Who better to give us business tips than Jeff Bezos, the creator of Amazon, and one of the richest businessmen in the world? Do you understand what it means to have sustained the status quo of "one of the richest men in the world" for years? I bet you do.
1. Think creatively
The second-richest person in the world, after Elon Musk, is known for not setting boundaries for himself. He says that he never relies on what is readily available and instead aspires to the impossible. When you can reach for the desirable, why wait for the available? Take Amazon and his Blue Origin for example. Bezos truly hacked the system.
"Think Big" is one of the Leadership Principles at Amazon. It states: "Thinking small is a self-fulfilling prophecy. Leaders create and communicate a bold direction that inspires results. They think differently and look around corners for ways to serve customers."
Source
And he wants you, the serial entrepreneur to evolve as the world evolves. All of which require effort, dedication, persistence, etc. The worst thing you can do to yourself as an entrepreneur is to limit yourself or your business. When you think broadly, you immediately set yourself goals to pursue.
2. Risks are inherent in business.
As a business owner, it is imperative that you know and understand that business itself is a risk, and this is exactly what Jeff Bezos wants us entrepreneurs to understand.
In his 2018 letter to shareholders, he talked about how Amazon developed the Fire smartphone and the Echo at the same time. The Fire smartphone was a flop, but they were able to take what they learned to help make Alexa and Echo better. Now, the Echo is one of the most popular smart home devices.
Source
Bezos implies that business is a risk, and to go big in business, you have to fail big. Only then can you learn from your mistakes just so you’re able to do so much better.
" In order to achieve big things, you need to be willing to take risks. Bezos is not afraid to take risks, which has led to some of his greatest successes. In fact, Bezos is clear that if "you have a business idea with no risk, it's probably already being done."
Source
3. The customer is always right
You’re in business because of the customers/clients, it’s never the other way around. Here, the business mogul states that your customers should be your number one priority in business.
"Leaders start with the customer and work backward. They work vigorously to earn and keep customer trust. Although leaders pay attention to competitors, they obsess over customers."
Source
I bet you’ve heard time and time again that happy customers make a thriving business. While I understand that making customers happy isn’t exactly the easiest, it must be done.
When you keep your customers happy, you give them reasons to keep coming back to you. If you put too much energy into making profits, while disregarding your customers/clients, your business will be short-lived.
4. Passion
He believes that being passionate about your craft is essential for entrepreneurs. If you're passionate about anything, you'll stick with it through thick and thin.
When all else fails, it is your passion that will keep you going. Bezos says that his passion for his firm has propelled him to greater heights. Seeing how much progress Jeff has made in his businesses, there’s no undermining his business advice. As an entrepreneur, I aspire for business success, so you can bet I'll be sprinting if Jeff says so!