Jeff Bezos is the most successful technology business tycoon in the world currently with a net worth of 185.2 billion USD. He is the founder of amazon.com, the most successful e-commerce business. Every business aims to break even, yes to make profits, and of course to continue making profit and progress. As a startup or even an active business, it is wise to draw insights from those who have attained greater height. This way, a business can run optimally and suffer fewer failures. Running a startup can be tiring especially when there seem not to be so many resources available or when it seems the idea isn’t perfect. From Jeff Bezos, startups would learn that a humble beginning is like sowing seed: it might be few and maybe not so complete, but in harvest time, one would behold a mighty tree.
Here are 7 Business Tips we learned from the Billionaire, Jeff Bezos:
1. Start Humble
What is today known as Amazon featuring an unimaginable variety of goods started in a local garage where the only items sold were books. Jeff Bezos’ attitude of starting small encourages us to go ahead and just get started. We don’t need to have all resources and ideas on the ground before we set the stone rolling.
2. Be Relevant
Imagine a Startup that wants to start a business selling refrigerators to the Eskimos. They would have to put a whole lot into consideration, including the cost of production and employing a sales expert to convince a set of people whose weather condition doesn’t necessitate the relevance of a refrigerator. Jeff Bezos started by selling books. His choice of books was because of their low cost and universal demand. So, you should ask the important question of relevance and cost, especially when you are just starting up.
3. Build a Lasting Customer Experience
It’s easier for a customer who was treated right the first time to think of a business again. The experience you give to your customer goes a long way in keeping the customer glued to you and more so, it is a basis of free advertisement. Jeff Bezos rightly said, If you do build a great experience, customers tell each other about that. Word of mouth is very powerful. Word of mouth is indeed very powerful. It is almost impossible for a customer not to pay a visit to a client whose business was recommended by another customer who is not a member of the business. You can put up an advert for your business, and some people could feel reluctant because it is certain that no one would make an advert and talk about how terrible their services are, rather they would glorify their business and might even project things that they are not into yet. Word of mouth from a Customer to a Customer is like a testimonial to a business and it is a sure way to increase a business’s customer base. This testimonial is achieved by building a lasting customer experience.
4. Never Stop Experimenting
In the Billionaire’s words, “If you double the number of experiments you do per year you’re going to double your inventiveness.” Amazon.com, the popular American multinational e-commerce company started as an online marketplace for books but expanded to sell electronics, software, video games, apparel, furniture, food, toys, and jewelry. The Amazon CEO discussed how he encourages Amazon employees to be innovative at the 2018 Air, Space & Cyber Conference. In this conference, he spoke so much about making experiments and how important they are. One of his keywords was that “you can’t invest if you don’t experiment”. Try out new stuff, and if they fail adjust your inputs and try again. When you have 19 failures and 1 success, the failures won’t matter any longer.
5. Have a Long Term Goal
“My view is that every company requires a long term view” – Jeff Bezos. With a long-term goal, a business is not confused as to what happens after the present. This goal helps the business in decision making as there are some actions taken today that might hamper the hope of an expansion of a business in the future. Without a long term goal, a business is sure to keep moving in circles after it has achieved its short-term goal.
6. Focus on your customers
“If you’re competitor focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.” – Jeff Bezos. Jeff gives a different insight on how to go about a business. To focus on your competitors would be to wait for them and as such to always be behind as your decisions are a function of what they have decided to do. But focusing on the customers, who are the actual people for which you started the business, would help you to find ways of improving your services
and satisfying them. “The best customer service is if the customer doesn’t need to call you, doesn’t need to talk to you. It just works.” – Jeff Bezos.
7. Use the Internet – Embrace Technology
The age of technology has come to stay and not to embrace it is to be left behind [in everything]. Virtually all things have gone online and if there is something you see that is yet to go online, then, you have an opportunity of doing so. And with artificial intelligence breaking new grounds, it is evident that the full prowess of technology is yet to be unraveled. Jeff Bezos has rightly stated that “There’s so much stuff that is yet to be invented. There’s so much new that’s going to happen. People don’t have any idea yet how impactful the Internet is going to be and that this is still Day 1 in such a big way.”
The following video contains even more tips on Business from Jeff Bezos.