“You can be grinding for four years with no results and, in the 5th year, become the biggest thing on the planet. The power of not giving up is real.” ~ Jeff Bezos
Here are 10 Incredible Lessons from Jeff Bezos:
1. Customer Obsession: “Start with the customer and work your way backward.” Bezos emphasizes the importance of focusing on customer needs and satisfaction above all else. Amazon’s vision: “To be earth’s most customer-centric company.”
2. Long-term Thinking: Bezos encourages a long-term perspective, often at the expense of short-term gains. He believes that truly great businesses are built over decades rather than years.
3. Embrace Failure: Bezos recognizes that innovation and experimentation come with the risk of failure. He encourages taking calculated risks and learning from mistakes. Amazon has benefitted from this mindset, part of its DNA and culture.
4. High Standards: Bezos insists on maintaining high standards in all aspects of the business, from products and services to hiring and decision-making. He is known for banning PowerPoints and unnecessary meetings to force a high standard of work.
5. Innovate Continuously: Amazon’s success is built on a relentless innovation process. Bezos encourages constant innovation to stay ahead of the competition and meet evolving customer needs. Pushing for “same-day deliveries” is an example of this.
6. Invent and Simplify: Bezos advises his team to invent new solutions and simplify existing processes. This fosters a culture of continuous improvement and efficiency.
7. Frugality: Bezos believes in controlling costs and avoiding unnecessary expenses to maximize efficiency and maintain a lean business model. Large corporations become more efficient over time if they relentlessly focus on staying lean.
8. Think Big: Bezos encourages ambitious, audacious thinking. He believes that thinking small limits potential and that bold ideas can lead to groundbreaking success.
9. Build a Great Team: Surround yourself with talented, passionate individuals. Bezos emphasizes the importance of hiring and retaining top-tier talent. As an entrepreneur, you need to attract people smarter than yourself to work for you.
10. Stay Agile: In a rapidly changing world, Bezos advises businesses to remain flexible and adapt to new opportunities and challenges swiftly. Amazon AWS is the prime example. It was a bold bet that few thought would pay off. Today, AWS is on its way to $100 billion in sales.
Source: Invest In Assets | Stock Market Investing https://x.com/InvestInAssets/status/1718559795907907679