Amazon - Jeff Bezos' business empire | Entrepreneur

10 secrets to success from Amazon billionaire Jeff Bezos

1. Make decisions with 70% information

More information is better. Jeff Bezos says, “Most decisions are worth making when you have 70% of the information you want to know. If you wait until 90%, it’s too late.”

For example, Prime Now (a delivery service) was launched after just 111 days of research. There were setbacks, twists and turns along the way. But a quick decision gave it an advantage over its competitors. Waiting for the perfect launch environment would have resulted in lost opportunities.

2. Don't overemphasize competition

All companies face competition as it is a natural part of business. Often, it forces them to engage in some form of competition. However, businesses should put the interests of their customers first. This approach facilitates the development of innovation.

Jeff Bezos said: "Customers want something better and often don't even know what it is. Your goal is to delight consumers and encourage yourself to invent new things. No customer ever asked Amazon to create Prime, but it turns out that's what everyone wanted."

3. Build a better team around you

Amazon has special techniques when interviewing new employees. A potential employee might be asked a question like “How many gas stations are there in the United States?” No one knows the exact answer, so the candidate doesn’t need to figure it out. This type of question is designed primarily to assess critical thinking skills.

“Every time we hire someone, that person needs to raise the bar higher. This allows the entire team to improve as we scale and upgrade,” Bezos said.

4. Use 10% chance

Jeff Bezos' advice is "if you have a 10% chance of getting a 100x return, bet on it every time you have the chance." Amazon Marketplace failed in its first two launches.

However, it continued to be launched for a third time. Since then, it has grown to account for nearly half of Amazon's sales. The secret lies in daring to make bold business decisions to achieve success.

You won't always get what you want, but you will learn things that will help you achieve high returns in the future.

5. Continuous innovation

Current success does not guarantee future success. An entrepreneur cannot be sure that his industry will not change. If you do not innovate, someone else will and you will be left behind.

That’s why Jeff Bezos recognized the potential of e-commerce personalization and focused his attention on it. So Amazon succeeded and continues to innovate to stay relevant.

6. Cut costs

The future billionaire once made his first desk from a door and continued to use it even after Amazon went public.

"Achieve more with less. Constraints breed ingenuity, independence, and resourcefulness. No one appreciates or raises people who add workers, inflate budgets, and costs" - Jeff Bezos said.

You don't necessarily have to take down old doors and make desks out of them. Just think about how you can cut down on corporate or personal costs.

10 bí quyết thành công từ tỷ phú Amazon Jeff Bezos - Ảnh 2.

7. Building a distinct culture

Find what makes your business culture unique. Think about what makes a great leader different. Then, invite people who are aligned with your philosophy to join your team.

Amazon has a unique corporate culture that is both criticized and praised. It wouldn't work well in any other company.

Jeff Bezos explained in a letter to shareholders: "Some businesses choose a competitive culture in an attempt to outdo their competitors. Some choose or are attracted to a different work culture. Fortunately, the world is full of very different, highly effective approaches. We never say our approach is right. It's just ours."

8. Don't let the process take away the flexibility of the system

Jeff Bezos' advice is that an entrepreneur must be willing to improve the business and seek innovation, rather than letting bureaucratic processes stifle the system. Large companies easily adopt a "work format" where process kills progress.

Despite its size, Amazon is still showing a willingness to change. This is evidenced by their continued testing and experimentation with Amazon Prime. They have implemented free same-day shipping and even one-hour delivery through Prime Now.

9. Learn and improve

Breaking away from traditional business practices helped Jeff Bezos make Amazon successful. Elon Musk has a similar approach, studying Mercedes Benz cars before starting to design Tesla cars.

Jeff Bezos' advice and personality have inspired a generation of entrepreneurs, including FEAT sock brand founder Taylor Offer (a Forbes 30 under 30).

“We analyzed the sock industry and were surprised at how heavily companies relied on point of sale,” says Taylor Offer. “Through that, we saw an opportunity to sell socks through social media. It was a crazy idea at the time, but it has since generated millions of dollars in revenue.”

10. Become a master of failure

The fear of making a bad decision often keeps a person from making any changes in life. But, as Jeff Bezos said, there will always be mistakes, and if an entrepreneur doesn't know how to improve after small mistakes, it will be much harder for them to deal with big mistakes. Moreover, they will cost more.

Try to experience failure at a low cost, you will understand how to act in case of failure and find ways to counteract them in the future. Any wrong step is an experience and an opportunity to become better. Find the answers and learn from them so that you can succeed in the next attempt.

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