Jeff Bezos was not always an entrepreneur, he was a director for customer service and a product manager before he started Cadabra Inc. which later became Amazon.com. He already had the makings of a great businessman because of the jobs that he used to carry out. This later helped him to make his own enterprise successful.
He has always dreamed of becoming an entrepreneur. When he took a long drive from New York to Seattle, he was able to create the business plan for his business- and the rest was history. Fast forward to 2021, he is now the richest man in the planet exceeding 190 billion USD in his net worth.
Let’s find out some of the things that made him and his businesses thrive. Here are a few things we can learn from him that we can instill in ourselves:
- Spend more on the product than on promotion. “I put the vast majority of my energy, attention and dollars into building a great product or service. And put a smaller amount into shouting about it, because I know when I build a great product or service my customers will tell each other”.
Business owners can benefit from Jeff’s philosophy of making the best product in the market. It’s true that if you have the best kind of service or product, people will start talking about it and you don’t have to worry about marketing it because your customers will be your number one promoters.
For employees, if you always do your best, concentrate on the tasks at hand, never miss a deadline and even do extra work you will be seen as a go to person. So whenever the boss needs someone who can do that job right you will always be the employee they can count on.
2. Customer first. “What we’ve always wanted to do is raise the standard for what it means to be customer centric to such a degree that other organizations whether they be companies or whether they be hospitals or government agencies, they should look at Amazon as a role model and say how can we be as customer centric as Amazon?
We can start by copying the example of Mr. Bezos by focusing on what customers wants and needs to build a strong relationship with them that ensures customer satisfaction, and revenue growth.
3. Sell great products at a low cost. “Our approach is premium products at non premium prices, we sold the hardware at break-even. We don’t try to make any money when we sold this hardware, we to make money when people use the devices not when they buy the devices.
Another great thing business owners can learn from Jeff Bezos is to sell premium products at a low cost, as a result most customers would buy again and again from you.
For part-timers or freelancers you may want to offer a certain service or job at an affordable cost so that customers would have a taste of the kind of service you provide. If customers are satisfied with your work, you will not have a shortage of paying clients.
4. Admit your shortcomings. “I’ve made billions of dollars of failures at Amazon.com literally billions of dollars of failures. Companies that don’t embrace failure, eventually get in the desperate position where the only thing they can do is make a kind Hail Mary bet at the end of their corporate existence.”
As employees we need to know our mistakes whenever we commit them. It’s not a sign of weakness but an opportunity to correct our faults no matter how bad or how embarrassing it is. Correcting our mistakes early on, could save us time, gives a better understanding of the situation, and allow us to make better choices in the future in order to avoid making the same mistakes again.
5. One step at a time. “Big things start small. The biggest oak starts from an acorn. If you want to do anything new you’ve to be willing to let that acorn grow into a little sapling and then finally into a small tree and maybe one day it’ll be a big business on it’s own.”
We need to learn to make decisions even when things are uncertain, small efforts made on a consistent basis will accumulate and may result in something great in the future. We should be willing to do our work no matter how unsure we are.
Workers don’t usually share the vision of the owner, what’s important to business owners is not the main concern of employees. Whether we admit it or not most of us trade our time for money. Hopefully with the lessons we learned from Mr. Bezos we can change our thinking and follow his lead to be successful in life and at work.
Photo Credit: NPR.org