Do not be afraid to take risks
In 1994, Jeff Bezos was 30 years old. He was the youngest vice president of a large investment firm on Wall Street, and this could already be considered a success. Bezos received a six-figure salary but wanted to fulfill his dream and found a company in a new world of e-commerce.
This was a risky decision, but soon his company, Amazon, reached a mark of $610 million in revenue and 13 million customers around the world.
Find opportunities in any situation
One of the qualities that makes a person an excellent entrepreneur is the ability to identify opportunities in the market, and especially to scale them. Working for DE Shaw&Co and exploring the Internet-related markets, Bezos noted that their growth rate is 2,300% per month. For Bezos it was clear: the Internet is the basis of the future, and here he could sell the goods at a lower price.
Test your ideas
When Bezos decided to sell goods on the Internet, he had a choice of only 20 possible products, including CDs, books and software. As a result, he chose books, because through the online store it was possible to sell millions of different books, unlike traditional book stores, where only a few hundred copies could be accommodated.
In 1995, he opened the world’s largest library (Cadabra.com, later renamed Amazon) which made him famous. In 1998, after Bezos was convinced of the success of the idea, he began to expand the range. And now Amazon sells everything, even clothes, toys and consumer electronics.
Customer comes first
Bezos once said: “Our goal is to be a company where the customer will come first.” The philosophy of Amazon lies precisely in these words. This ideology is seen in the simple navigation on the site, comments, ratings and delivery process, which is incredibly effective (even outside the US).
Do not stop
When the Amazon online store was created, it was already an innovation. In those days, only few people sold things on the Internet, and no one had such opportunities. Innovations have always been part of Bezos’s career: from website development, sales of all kinds of products in one place and excellent support services. It was this culture that enabled him to get ahead of competitors.
Be patient
This is one of the ideologies of Bezos. As an entrepreneur, he knows that the result comes with time. In the early stages of Amazon’s development, Bezos had to borrow money from family and friends to move to Seattle and run the company.
Work in a team
Bezos has repeatedly stated that diligence and teamwork are part of Amazon’s success. There is no single genius who knows everything. We need a group of people, where everyone is involved in the process of discussion, generating ideas and finding solutions.
Invest in various industries
In 2013, Jeff Bezos bought The Washington Post and said that the publication will keep its spirit but will receive the philosophy of Amazon that make an emphasis on customers. In addition, the entrepreneur invested in some companies and start-ups, such as Uber and Business Insider, and also financed enterprises from the field of robotics, space and science.
Think positively
Bezos believes that every challenge is an opportunity. Although Amazon started as a small start-up in the garage, the company soon became the world’s largest library. When the dot-com bubble burst, and Amazon shares fell from $100 to $6 each, Bezos did not lose heart but struggled with confidence and optimism. His optimism helped rally employees and continue moving towards success at a time when everyone thought that the online business no longer had any prospects.
Follow your dream
What distinguishes a good entrepreneur from a bad one? Of course, it is a passion for work. Bezos always had a passion for books and e-commerce in general which motivated him when he opened and developed his business.
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