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.
- Elon Musk Career Advice: Success Story, Tips for Students
- Reinvent Yourself: 5 Must Do’s For a Stunning Personal Transformation
Jeff Bezos Biography, Education and Early Life
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 Amazon.com.
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.
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 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.
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 entrepreneur to run their business operations successfully.