Best Lessons For Success From Jeff Bezos

Best 4 Lessons For Success From Jeff Bezos - Daily Business Facts

Amazon was founded by Jeff Bezos. Amazon is a $1.8 trillion e-commerce colossus that has earned him the world’s richest person, with a fortune of more than $200 billion.

In interviews and his annual letters to Amazon shareholders, Advice and lessons for success from Jeff Bezos were learned throughout his roughly 27 years as CEO.

Here are some Lessons for Success from Jeff Bezos shared over the years.

1. Take Risks

“Think about the things you’ll regret doing when you’re 80. It’s virtually always the ones you didn’t do.” It’s a case of omission. In a 2018 interview, Bezos observed, “You will rarely regret something you did that failed and didn’t work or whatever.” That idea influenced Bezos’ life even before he founded Amazon. Bezos had a Wall Street position at hedge fund D. E. Shaw when he was 30 years old, but he saw potential in the internet economy and came up with the concept to open an online bookshop. Bezos’ boss agreed the idea had potential, but he still tried to convince Bezos that it would be less of a risk to keep the job he had.

During a 2020 fireside discussion in India, Bezos remarked about that time in his life, “I saw myself [at] 80 years old, gazing back on my life in a peaceful moment of reflection.” “Would I be sorry if I left in the midst of the year?” And I’m foregoing my annual bonus?” Of course, Bezos decided to go for it, and in the summer of 1994, he went across the nation to launch Amazon in a garage in the Seattle suburbs. A year later, on July 16, 1995, the website went live. These are the best lessons for success from Jeff Bezos.

Best 4 Lessons For Success From Jeff Bezos - Daily Business Facts

“I didn’t think I’d regret trying and failing. And I suspected I would always be haunted by a decision to not try at all,” Bezos said in 2018. So he “took the less safe path to follow my passion, and I’m proud of that choice.”

Picturing yourself as an 80-year-old looking back on your life and the choices you might regret also works for personal decisions, Bezos added.  “I’m not just talking about business things,” he said. “It’s like, ‘I love that person and I never told them,’ and you know, 50 years later you’re like, ‘Why didn’t I tell her? Why didn’t I go after it?’ Lessons for success from Jeff Bezos;

“So that’s the kind of life regret that is very hard to be happy about when you’re telling yourself, in a private moment, that story of your life.”

2. Never Stop Experimenting

Jeff Bezos once said, “If you double the number of experiments you do per year you’re going to double your inventiveness.”

Most CEOs will tell you that experimentation is critical to their company’s success. It’s how fresh ideas emerge and remain competitive in the marketplace and these are the best lessons for success from Jeff Bezos. Food companies experiment with new foods and flavors; retail companies experiment with product placement and store atmosphere; drug companies are built on experimentation; tech companies have “labs,” such as Google Labs; and many high-performing companies, such as Google, encourage their employees to experiment.

Even professional sports teams try out new plays and/or players. Experimentation takes place everywhere and at all times and these are the best lessons for success from Jeff Bezos. At Amazon, experimentation and willingness to invent have always been a part of the culture. It’s not secondary or something that “has to be done because everyone else does it.”

3. Be Willing To Invent

I’ve dispersed parts about Amazon’s creative culture across this post and the best lessons for success from Jeff Bezos, but there’s one element I’d like to emphasize. Have you ever considered how many products and services Amazon has to offer? That stems from Bezos’ idea of rapid experimentation and development. In this way, Bezos is the polar opposite of Steve Jobs. Apple just has a few products, whereas Amazon has dozens. These are the best lessons for success from Jeff Bezos. The extensive selection of items and services offered by Amazon can be seen towards the bottom of the Amazon webpage.

Best 4 Lessons For Success From Jeff Bezos - Daily Business Facts

The invention is really important to Jeff Bezos and his team at Amazon. He mentions the words “pioneers” and “explorers” a lot to describe his team at Amazon. He looks for people that like to invent and are always looking for ways to make products better.

4. Think Long Term

If you only remember one lessons for success from Jeff Bezos, it should be that he is a long-term thinker.

When asked about Amazon’s sales growth, Bezos once couldn’t recall the actual percentage, which is unusual for a CEO. When questioned why he didn’t know, he replied, “I don’t know.”

“I’m thinking a few years out. I’ve already forgotten those numbers.”

Amazon has been in business since 1994. Do you recall those old computers and the early days of the internet? People would buy items off of it, lessons for success from Jeff Bezos knew back then. He has stated that those were some of the most difficult days of his life. He was attempting to raise $1 million in order to launch Amazon. However, obtaining that $1 million was quite tough. He said he spoke with 60 people and received $50K from 22 of them.

Why was it so difficult? People didn’t know what the internet was. Bezos said “the first question most of those [investors] had was ‘what’s the internet?’” Think about that – most people didn’t know what the internet was. Bezos did, and he knew people would be buying products off of it. That’s his vision and long-term thinking at work and inspiring lessons for success from Jeff Bezos.

Clearly, thinking long-term needs a great deal of patience. This is especially true if you’re the CEO and have to deal with day-to-day operations as well. It also necessitates long periods of being misunderstood. It’s part of the process of creating something new.

“Me-too companies have not done well over time,” Bezos claims. As a result, you must be inventive and willing to be misinterpreted. All disruptors are inventors, after all. And copycat businesses aren’t innovators.

He frequently notices this with Amazon: A9 was a Google rip-off, Auctions was an eBay rip-off, and so on. When asked if they plan to move into the brick-and-mortar business, Bezos has said:

“One of the things we don’t do very well at Amazon is a me-too product offering. So when I look at physical retail stores, it’s very well served, the people who operate physical retail stores are very good at the question we would always have before we would embark on such a thing: What’s the idea? What would we do that would be different? How would it be better? We don’t want to just do things because we can do them…we don’t want to be redundant.”

Best 4 Lessons For Success From Jeff Bezos - Daily Business Facts

He also believes that long-term thinking and experimentation are essential components of the company and the best lessons for success from Jeff Bezos :

“You need a culture that high-fives small and innovative ideas and senior executives [that] encourage ideas. In order for innovative ideas to bear fruit, companies need to be willing to “wait for 5-7 years, and most companies don’t take that time horizon.”

It is critical to consider the long term rather than the short term. It benefits customers, as evidenced by Amazon’s $25 delivery offer. When you plan to stay around for the long run, focusing just on near-term gains makes little sense. It benefits the firm since thinking and focusing on the long term allows you to be more open to innovation and the best lessons for success from Jeff Bezos.

It’s a lousy approach to avoid doing anything early on because it’s bad for the near term. Some things take time to pay off. You’ll get better outcomes if you concentrate on the long term. The short term does not always foreshadow the long future and these are the best lessons for success from Jeff Bezos.

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