Jeff Bezos is one of the most successful entrepreneurs in recent history.
Much has been written about his life, his company (Amazon), and the business world he works within.
However, what can we learn from Jeff Bezos that will allow us to apply it to our lives? What are his secrets of success? We’ll explore ten key lessons from Jeff Bezos below and discuss why they’re so important.
1. ‘Customer Obsession’ is Key
The best businesses are customer-centric ones. They exist to solve a particular problem in the world by satisfying the need of their customers.
They understand that to grow. They must focus on what this specific customer needs.
Jeff Bezos believes that the customer comes first, and he instills this belief across his entire company. He believes that if you’re going to build a successful business, you must start with the customer and work backward. This is often referred to as putting the ‘service’ in ‘self-service’.
To put the service in self-service, you must have a firm understanding of your customer.
For example, if you run a SaaS business and a potential client asks for help with social media marketing, you need to know how to deliver that service even without asking for it. If the product or service is good enough, your company should automatically think of ways to use it outside the confines of the original marketing strategy.
2. You Need a Vision and ‘The Right’ Team
It is essential that your team believes in your vision and works towards achieving it together.
Jeff Bezos has been cautious when hiring new employees, only bringing on those who are not just talented but are also in line with his vision.
He believes that great companies need to be filled with people who are “high-energy” and enjoy long-term goals—people who want to stick around for decades or even centuries.
The team you choose should revolve around the values of gaining customers’ trust by providing them with quality services.
3. You Need to Be ‘Frugal.’
Jeff Bezos is well known for his frugality, but he also knows between spending money and investing it.
To Jeff Bezos, spending money is often wasted if you don’t get a solid return on your investment (ROI). So he invests heavily in making Amazon the best it can be, which means that when he is doing something (such as giving his employees money to order lunch), he is only interested in the most efficient way to get things done.
4. Proactive vs. Reactive
Jeff Bezos believes that taking a proactive approach leads to success; reacting leads to failure.
All great companies and great ideas come from the mind of someone who is proactively thinking about what they want to do. The success of a business idea relies on its creator’s ability to look at the big picture and do something that hasn’t been done before—to create.
5. Think Long-Term
It is not enough to react to short-term gains and losses. Jeff Bezos knows that for a business to succeed, it must have a long-term plan in place.
His goal is not only the growth of Amazon but also its longevity. Seeing his company grow has been one of the most satisfying feelings he’s ever experienced, and that feeling comes from knowing that he has created something that will be here for years to come.
6. Understand How Being ‘Amazon’ Will Help You Succeed
If you’re going to compete with the best, then you need to think like the best. Jeff Bezos understands how his success can become anyone’s success.
His mindset is not “how can I succeed?” but “how can we succeed?”
If you’re going to start a company, then don’t compete; work with. Make sure that your business is compatible with other companies in the same space. Do not see them as enemies; instead, look at them as partners and allies.
Having joined forces (and resources) is one of the most successful tactics Amazon has used.
7. Be Willing to Make Changes
Being stubborn is not a good idea in business, but knowing when and how to pivot is vital. Jeff Bezos has made countless decisions that have led Amazon in new directions, leading them ever closer to success.
8. Don’t Be Afraid of Failure
Failure is a necessary component of success. Jeff Bezos knows that the only way for his company to improve and succeed is to learn from past mistakes and do better next time.
He has taken some major failures, such as the launch of Amazon Auctions, and turned them into successful businesses.
One of Jeff Bezos’ most valuable lessons is that success doesn’t happen overnight, and it isn’t without its stumbles. It takes hard work, willpower, and a little luck to get there—but once you do, the feeling of accomplishment is unmatched.
9. Be Patient
Patience can be one of the most difficult things for anyone, whether it’s in business or in life. Jeff Bezos understands the value of having the ability to wait for something before acting on it.
He knows that sometimes, making a snap decision on an idea is not always the best route to take; instead, he waits until all of his facts are gathered, and decisions can be made with absolute certainty.
10. Never Stop Learning
Jeff Bezos knows that if he is to succeed, he must continue to learn more about the ever-changing business world.
He reads everything he can get his hands on, attends conferences all over the country, and makes it a point to speak with other successful entrepreneurs to learn from them.
Jeff Bezos realizes that the only way to stand out from everyone else is by being a lifelong learner, and he makes it a goal of his to do just that.
There you have it – 10 simple success secrets from Jeff Bezos. If you’re going to be successful in your business, then you need to follow the example set by the CEO of Amazon.