Jeff Bezos, the founder and former CEO of Amazon built his company from zero to nearly $1.7 trillion.
He was relentless in growing his company and turned his former bookstore into a global enterprise.
What can we learn from this and pull out important lessons about entrepreneurship, innovation and customer experience.
Based on a great article on inc.com, the key lessons are summarized here.
1. Use the regret minimization framework.
How will your life look like looking When you're 80 years of age?
2. Find the right opportunity.
Bezos decided to build an Internet business and not a book business, based on the growth rate of 2300% at that time.
3. Be customer-obsessed.
You need to have an obsessive and compulsive focus on the customer.
4. Make your value exceed all the costs.
Does the buying process make the customers' live easier or better?
5. Fear customers, not competitors.
The customers have the money and therefore the power, not the competitors.
6. Focus on the long term.
Bezos thought long-term. Amazon reinvested in the early days almost everything back into the business. Favoring growth over profits.
7. Feed the flywheel.
In his vision, the books were just the beginning: they would attract customers who would generate revenue so that they could be used to offer more products at low prices.
8. Hire for intensity.
You need to create mission-driven employees.
9. Protect your culture.
Based on your mission which builds your history protect and build your culture.
You must recognize your history and preserve it carefully.
Bezos says:" Culture is created slowly over time by the people and by events--by the stories of past success and failure that become a deep part of the company lore."
10. Know what kind of decision you're making.
There are two types of decisions: One-door or two-way door decisions.
One-door decisions are less consequential and you can reverse them if you make the wrong decision.
Two-way decisions are irreversible and often have major consequences. These decisions should be made with a small team or a member of your team with high judgment. Avoid confusing the two types of decisions.
11. Listen to your critics--but not too much.
"If you can't afford to be misunderstood, don't do anything new or innovative," Bezos says. "First, look in a mirror and decide if your critics are right. If they're right, change."
Bezos started with a knowledge business: a bookstore. He knew people wanted to learn and grow. People wanted to read.
And today, more than ever, they want to learn!
Discover how you can tap into a 250 billion knowledge-based industry that will grow 21% over the next four years.
By Len Edgerly - https://www.flickr.com/photos/lenedgerly/28534659512/, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=68178255