According to Bloomberg’s Billionaires Index and Forbes, Jeff Bezos is the world’s second wealthiest person and was the wealthiest from 2017 to 2021. He is estimated to be worth $140 million. His net fortune exceeds the GDP of Iceland, Afghanistan, and Costa Rica combined. He built his fortune through commercial ventures. In this article, we discuss the five Life Habits you can learn from Jeff Bezos. On a road journey from New York City to Seattle in late 1994, he started Amazon. The company began as an online bookstore and has subsequently evolved to include video and audio streaming, cloud computing, and artificial intelligence, among other e-commerce products and services.
Here are five Life Habits you can learn from Jeff Bezos, the second wealthiest person in the world.
1. Always Make Long Term plans
Failure to plan equals failure to plan. This is a motto that we can apply to our daily lives. Amazon was founded by Jeff Bezos with the long game in mind–a strategy that required him to tolerate short-term losses that not everyone understood. When e-books initially became available, most publishers priced them similarly to their print counterparts. Always making long-term plans is one of the best habits among the five Life Habits you can learn from Jeff Bezos.
Jeff Bezos, on the other hand, predicted that their long-term price would be around $10 and began selling them for that price. This choice cost Amazon roughly $5 per e-book at first, but by the time the price was reduced, Amazon had already established itself as the go-to for e-books. Jeff Bezos also created the groundwork for one of the company’s biggest hits, the Kindle, using this unusual strategy. These are the five Life Habits you can learn from Jeff Bezos.
2. Be Economical in the Management of Resources
The Amazon boss Jeff Bezos is well known for being frugal. Being frugal in this sense means living simply, without splurging on expensive things you don’t need. Frugal living is about keeping costs low, while still managing to live a full, happy life. Many people choose to live frugally for different reasons, but the most common one is to save money. Being economical in the management of resources is one of the best habits among the five Life Habits you can learn from Jeff Bezos.
The Frugal nature of Jeff Bezos can be seen in the way his company is being run. He tries to cut down expenses at the lowest minimum. Employees pay for their own parking tickets, snacks at the office aren’t free, and, when traveling, employees bunk in double rooms. In general, Amazon isn’t a place where staff spends relaxed days brainstorming over coffee. The norm is to work long, hard, and smart, with no compromises on any of the three. One of the biggest but probably less considered benefits of living frugally is that you’ll start figuring out what your real priorities are. These are the five Life Habits you can learn from Jeff Bezos.
3. Never Hesitate to Risk
The willingness to take risks is part way to the success of Jeff Bezos and the amazing life Habits you can learn from Jeff Bezos. Despite initial misconceptions, the importance of taking risks is evident in helping you grow and progress. Taking risks forces you to enter unchartered territory. An unchartered territory without a how-to-guide on how you should approach the situation you embarked on. Indeed, the major importance of taking risks is the ability for you to learn from the potential mistakes you will make.
Whenever you take a risk, you are stepping out of your comfort zone. As you are unfamiliar with your surroundings, there is often a chance you will make some mistakes when doing so. These are the five Life Habits you can learn from Jeff Bezos.
Before that big idea in the Bellevue garage took off, Jeff Bezos had a secure job at a hedge fund. Still, he quit it, set it up in his parent’s garage, and poured his savings into making the Everything Store a reality. And it worked. Today, Amazon operates on the premise that the risk is worth the reward. This approach has led to flops such as Amazon Auctions, a division that simply couldn’t compete with eBay’s hold on the market, but it’s also spawned Amazon’s wildly successful 1-Click Purchase.
The benefits of taking risks include learning from your mistakes, standing out from the crowd, a starting point for you to pursue goals or ambitions, helping you feel alive and empowered, enabling you to be creative and think outside of the box, forcing you to take initiative and learning about yourself and your boundaries. These are the five Life Habits you can learn from Jeff Bezos.
4. Possess Unending Desire For Success
A Strong Desire Is All You Need to Succeed. Powerful things happen after you begin putting in place the work to attain your goals. You become dependent on the progress and fall in love with the process. Amazon began with books but conquered music, movies, electronics, and toys in very short order. Next came the Kindle, and with it, they won their niche. Even now, there are Amazon services completely under the radar to most consumers.
Did you know that Amazon Web services provide cloud computing services to big businesses, the US government, and even NASA? How did this happen? It certainly didn’t come from Jeff Bezos getting complacent. These are the five Life Habits you can learn from Jeff Bezos.
On the contrary, he believes that there are no products and services Amazon couldn’t sell. Soon, the company will have its own delivery fleet, become a publisher and media company, and perhaps even offer 3D printing services. For Jeff Bezos, the future is rife with possibility, opportunity, and inventiveness – and he’s hungry for all that it brings. These are the five Life Habits you can learn from Jeff Bezos.
5. Be Limitless
Being limitless simply means making your own rules. Do not be governed by the rules carved out of past experiences of others. This helps you to be boundless in your daily endeavors in life. Jeff Bezos is well known for creating his own rules. He created the two-pizza rule. This rule stipulates that no team should be so big that you couldn’t feed it with two pizzas. According to Jeff Bezos, larger groups are less productive, so the company is organized into autonomous units of 10 or fewer that compete for resources (but not pizzas) in their mission to make their customers happier.
When you become limitless within your mind, you will start to live life differently than most people do. Limitations only exist to those who set them. The masses are walking around confined to their current reality because they have a limited mindset. Never set a limit on what you can achieve, there are no limits out here, it is all within you. These are the five Life Habits you can learn from Jeff Bezos.