What is the secret of Jeff Bezos’ success?

Love it or hate it, there’s no denying that Jeff Bezos is one of the most successful entrepreneurs of our generation. Amazon founder Bezos has built a business empire encompassing everything from e-commerce and cloud computing to artificial intelligence (AI). What can we learn from Bezos, one of the richest men in the world with a net worth of US$151 billion, below are his 6 key lessons every entrepreneur can learn from billionaires. is shown.

1. Follow your passion

“Having passion is a gift. I think we all have different passions. You can’t choose between them. They choose you,” Bezos said. Bezos has always been passionate about technology. Seeing the potential of the Internet, he quit his job as senior vice president of investment firm DE Shaw & Co. and in 1994 he founded Amazon. USD 1.21 trillion valuation.

In addition, Bezos’ longtime interest in space exploration became a reality through his space exploration company, Blue Origin. In July 2021, he made history by becoming the second person ever to be allowed into Earth orbit. What a great feat!

follow your passion
Screenshot of Jeff Bezos’ Instagram post about space travel

Passion is essential for any successful entrepreneur. Without it, there is no drive or determination to get through the tough times. If you’re not passionate about your business idea, it might be time to rethink your plans.

2. Take risks

“Our entire history as a company is about taking risks. Many of them have failed and will continue to fail, but we will continue to take big risks,” Bezos said in May 2021 in Amazon’s He spoke at his last shareholders’ meeting as CEO.

Given Amazon’s massive success, Bezos has always been willing to take risks. From the time he quit his high-paying job to the time he launched his Amazon in 1994, Bezos’ decision was fraught with peril. He put everything he had into his new company: savings, a house, and stock options from his previous job.

But even after Amazon’s success, Jeff Bezos didn’t stop taking risks. He continued to take risks to keep Amazon as the market leader. For example, Amazon’s e-reader, the Kindle, is risky, and Jeff Bezos and he did it in Amazon’s favour. Kindle wasn’t the first e-reader to hit the market, but its innovative features and low price quickly made it the best-selling e-reader.

In 2015, he bought an Israeli microelectronics startup called Annapurna Labs for US$350 million for its AWS division. It was a bold move, but it worked again. AWS is now one of the most successful businesses in the world.Bezos also said that Blue Origin and Washington Postpurchased in 2013 for $250 million.

One of the latest studies Amazon has used is its drone delivery service Amazon Prime Air, which officially became available in the California and Texas regions in July this year. It remains to be seen if this project will impress the market and address the cost issue, but it’s worth noting that Amazon continues to move forward step by step!

take a risk
Screenshot of Jeff Bezos’ tweet: About the risk-taking journey after Amazon went public

Taking risks is essential for entrepreneurs as it is a way of finding new growth opportunities. No business can progress or innovate without taking risks.

3. Continuous innovation

“If you decide to only do things that you know will work, you leave a lot of opportunities on the table,” Bezos said. competition. Amazon was originally founded as an online bookstore, but Bezos quickly expanded into other areas, including an online grocery platform, customer reviews, and product recommendations.

In recent years, Amazon has become a major explorer in artificial intelligence (AI) and cloud computing with its Alexa platform (Amazon-owned virtual assistant technology) and Amazon Web Services (AWS). For example, since 2018 Formula 1 racing has partnered with Amazon to incorporate Amazon SageMaker and his AWS deep learning models to analyze race performance data and improve the viewer experience.

Through continuous innovation, Bezos has ensured that Amazon remains at the forefront of the technology industry. If you want your business to be successful, you must constantly look for ways to improve and innovate your product and service offerings.

4. Hire smart people

One of Bezos’ mottos is “Hire people smarter than you.” Amazon founders are always looking for people who are “mavericks” or “slightly radical or rebels.” They may be “a bit messy” and “not the easiest people to get along with,” but Bezos believes they can come up with new and innovative ideas.

That belief has helped build the strong team that drives Amazon’s success. The team included experienced executives such as Jeff Wilke, who led Amazon’s global consumer business, and Andy Jassy, ​​who led AWS before becoming CEO of Amazon in 2021. .

So if you’re an entrepreneur trying to build a successful business, don’t be afraid to hire people smarter than you, even if it’s bothering you. I can’t!

5. Patient and visionary

Bezos didn’t become a millionaire overnight. It took him years of hard work and dedication to get to where he is today. Bezos is a long-term thinker and makes decisions based on what he thinks will benefit Amazon in three years. This strategy helped Amazon weather tough times, including his dotcom bubble burst in 2000 and his AWS outage in 2011.

By being patient and thinking long-term, Bezos made the decision to make Amazon one of the most valuable companies in the world today. Patience is a virtue that every entrepreneur must have if they want to be successful. Rome wasn’t built in a day, and most businesses aren’t immediately successful and profitable.

6. Customers are the key to success

“If there’s one reason we’ve outperformed the internet over the past six years, it’s been a laser focus on the customer experience,” Bezos said in 2000. I’m here.

He has always focused on providing a superior customer experience. He was one of the first e-commerce CEOs to realize that the key to success was not just selling products, but providing customers with a seamless and enjoyable shopping experience. This customer-centric approach is the cornerstone of Amazon’s success and has helped it become one of the world’s most trusted brands.

Whether you’re just starting your entrepreneurial journey or trying to become a millionaire, heed these six lessons from Bezos. Apply them to your own entrepreneurial journey and see how far you can go.

So, do you have what it takes to be the next Jeff Bezos?

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