Jeff Bezos is the founder, executive chairman and former president of Amazon.com and owner of ‘The Washington Post.’ His successful business ventures have made him one of the richest people in the world with a net worth of around US$140 billion as of May 2022.
Jeff Bezos has given many business tips and advice sharing his experience and offering advice on how entrepreneurs can become more successful in their business.
Here’s a compilation of five of the most powerful business lessons he learned along his journey
Don’t rush growth and think long-term
A lot of people want overnight success. However, making a mark in an industry or transforming your startup into a profitable one in under a year is next to impossible. “Think long term and do not sacrifice long-term value for short-term results.” – is one of the main Amazon business principles, according to Bezos.
Be stubborn but flexible
Being stubborn in the pursuit of your goals but flexible in how you go about it has helped Bezos to succeed. He further explained that “If you’re not stubborn, you’ll give up too soon and if you’re not flexible, you’ll hit your head against the wall, and you won’t see any different solution to a problem you’re trying to solve.”
Follow your instinct
In the business world, instinct is more important that data sets.
“If you can make a decision with analysis, you should do so. But it turns out in life that your most important decisions are always made with instinct and intuition.”
Bezos favours a personal touch over a massive corporate apparatus, especially in a company’s early stages. He noted that Amazon had just five employees when it opened its doors.
“It’s hard to remember for you guys, but for me it’s like yesterday I was driving the packages to the post office myself. “
Learn from your competitors.
It’s a good idea to keep a close eye on your competitors. Bezos admitted that Amazon watches its rivals in order to “learn from them, see the things that they were doing for customers and copy those things as much as we can.”It’s better to build on something that’s already proven to work and put your own twist to it.