Updated: Aug 16, 2020
Today I want to talk about the richest person on planet earth, Jeff Bezos. Just learn something from a person who has already achieved what we all want in life. In 2018, he became the first centibillionaire, what did I just write, centibillionaire yes centibillionaire, a person who has a net worth of 100 billion is called as a centibillionaire. His net worth as of today is 176 Billion dollars. The only other centibillionare is Bill Gates with 106 billion dollars.
His net worth is more than the GDP 125 countries ( a mixture of small and big countries).
How can a person be so intelligent?
Starting from a garage and now is the founder and owner of the second biggest company in the world by market size.
If you also want to know this please read the whole post.
I will summarise all this in 10 points.
So let’s start, but first, let’s talk about Jeff‘s life.
He was born in January 1964, his mother was only 17 when Jeff was born. He was an average student. He worked hard a reached the post of Vice President in a Merchant Banking company at a very young age. In the 1990s, he thought that a boom .com is coming, I can come back to a bank but if I miss this I will not have a better chance of making a company.
Jeff Bezos at the age of 8.
So, he resigned from the post of the Vice President, and company Amazon on the name of a popular lake of South America ‘Amazon’
This company used to sell books, It is one of the few companies that survived the .com crises of 2000.
He clarified the payment model and with all this added new product lines in his company.
Now Let’s talk about the 10 points.
1. Customer is the king and I am his servant.
Credits: The Economic Times.
His philosophy is to treat the customer as the king.
He says that always keep in mind,
What the customer likes the most and,
What the customer dislikes the most.
He gives attention to both the points equally.
He's discovered that these are the three things that the customer dislikes the most:
Out of stock
He had to fix these three problems and the company started running in the best way possible.
2. Except more from his employees.
He expects a lot from his employees and when he expects a lot, he shouts at his employees, scolds them, and never says sorry for this.
He is a very different kind of person.
He says “ I have 5 lakh employees and they are there to serve the 16 crore customers because we the servants and customer is the kind.”
Today they are famous for there same-day delivery, The General store next to your house also can’t do this if there delivery boy is on a leave.
Why, because the customer is the king and I am his servant.
3. Long term vision.
When amazon was in the initial stages, the investors used to ask Jeff where’s the profit,
his answer was my aim is not to get short term profit but I want to have a long term vision.
He used to for the next 3 months, by planning for the next 3 years.
For his vision he says,
“Our vision is to use this platform to build the earth‘s most customer-centric company, a place where customers can come to find and discover anything and everything they might want to buy online.”
4. Complexing the simple, and simplify the complex.
Today, there are two types of entrepreneur
Type 1 is like Jeff Bezos, Elon Musk, Mark Zuckerberg, who simplify the complex and complexify the simple.
They will show a complex thing in such a way that the customer thinks what’s complex in this, and show the simplest think the most simple thing the most complex way possible so that the customer stays with them for long and they can create a recurring revenue source.
Type 2, are those who don’t do this and trapped in their business model and mostly fail.
5. Every Employee has a hidden Owner Within.
When he first wrote a letter to the employees in his company there were 614 employees and today there are more than 5 lakh employees in Amazon.
He says that create an owner in every employee then only the company will grow and grow at a fast pace.
He wants co-owner in his company not servants as his employees.
6.Take quick decisions with 70% Information.
He says that don’t wait for the whole information about something, start some tests or start taking responses of the product by the customer why because again, Customer is the king and I am his servant and if you don’t start early, your competitor will copy the idea and he might do something before you and then you are in a big loss.
I want to tell you about a fact, When Jeff had the idea of Amazon Prime, his research team said that they will take 180 days to get all the information and then they can start the tests, He didn’t like it and launched It on the 112th day after that conversation.
Golden statement by Jeff Bezos;
Your First product is never the final product so start early.
7. Value Imitation Vs Value Innovation
Value Imitation means copying someone and making a product out of it.
Bezos says that try new product Innovate, think of what the customer would need, and make a product out of it, even before the customer could think or ask about it.
Value Imitation cannot sustain for long but if you innovate then the whole world will imitate your idea and you will not only sustain but will grow too.
8. Don’t let the process kill the progress.
In many companies there are so many processes that it kills the progress, I mean the if you have a lot of processes you can’t of new ideas, new methods, alternate methods, etc. which is terrifying, if this is the case in a company the company will not sustain for long.
Jeff says focus on new products, new ideas, etc. so that you can beat the market and grow.
9. 80% product and 20% promotion.
What most companies do is they focus on the promotion of the product and shift there focus from product to promotion, Jeff says if you have made a good product the customer will automatically come, and if the experience is good he will bring another 4 next time so work on the product not on promotion.
A bad product will excellent promotion can not sustain
But a good product will weak promotion will work maybe not on the same but it will surely work.
10. Master of failures.
“I had not failed. I’ve just found 10,000 ways that won’t work.”
- Thomas A. Edison
He says, if you make a good product and sleep, that’s bad
and if you don’t make a good product and sleep that’s even worse.
He focuses on Course correction.
He says if I fail it’s not a problem, it has just learned another way that won’t work.
Discover new ideas try them out, fail in them do the course correction, and grow says, Jeff Bezos.
I hope you would have loved the post, thanks for reading the whole post. Wish that you would have learned something from this post.
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