Jeff Bezos and Amazon have reached massive level of success. It only makes sense to take a moment to take a look at what they did right and see if we can replicate it for ourselves as entrepreneurs.
As an entrepreneur, the best thing you can do to obtain success is to learn from the successes and accomplishments of other professionals.
From Steve Jobs to Sam Walton, there have been many top entrepreneurs that have changed industries and made a significant impact on the market.
Today, Jeff Bezos is one of the most well-known entrepreneurs in the world because of his ability to build a customer-focused enterprise.
There are a lot of unique approaches and tactics that have made him turn Amazon’s value into $1.7 trillion.
When you’re managing a start-up or are thinking of how to grow your business, Jeff Bezos is the perfect person to learn from and model.
His mindset and priorities have influenced other entrepreneurs and have changed the approach many people have with how they interact with customers or deliver products.
#1. Learn How to Avoid Regrets
Many people are afraid to take risks because they have a fear of regrets. From the beginning, Jeff Bezos has always had the approach that he didn’t want to turn 80 and feel like he wasted his life.
Adopting a regret minimization framework means making decisions knowing you won’t have any regrets regardless of what happens, even if you fail.
Have the mindset that you’ll gain new knowledge and more experience even if your plan didn’t work well.
You’ll feel better about yourself if you experiment and go through trial and error instead of always playing it safe. Some of the top failures of Amazon include auctions, Payphase, and A9 search.
If you think about yourself reflecting on your life at the age of 80, it can be easier to avoid focusing too much on the daily pieces of confusion.
Embracing the fear of failure can boost your success instead of clinging to your safety and security.
You should be willing to lose it all or you won’t have enough motivation to survive and find a way to make your vision a reality.
accept the fact that failure comes with being an entrepreneur and can’t be avoided.
You should be willing to go where other people are too afraid to go and realize that this can allow you to discover innovations that no one else has found yet.
#2. Become Obsessed with Your Customers
One of the ways that Amazon has become the top competitor in the industry is because of its ability to value customers.
Jeff Bezos has always worked hard to put customers first, which is why he’s developed a loyal following of consumers.
Many of the principles practiced at Amazon are why the company stands out and people continue to remain loyal to the website.
From day one, Jeff Bezos knew the impact it would make by offering compelling value. This includes making it easy to make purchases, offering two-day shipping, and offering competitive prices.
Customers feel accommodated shopping on Amazon compared to similar websites, which is what keeps them coming back.
Many entrepreneurs make the mistake of focusing too much on what their competitors are doing, which can cause them to lose sight of making their customers happy with each transaction.
Your interests should align with your customers. When you take steps that benefit your customers, it will ultimately benefit your company.
For Amazon, this includes helping customers avoid duplicate orders by adding a warning to the page when they’ve already made the same purchase in the past.
It may have affected their sales, but it also helped their customers to trust the company and become more loyal.
Don’t overthink the decisions you make if they’re going to make your customers happy because it will cause them to come back if they have a good experience.
Focusing on your customers over anything else will also require overdelivering to ensure they’re satisfied.
When you give customers a great experience and quality service, they’ll be quick to talk about it with their family members and friends.
This is one of the best forms of marketing you can have and is why overdelivering will always work to your benefit.
#3. Keep the Critics in Mind
Although it’s important to have your own vision and ignore any negativity, you should still listen to the critics at times.
It’s important to understand that you’ll still make mistakes along the way and can only learn from them if you’re open to criticism.
Amazon learned this the hard way when they deleted copies of George Orwell’s 1984 book on Kindle devices.
They listened to the complaints and provided Amazon members with $30 gift cards to correct the issue. In 2018, they also increased the pay they offer to their employees to $15 per hour.
Apologizing and taking responsibility for your mistakes can allow your business to have a better reputation in the industry.
You’ll be surprised by how forgiving your customers are if you take the necessary steps to admit that you were wrong and compensate for it.
#4. Understand the Types of Decisions You Can Make
There can be hundreds of decisions you have to make each day when it comes to operating your business.
You’ll need to know which type of decision you’ll be making, which will be irreversible and can lead to consequences, or it will have fewer consequences.
Jeff Bezos likes to call these different types of decisions two-way doors or one-way doors.
Two-way door decisions should be made with your partners or other members of your team, and one-way doors can be made alone.
#5. Provide Your Employees with Meaning
Not only is giving your employees a mission essential to help them stay focused and know what their goals are, but you should also give them meaning with their work.
If they know they’re doing something meaningful that can benefit other people, it’ll allow them to feel more fulfilled and will allow them to value their work instead of just looking at it as a job.
#6. Protect the Culture in the Workplace
Knowing the type of culture you want to create will define your company and the type of team you assemble.
The type of culture that you have should be determined by what you’re selling or offering to your customers.
Keep in mind that creating the right culture and protecting it is a long process that takes time. Know the history of your company and do what you can to guard it.
#7. Give Enough Thought to the Future
One of the main reasons Jeff Bezos knows how to be successful is because he thinks about the long-term, even when he makes decisions that cause him to lose money.
When he created Prime memberships, the cost was $79 and provided 1.5 million customers with two-day shipping.
To many people, this seemed like a step backward because it cost Amazon a lot of money.
However, Jeff Bezos was thinking about the future of the company and how it would be the key to obtaining long-term success. He also knew it would attract a lot of third-party sellers.
Don’t be afraid to lose money or even customers with certain decisions you make that can lead to high profits in the coming years.
Think five to 10 years down the road and try to see the bigger picture instead of only what works for your company now.
If you want to become a successful entrepreneur, you have to be willing to have delayed gratification.
It took Amazon more than six years to begin obtaining success, and that was because Bezos was willing to do the hard work now to get a larger payoff later.
All the money the company made went back into the website. He was committed to keeping the price of his books low.
This also means you have to be willing to be misunderstood by investors and find a way to prove that your plan will bear fruit in the future.
#8. Learn How to Be Stubborn but Flexible
Jeff Bezos believes one of the keys to being successful as an entrepreneur is to become more stubborn and flexible at the same time.
It’s important to be stubborn about the right things to ensure your company is solid and doesn’t change based not the latest trends.
You should be stubborn about your company’s vision but still manage to remain flexible with the details and how everything comes into play.
Your vision is your guiding light and is what will help you find the best path to take because you know your end goal.
However, you should be willing to change the plan and any tactics you use at any time if it means achieving the vision.
If you fail to be stubborn, it can cause you to quit too soon. You can give up too early and fail to find what experiments work and can be put into practice long-term.
Learning how to become more flexible with the details doesn’t mean you have to give up your ability to lead and take charge.
It simply means you’re willing to learn and grow as an entrepreneur because it can benefit the company.
In this same regard, you need to make it a point to never stop experimenting as an entrepreneur.
You’ll become more inventive if you can multiply how much you take the time to experiment and try new tactics and techniques.
This is the secret to new innovations being produced and how you can become more competitive in the industry.
Experimentation is present in all types of industries and is how our society becomes more advanced. In the auto industry, concept cars are created.
Restaurants create new recipes and menu items to accommodate their customers while experimenting with different flavors and ingredients.
Basketball teams even find new ways of beating their opponents and increasing their performance in the game.
Experimentation should be a key element to operating your business to ensure you stand out more and can offer something original to your customers.
#9. Keep Your Teams Small
Jeff Bezos has found how effective it is to keep teams small within the company when they have to achieve a specific goal or mission.
Teams that consist of five to seven people are proven to be a lot more efficient and can lead to a lot of waste.
These smaller teams Bezos has created are what has led to the creation of the Gold Box feature that is now available on Amazon to customers.
#10. Monitor the Latest Trends
The reason Jeff Bezos was capable of seeing the future and knowing that he could earn high profits on the internet is because he studied the latest trends while working at Wall Street Investment Bankers Trust.
He noticed that the world wide web was increasing at 2,300 percent every year, which prompted him to take a look at the top mail-order businesses.
You can stay ahead of the competition and make better decisions by trying to see what’s around the corner and doing your homework.
Staying updated on the latest trends and doing your research will allow you to take fewer risks and make informed decisions instead of going with your gut.
So What’s Next?
It’s no secret Amazon’s massive success. If you’re looking to ride the wave of this successful retail giant, you might want to check out this program on how to launch a successful ecommerce brand.