financially secure, high-powered post like that one. He wanted to be in a position where he would regret nothing. Jumping ship to start a new Web-based company at a moment when the internetís future was still uncertain was a hug risk, but one Bezos knew he had to take it. Bezos calls this attitude his regret minimization framework. Clearly, Bezos risk-taking and regret avoidance paid off!

#Focus on creating Word of Mouth

When Bezos started Amazon, he didnít have a marketing budget. The only way his company would succeed was if it was so good that it spread by word of mouth.index He said, "If you build a great experience, customers tell each other about that. Word of mouth is very powerful." There is no better way for a business to grow than through positive word of mouth. The only way to achieve that is to deliver a product or service thatís worth talking about.

#Donít forget to give back to society

Amazon has Wish List functionality for non-profit donations, and Amazon Smile offers a charitable donation of 0.5% on purchases of selected items. Bezos Expeditions has funded many projects like ĎBezos center for Innovationí, ĎBezos center for Neural Circuit Dynamicsí, ĎBezos Family Foundationí and many more. In 2013, Jeff Bezos and his wife donated $2.5 million to support same sex marriage referendum in Washington. So how so ever successful you have become as an entrepreneur, it is always important to do things for the welfare and upliftment of the society.

It seems like Jeff Bezos has already reached his zenith. But in his mind, he still has miles to go. I will conclude with one of the Bezosí quotes:

"Work hard, have fun & make history."
Company: Linking Tribes
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