If you want to become a successful entrepreneur, take a look 10 Business lessons by Jeff Bezos that change the game so you can compete and get rich.
Jeffrey Preston Bezos is one of the richest businessmen in the world. It is the founder, leader, CEO, president and majority shareholder of the world's largest technology companyAmazon.com.
When this article was written, Jeff Bezos is richest man third in the world, after Bernard Arnault & family in the first level and Elon Musk in the second level .
What is Jeff Bezos' secret to becoming rich?? Jeff Bezos has shared his secret, as quoted from a user x.com with the account name Chris Meade.
The following is 10 game-changing business lessons you should know.
List of contents
10 Business Lessons by Jeff Bezoes
Always Have a “Day One” Attitude
Treat every day at work like your first day on the job. Channel curiosity, joy, and a strong desire to do good. This keeps the work interesting and ensures you don't get complacent.
Hire the Best People
The strength of a chain depends on its weakest link. Great employees drive growth and innovation. Bad employees drain morale and hinder your team's progress. Use a rigorous recruiting process and offer incentives for excellence to attract the best.
Work Hard and Think Smart
Success requires hard work and strategic thinking. Always have a plan, but never get stuck in your ways. Review your progress and be prepared to adjust when needed.
Keep in touch
If you don't care about the pulse of your industry, You want to be left behind. For example, Digital photography became popular in the early 2000s. Kodak ignored this trend, lost contact with customers, and went bankrupt.
Focus on Customer Experience
People value experiences more than products. Prioritize customer satisfaction to drive growth and loyalty.
Amazon does this by:
- Personalized recommendations for a better shopping experience
- Hassle-free returns to save bad experiences.
Take a Big Step, Not Small Steps
When you're ready to grow, identify key areas for exponential growth*. Invest heavily in this and be willing to take calculated risks. This is how Bezos revolutionized the way we shop forever.
*Exponential growth is a quantity growth model, that is, when growth rates are comparable (proportional) with the size of the quantity itself.
Investing in the Future
Balance long-term projects with short-term goals for sustainable growth. Invest in the future like tending a garden. Some projects come to fruition quickly (Amazon Prime). Others require time and patience (Blue Origin).
Long Term Thinking
Prioritize long-term goals (5-10 year) and avoid short-term stress. Create a clear vision and strategic plan that outlines long-term goals. Communicate this vision regularly to your team to keep it focused and aligned.
Use the "Two-Way Door" Method
The rules are simple:
- Act quickly on decisions that can be overturned
- Proceed with caution on the irreversible
This simple framework makes it easy to stack wins and avoid setbacks.
Offer “Pay to Stop”
Complacency is contagious. Protect your team by encouraging uncommitted employees to leave.
Program “Pay to Stop” Amazon offers up to $5.000 for employees who choose to leave. This allows them to maintain a happy and productive team.
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Following these ten business lessons by Jeff Bezos may not make an entrepreneur rich in a short time. But learning from people's stories can help us achieve our goals faster with fewer mistakes.
According to me, the ten business lessons mentioned above make perfect sense. What do you think?
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