5 Amazing Business Wisdom Of Jeff Bezos

5 Amazing Business Wisdom Of Jeff Bezos - Daily Business Facts

Jeff Bezos is the founder and CEO of Amazon and the 45th richest man in the world with a net worth of $43.5 billion as of June 2017, according to Bloomberg Wealth In 2018. This business wisdom of Jeff Bezos’s ideas and the successful execution of those ideas. Jeff Bezos has built a vast empire from scratch, but he’s also done it from scratch several times over.

Begun as an online bookseller, Amazon evolved into a transnational e-commerce giant with its own branded streaming service called Prime Video, mobile app development business called Blue Origin, and now an electric vehicle manufacturing company called Waymo. While some might consider this a curse rather than a blessing, Bezos views it as an opportunity to build even more great businesses that help people and industries thrive.

Let’s explore the amazing business wisdom of Jeff Bezos expertly navigates challenging business situations while staying true to himself and his employees.

1. Learn The Market

Bezos’s business success relies heavily on his understanding of the market. It’s probably no coincidence that he has only been in the game for a little more than 30 years. The internet has profoundly changed the way people buy and sell goods and services, and the market for e-commerce businesses is now fully connected and global. But how can a business grow in a market that’s already full of businesses? Follow the business wisdom of jeff Bezos to get familiar with the market. While he might not buy or sell himself anymore, his love of books and reading is still a large part of Amazon’s culture.

5 Amazing Business Wisdom Of Jeff Bezos - Daily Business Facts

Create a business case. Bezos often tells employees that it used to be that companies made decisions based on “Customer Feedback,” but that now it’s about creating a business case. This case starts by identifying what problem(s) you are solving for your customers and then laying out the value proposition for them. It’s important to understand the value proposition and solve the customer’s pain points by identifying the needs and problems that your product or service solves. Once you’ve laid out your business case, it’s on to the marketplace and converting your vision into reality.

2. Be Disciplined

Like many great entrepreneurs, Jeff Bezos goes to extremes to achieve discipline. Unlike many entrepreneurs, Bezos is also a disciplined workaholic. Yes, he has a family and a business to take care of, but he’s also made a career out of getting the most out of himself. This self-discipline is what has gotten Bezos to where he is today, and it’s what will get him there tomorrow. Being disciplined is excellent business wisdom of Jeff Bezos helps you become a successful business owner.

When it comes to discipline, there are two types of discipline. There’s behavioral, which is applying the rules and consequences for breaking the rules, and there’s emotional, which is following your gut and stopping what you’re doing when you sense that someone is in pain or is being taken advantage of.

3. Build Great Products

Bezos’s business strategy is centered on creating great products. If he were to rank products by their importance to customers, Amazon’s first line of business would be in the No. 1 spot. In the early days, Bezos focused almost exclusively on selling books online. But as he grew his business and expanded his customer base, he realized that there was a huge market for everything else, too.

5 Amazing Business Wisdom Of Jeff Bezos - Daily Business Facts

Now, Bezos’s diversified business includes everything from toys to video-streaming services and more. In order to build a successful business, it’s important to understand your customer’s pain points and solve those problems. In this case, Bezos believes that video-streaming services help people decompress after a long day and make smarter business decisions.

4. Lead By Example

Like many successful entrepreneurs, Bezos is an expert at leading by example. An excellent way to get your company’s name out there and establish yourself as an expert in your industry is to start a blog. These days, many of the world’s leading retailers have online grocery stores, but very few have started to sell groceries online.

Amazon’s grocery service is called Amazon Go, and there’s no telling how long it will take them to perfect the technology to make grocery shopping for the masses as easy as walking into a store. But for now, it’s a great way to get your product or service name out there and establish yourself as an expert in your field. The business wisdom of Jeff Bezos helps you become a successful entrepreneur.

5. As An Investor

Beyond all the things we’ve already discussed, Bezos is a true business leader who has created more than 100 companies during his career. As an investor, he’s also been involved in more than 100 startup companies, including Amazon and Blue Origin. The list of companies Bezos has been involved with and the impact he’s had on each of them is long. Here are just a few:

5 Amazing Business Wisdom Of Jeff Bezos - Daily Business Facts
  • 1987 – First Online Auction House: eBay
  • 1990 – First Online Shopping Mall: Amazon
  • 1993 – First IPO: Amazon
  • 1999 – First Car: Blue Origin

As you can see, Bezos is a great mentor to his employees, and he does a lot for them both on and off the job. Jeff Bezos is a business legend who has built a diversified empire from scratch. The world would be a better place if he were still in it. For a successful business, you must know this business wisdom of Jeff Bezos.

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