With technology always on its peak and life giving more chances to budding entrepreneurs, there is no stopping young people to innovate and excel in various niches. More than the class-room training’s and workshops, it is the first-hand experience and tips from experienced entrepreneurs that helps most! One of the greatest entrepreneurs of all times – Jeff Bezos – has seen it all and shares valuable tips as given in the book “The Everything Store” for a successful business. Let us familiarize with a few of Jeff Bezos’s strategies that can help you kick-start your empire and make it big in years to come.
Before we jump on to his strategies, it is important to know few things about Jeff Bezos. The founder of Amazon.com and the richest person in the world, Jeff Bezos has built the most successful online retail store in about 2 decades. He is also a philanthropist who has donated about 2 billion dollars for the homeless and created pre-schools for the benefit of all.He believed that life can only give you more when you bring yourself out of the comfort zone and do something which you will not regret when you are on the death bed! During the initial phases of Amazon, he followed something called as “regret-minimization framework”, that defined this life-philosophy. This thought ispossibly the foundation for all his strategies and values listed below –
1. Start slow to grow
Though Amazon now sells everything (a to z), Jeff Bezos started with a particular niche (books) and slowly made it big by adding gadgets and other commodities.
2.Think big – even if it sounds impossible today
What sounds impossible today can be the future – as is seen in many gadgets and products we have seen. Take the Kindle for example, Jeff Bezos wanted an e-book reader that could find, select, purchase and download any book from any location instantly! This seemed unfeasible to the designers then, but now Kindle is THE reader!
It is not easy to gain trust of the customers unless you are loyal and honest. Jeff Bezos made his own employees give online honest review for the books. The genuine reviews – bad and good both – made users trust the site and suggestions it offered and helped them purchase books as per their taste in an easy and effective manner. His approach of putting customer first has always worked well.
4.Making mistakes is… good!
As said by many great people, making mistakes is key to learning and make better decisions. Jeff Bezos is never scared to take risks and make mistakes, learn from them and move on. The key is accepting the mistake, taking the responsibility and work towards rectifying the damage!
5.Follow core values and ensure your employees do the same
For your business to be successful, it needs to be run on certain core values and principles that you can NEVER compromise on. Jeff Bezos was honest to pen these down early and made sure he kept updating the list. Remember that employees who do not connect with your company’s core values and vision will not be useful to the company in the long run.
6.Don’t be a spend-thrift
It is inevitable to spend money on employees and their comfort. However, Jeff made sure the money is well accounted for and used judiciously. For example, he made sure employees traveled on economy class and not business class. He started employee Loyalty program for budgeting. Many of the successful entrepreneurs avoid unnecessary spending just like Jeff Bezos.
7.Low margin is the key to high customer-base
As Jeff Bezos puts, “Your margin is my opportunity”, lower profit margin lowers the overall price of a product and hence attracts more customers. People feel they are getting a good deal and buy the product and this put your company on top amongst the competitors.
8.Copying is not wrong after all
Most of the entrepreneurs teach us to stay by the ethics and not copy someone else’s ideas. Business is like a war, where you get to fight lot of different minded people and the fact is that not everyone is ethical! So, unless you go out there and legally copy what’s good when absolutely necessary, add your own twist and touch to it – you may not be able to survive. But copying should go hand in hand with innovation and just copying will not work! Jeff Bezos loved James Sinegal’s ideas so much that he tried to copy them and added his own ideas on top to create new ideas!
To be in the league, you should be always in the pursuit of finding better ways to deal with customers needs and problems. If there is not a solution – invent one! And that’s the major reason for Amazon’s success as per Jeff Bezos – always striving to keep customers happy!
These are few of the many leanings and strategies from the success of Jeff Bezos. Brilliant Business strategies is no single formula for success, however these tips are common to many successful entrepreneurs who have seen all the ups and downs and though they aren’t perfect human beings, but sure know what they want in life and business!