Lessons Entrepreneurs can Learn from the Success Story of Jeff Bezos and Amazon
Put simply, we all know Amazon as the one-stop-shop for all of consumer needs in the US and around the world.
At the early stage, they started off selling books, but now they sell a variety of products to consumers and computer services to businesses. In February 2017, Amazon had a massive number of loyal user accounts – no less than 300 million to be precise.
All of these successes can only be attributed to the ideology, philosophy and workaholic mentality of its founder and CEO, Jeff Bezos.
So, what is it that makes Amazon such a reputable and successful business? And how other businesses can follow in its footsteps?
The main reason why Amazon tops the list of retailers and businesses is simple: As a company, they never stop expanding their possibilities. They started by selling just books, but now, they sell just about every product on the globe.
At Amazon, experimentation and willingness to invent have always been a part of their brand and culture. Amazon has been investing in various initiatives, such as expanding into India and Australia, speeding up delivery times to as low as an hour on select products, adding new skills and producing original movies and TV shows.
Before now, the cost of shipping has held many people back from ordering online, and they do not receive a product the same day that they ordered it. Amazon currently offers free shipping on orders over £25. They call the program Super Saver Shipping.
Amazon has always prioritized the need of its clients. Their Experiments have led to innovation that cater for the needs of customers.
So, to grow your business just like Amazon, you need to be ambitious, experiment and explore new markets and products.
Be Patient and think long term
One thing to know about Jeff Bezos is, he always thinks and does business in the long term.
Amazon retail has been around since 1994, it went fully public in 1998.but am sure majority of us have only heard and used the platform over the last few years.
Getting Amazon off the ground was no easy task for JeffBezos, but he was determined to make it happen way back in the early days of the internet.
He correctly predicted that they would be the retail tour-de-forces of the future. That was his vision and long-term thinking at work.
Thinking long term requires an enormous amount of patience. But long term thinking and patience are fundamental ingredient to the success of any business. Without it, there is a high possibility that your business will never work.
Be Totally Obsessed With Your Business
To make your business work for you, you need to be completely transfixed and addicted to it.
Jeff Bezos has been in control ever since Amazon first began its retail journey, and it doesn’t look like things are going to change anytime soon.
He was obsessed and determined to move Amazon to the highest level possible.
Your business is your livelihood, your income and your day job, so you should be obsessed about it. When you are obsessed about it, it makes you go the extra mile to make sure it succeeds.
Be A Brand – Not Just A Business
To make a company stand out and appeal to the masses, you need to introduce more than just a product. You need a brand, a culture and an ideology in which your entire business is centered around.
Amazon built a culture of being famously fast-paced and notoriously cost-conscious, they are also known for their cost-effective nature, user-friendly and experts in fast customer service with amazing reliability.
The point is to decide what few things are most important, repeat them often, and make sure it is what customers want and they will buy into it.