Saturday, December 9, 2023

Jeff Bezos Success Story: 5 Key Secrets Why Amazon is So Successful?

What Made Jeff Bezos So Successful Entrepreneurs?

I’m sure that you have heard the name of the world’s biggest online retailer. Yes, talking about the Seattle-based company that sells books, household goods, and other products online. Not only that, but Amazon also controls the whole food’s grocery chain and offers video streaming services as well as cloud computing services.

Of course, We are talking about the richest man and the founder of the monster technology company in the world, Jeff Bezos, by name is Jeffrey Preston Bezos.

So, the owner, Jeff Bezos being successful entrepreneurs has been considered the world’s second-richest person. He is now the CEO of the e-commerce base’s company “Amazon”, owner of the Washington Post, and holds the space exploration company Blue Origin also.

Currently, Amazon reported revenue is $281 billion this year. His business ventures made him the most successful business person and richest person in the world.

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Jeff Bezos Biography, Education

The pioneer of Amazon was born in 1964 in New Mexico to a teenage mother Jacklyn Gise Jorgensen, and his biological father, Ted Jorgensen. He had an early love of computers.

Later on, Bezos graduated in computer science and electrical engineering at Princeton University. After graduation, he worked on Wall Street. Four years later, before, he became the youngest vice president at the investment firm D.E Shaw, Bezos quit this lucrative job to open

In 2013, Bezos purchased The Washington Post, and in 2017 Amazon acquired Whole Foods. In February 2021, Amazon announced that Bezos will step down as CEO in the third quarter of the year.

However, Bezos choose to make a risky decision and move into the nascent world of e-commerce. He targeted later the untapped potential of the internet market by selling books online.

Jeff Bezos Early Day’s

Amazon was founded on July 5, 1994, by the entrepreneur Jeff Bezos. He is now one of the world’s wealthiest people and one of the world’s wealthiest corporations after 26 years.

According to The Seattle Times, Bezos filed for the formation of a company called Cadabra on July 5, 1994. The term comes from the word “abracadabra,” which means “magician.” However, Bezos did not keep the name for long. 

As Brad Stone writes in Everything Store: Jeff Bezos and the Edge of the Amazon, Bezos considers the name Cadabra to be “Relentless.”

But this name was also dropped later. A friend of Bezos said the name was not good for them. So he dropped the name.

Bezos began looking for names beginning with the letter “A” in the dictionary in October 1994. The name was the driving force for the hunt for a name beginning with the letter ‘A’ so that it could be easily found.

The term ‘Amazon’ appealed to him. He went to a garage in Seattle and told the personnel there that he had fixed a new name for the company as soon as he liked it. Amazon, as we know it today, began in a garage in Seattle, Washington, USA.

“The Amazon is the name of the world’s longest and largest river,” Bezos explained. All the other rivers flow through it.

People’s lives are being improved by Seattle’s expanding modern e-commerce and technology-based enterprise. Changing customer behavior brings about new aspects, such as the creation of new workspaces.

Jeff Bezos Advice to Young Entrepreneurs

#Set Goal

Setting goals, according to Bezos, is critical in human life. Success in life comes from setting long-term goals rather than short-term ones.

To see the results of your current effort, you must pay close attention to completing daily duties correctly so that you can see the outcomes in a few years.

#Accept Criticism

In life, no matter how successful you are, you will face criticism. Accepting criticism is a must-have mentality.

‘Whenever you go to do something new or inventive, you can be misinterpreted,’ Bezos said in an interview. You can’t do anything new if you have to halt for that misunderstanding or criticism.’

The same thing happened to Bezos, he said. At the outset of Amazon, he was interrupted from leaving his job on Wall Street. At the time, he was a senior vice president at D. E. Shaw, a hedge fund.

#Make Smart Decisions

Bezos said he had a decent job before he was 30 when he spoke at a Princeton University convocation in 2010. His employer admired him as well. He informed his manager of his desire to sell books online.

His employer then told him flatly that his proposal was sound.

It’s fine for individuals who don’t have a job, though. But Bezos stood firm in his choice, putting his position in jeopardy. “I was given a reasonable argument,” Bezos stated. His statements caused me to ponder for 48 hours before making a decision.

In that view, it was a difficult decision to make. But I needed to make a choice. I didn’t think I’d be disappointed if I tried and failed. Rather, I was concerned that something I hadn’t tried would turn me off. I made my decision after great deliberation.

After much deliberation, I chose the risky path because of our passion. Today I am proud of my decision. ‘

#Be Curious and Innovative

Jeff Bezos has stated that he encourages his employees to be curious and innovative. “We have prized employees with a positive culture since the early days of the Amazon,” he remarked. 

They enjoy coming up with new ideas. Their mindset enables us to expand and solve complex difficulties. They are well aware that success is not easy.

Why is Amazon so successful?

The success story of Amazon is built on pillars of Jeff Bezos’s innovation, creativity, and single-minded focus.

Now, the founder of this tech giant company is the world’s 2nd richest person. When you think of him, you must talk about Amazon’s invention, customer experiences, and experiments.

Here are the top 5 key secrets of Amazon success story:

1. They Focus on Continuous Innovation

Amazon’s success drives by its innovation and the variant of technology evolution. The great traits of Amazon’s impressive voice command device, “Echo”. This can be used to play songs, research your favorite sports teams, and weather updates.

Amazon always treats its customers like royal services. They rank high on customer satisfaction.

Jeff Bezos believes that focusing on customers is more important than focusing on the competitors. Since it’s much easier to retain the existing customer than to create a new one in the pipeline. They  

2. Product Diversification

You will find progressive products and services on Amazon. They have a wide variety of products that are clearly categories on their website. This proactive strategy helps Amazon to reach new audiences with better selling experiences.

From the books selling approach, they have also focused on kitchen appliances, beauty products, electronics. So everything a daily customer needs at home. This diversification of products has led Amazon’s business to grow faster than before.

3. They Get Everything Right to Customer

Not just Amazon provides product diversification, they get everything right to deliver to the customers on time. Amazon has an outstanding relationship with its business partners, dealers, which allows them to offer special prices.

Right from selecting products and services that customers require to delivering them, Amazon gets everything right. Amazon had an outstanding dealer relationship, which allows them to offer special discounts to customers.

4. Fast Delivery

Amazon was one of the first online businesses to offer affordable overnight shipping. This strategy addressed one issue with online shopping that you must, of course, wait for the thing to arrive, which might be aggravating for the customer.

They might get clients who would otherwise go to a competitor by offering overnight shipping at a reasonable price.

5. They Prioritize Effective Management Team

The hiring and recruiting policies of Jeff Bezos are outstanding. Though he did not stumble into becoming the CEO, His prior working experiences in D.E Shaw and other companies where he has always been so talented. Without proper management, it’s not possible for a giant company to reach its peak success fast.

The common tendency of most entrepreneurs is to jump from one idea to another. But Jeff Bezos has quite a different approach comparing to its competitors.

He focuses on a five to seven years’ timeframe when an idea is fully implemented, whereas other companies have two to three years’ timeframes. Of course, such kind of mindset requires a challenging and risky movement.

Bottom Line

Amazon’s success isn’t a one-shot deal. It’s a never-ending process that necessitates perseverance, understanding, the correct team management, strategies, tools, successful techniques, and a commitment to Amazon’s ever-changing policies.

I hope these lessons might help the new entrepreneurs to run their business operations successfully.

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Md. Tota Miah
Md. Tota Miah
Md. Tota Miah is a career counseling expert and a faculty member at Varendra University. He has a master’s degree in Management from the University of Rajshahi and has been teaching academic subjects for more than 7 years. Mr. Tota has a passion for helping others win with their personal development and career and has been writing about self-growth and lifestyle matters for 3 years. Youth Rider is the result of his dream and passion to share the knowledge and information that would ultimately help people around the world.

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