Jeff Bezos is a few months away from leaving his position as CEO of Amazon (Photo: REUTERS / Anushree Fadnavis)
Jeff BezosAmazon founder, a few months away from Leave your position as CEO of the company. But since he created this store in 1994, the entrepreneur has left many lessons for the future CEO and the rest of the companies.
magazine The Iraqi National Congress Made A list of the most important lessons Bezos leaves for future entrepreneurs About starting a business, how to innovate, and how to provide the best customer experience.
1. Use the Stress Reduction Framework
Jeff Bezos wants the fewest regrets as he grows up, so he used something he calls the “Regrets Reduction Framework.” This helped him make the decision to move to the other side of the United States to open an online bookstore. “I want to reduce the amount of regret I feel […] I knew that when I was 80 years old, I wouldn’t regret trying it. I will not regret trying to participate in this thing called the Internet that I thought was going to be really important. “
2. Find the right opportunity
The businessman worked in New York City for DE Shaw, an investment firm where he heard that internet use was growing at an annual rate of 2,300%, which is an incorrect amount, according to the publication, as it was actually a rate of 230,000%.
She was then she became Bezos created an online business, and although he wasn’t very interested in books, they seemed to be the best option to take advantage of the rapid growth of the Internet.. When he founded Amazon, his book catalog reached as many as 3 million titles, so this was a logical starting point.
The businessman has declared that he does not want to regret his decisions (Image: REUTERS / Gus Ruelas)
3. Customer acquisition
While some companies showed their customers that it was the most important thing, while inside the company they did not do enough for it. But Bezos left another focus: a company that the company’s customers cannot live without.
“The Amazon’s secret sauceThere are many principles at Amazon, but the first thing that has made us so successful is, It is the obsessive and compulsive focus on the clientBezos told David Rubinstein in a 2018 interview at The Economic Club of Washington, DC.
But she was not only serving the customer “well”, but she was also seeing the products from their perspective. That’s why Bezos insisted that the team draft a six-page note for each new product and include a press release form. The entrepreneur said the narrative style of co-ordination illustrated strategy, and that in writing the release, the team had to think about what it was doing through the lens of a customer’s first encounter with the product.
4. Your value may exceed all costs
In the early years of online sales, ordering anything bad for sellers and buyers alike was due to the slow internet and the computers themselves or the lack of computers in American homes.
But Bezos believed that if the products he offered were not found anywhere else, were priced low, and they could pick whatever they wanted, and had it delivered on delivery, it might help him overcome barriers. To shop online.
Even as the world’s internet service improved, the site made many people’s lives easier, so they kept growing.
Bezos has found ways to break down barriers that were online in the beginning (Photo: Reuters / Joshua Roberts)
5. Fear of customers, not competitors
It is important to focus your attention where it really matters. The competitors are not the ones who pay, they are the customers, so they are the ones who have the right to claim and who should be afraid. Bezos told his team, “Be afraid of our customers, because these are the people who have the money.”
6. Focus on the long term
The quarterly, spot sales weren’t important to Jeff Bezos, but they were the long-term results he envisioned to be able to grow.
“We believe that the critical measure of our success will be the long-term value we create for shareholders. This value will be a direct result of our ability to expand and consolidate our current leadership position in the market,” the entrepreneur wrote, according to the publication.
Amazon Prime was a reflection of that idea, because when it launched in 2005, it costed $ 79 a year and offered free shipping within two days.. Bezos explained that this was for the customer to see the value of the subscription and the “irresponsibility of not being a member.”
This cost the company money initially, but those who were willing to pay that much money will likely be repeat customers who will buy a lot of the stuff. This means shipping costs can quickly exceed the membership rate, which is the point. Jumps in sales, even if they mean losing money in the short term, fuel the plan for the future.
Focusing on the future is key (Photo: Reuters / Isaiah J. Downing)
7. Feed the flywheel
This tour was expected to attract more customers with a large selection of products at low prices and excellent customer service. This in turn Attracting outside vendors to the platform, increasing product selection, attracting more customers, etc.. The more products Amazon sells, the more efficient its processes and systems will be. The higher your sales volume, the better the prices you can get from your suppliers, and the better you can allocate those lower costs to growth.
8. Rent according to severity
The best workers will always be those with a great purpose. “How do you hire great people and keep them from leaving? By giving them, first and foremost, a great mission, something that has a real purpose, that has meaning“, The most prominent businessman.
It is imperative to nurture the cycle of attracting sellers and buyers in order to achieve better results (Photo: Reuters / Joshua Roberts)
9. Protect your company culture
The company culture is one dense culture, with endless working hours, harsh working conditions, and an environment that pushes people beyond their limits. Although this has its dark side, it definitely worked for Bezos, as he continued to attract talented people.
Bezos wrote to investors in 2016: “We never claim that our approach is the right approach, just that it is our approach, and over the past two decades, we have brought together a large group of like-minded people.”
Regardless of what criticism you might take of Amazon’s intense culture, Bezos is right when he says that culture “is created slowly over time by people and events, through stories of past successes and failures that have become a deep part of. A company.”
10. Know the type of decision you are making
Is there a way to undo the decision? If there is, it is a file Resolution Type 1It’s a decision that won’t be as important Type 2Bezos explains in a collection of his writings, Invent & Wander, which is “irreversible and of great importance”.
The entrepreneur has always described his role as the “slowdown manager” and in Type 2 cases he’s always looking for more information, as it’s so important and once taken, there’s no turning back. Although most decisions are Type 1, the problem is that mixing the two takes a long time to make decisions about Type 1.
“Is it a one-way door or a two-way door? If the door is two-way, make the decision with a small team or even with someone of high esteem. Make the decision.”
It is imperative to know what kind of decision is being made (Photo: Reuters / Clauda Kilcoin)
11. Listen to criticism, but not much
“Firstly, Look in the mirror and decide if your critics are right. If they are right, changeBezos says.
One of his recent criticisms changed when in 2018 he raised the minimum wage to $ 15 an hour for workers in his warehouses. Also in 2009, when Amazon distributed illegal copies of “1984” by George Orwell. Upon notification of the problem, the company remotely removed copies of Kindles from users. The company corrected this action by offering customers a fresh copy of the book, or $ 30, plus an apology.
Jeff Bezos’ emotional message about the dreamers and his father
How Much Money Elon Musk, Jeff Bezos And Other Billionaires Got In The Last Year, Despite The Pandemic
Amazon founder Jeff Bezos deposed Elon Musk as the world’s richest person