Jeff Bezos may have started small back in the early 90s, but Amazon is now a multi-billion dollar empire. Over the years, he not only has amassed great wealth but also accumulated a tremendous amount of knowledge about business, entrepreneurship and achieving great success in all his endeavors.
Luckily for us, Jeff Bezos has over the years been sharing his business knowledge through interviews, the media and his speeches, some of which are quite extensive and detailed, and collected here for your benefit:
- Forget the competition and be customer-centric
Stop obsessing over what the competition is doing. If you find yourself mimicking what the competition is doing, you’ll forever be reacting, not proactively developing what your customer needs. Focus on your customers’ needs and forget the competition.
For Jeff Bezos, simply satisfying the needs of his customers is not enough. He goes the extra mile in giving the customer more than is required. By adopting just this one simple principle, you’ll make yourself stand out from the rest of the competition without even trying.
- Simplify as much as possible
Jeff Bezos prefers to keep things as simple as possible. That way, problems are easier to spot and deal with. If there’s a task that seems too overwhelming, break it down to its simplest components and deal with those segments one by one until the whole problem is solved.
- Listen to your inner voice
Jeff Bezos relies on his gut feeling more than any data he has compiled in his office. So if you’re facing an urgent decision, go with your instincts. Jeff Bezos said that if you have the luxury of time to use data, then by all means use it. However, Bezos emphasizes that “your most important decisions are always made with instinct and intuition.”
- Be passionate about what you do
Passion is what drives us to do what we love to do. If you have the passion for selling online on Amazon, then it is one of the factors for success. However, Jeff Bezos warns that just because you have a passion for something it doesn’t mean you’re going to succeed. For example, just because you have the passion for it, it doesn’t follow that you can make a wrong idea to work.
In other words, be passionate about doing the right thing for your business and customers.
- Adopt an innovative strategy
At the heart of Amazon’s success is innovation. Thanks to Jeff Bezos’ untiring devotion to experimentation and excellence, Amazon is now one of the world’s most important companies. If you want to follow in the footsteps of Jeff Bezos and succeed, don’t be afraid to improvise and innovate. Keep your eye on the future. Anticipate the needs of your customers, and you will always be ahead of the competition.
- It’s Okay to Change Your Mind
Everyone makes mistakes. So when someone points it out when you’re wrong, listen with a calm and open mind. Strong and mature leaders own up when they find an error and then changes their minds.
- Get plenty of sleep
Generally, our brain works best when we are rested and gotten a good night’s sleep. This is the reason why Jeff Bezos prefers to hold meetings that deal with critical issues in the morning when his mind and energy are at their peak. Less important matters are dealt with later in the day. So when you are faced with an important decision, get some sleep or at least take a nap. When you wake up alert and refreshed, you will be able to tackle the issues with greater ease than when you didn’t get any rest at all.
- Be resolute
When great leaders are on a job, they stay on the job until it is completed. When he knows he is right and his mind is made up on something, Jeff Bezos never lets up until his goals are accomplished. This is the mindset of a successful entrepreneur.
- Be bold and daring
Every business idea carries some risks with it. That’s why Jeff Bezos trained himself to be bold and daring in carrying out his business plans and strategies. A risk-free business idea is most likely obsolete or stagnant. A person who does not take risks, will never have the kind of success Jeff Bezos has achieved.
- Think long term
Project your ideas to at least a decade into the future. What do you see? Will your ideas still be useful? This is the kind of thing to consider when making business and marketing plans. Another question to ask is whether you will be able to cope with customer demand 10 or 20 years from now. Thinking ahead will force you to anticipate customer needs and stay ahead of the competition.
Bonus tip: how to deal with lost or damaged items
If you are on the FBA program, you are likely to have experienced this problem. When your goods are lost or damaged, Amazon binds itself to reimburse you for the whole amount. But this does not always happen. Many sellers are already complaining about Amazon’s lopsided policies when it comes to giving refunds or reimbursements.
The good news is that you no longer have to jump through hoops and loops to get reimbursed for lost or damaged items. Seller Investigators can collect this money for you in a fast, expedient and risk free manner so you can give your growing business the full attention it deserves. Happy selling!