Jeff Bezos is the founder and CEO of the world’s largest online retailer, Amazon.com. Here are 7 business lessons from him that you can implement for your business.
Innovate and Evolve
A company which is not constantly evolving is not moving forward. The key to the growth of a company is to keep innovating and never be stagnant. The process of innovation may require you to take risks and try out new things. You should be ready for that if you really wish to grow your company.
Focus on Customers, not Competitors
Most tech companies are focused on their competitors. They try out things which are working for their competitors. While keeping a watch on your competitor is important, you shouldn’t be obsessed with it. Paying attention to your customers instead can help you better your products and build services and products that are used to solve the problems faced by the customers.
Make a positive difference
While building your company should be your prime focus, you need to also focus on making a positive difference in the society using your resources and power. This will bring your company great reputation and you can have that sense of satisfaction by giving back to the society. This really goes a long way in building goodwill for your company.
Learning should be a constant process. Keep yourself surrounded by people who will help you learn and grow. Hire people who work well in a team and individually and can contribute to the learning process for you and your team.
Be Stubborn & Flexible
According to Jeff Bezos, a successful entrepreneur needs to be stubborn and flexible. Being stubborn will let you stick to your business and not have the idea of giving up. Being flexible will help you come up with a different solution to your problems. The key here is to be stubborn in your vision and flexible about the details.
Watching your competitors and learning from them has its own advantages. There might be things that your competitors are doing in a better way. It is really fine to copy and implement those ideas or strategies in your business.
Encourage word of mouth
Word of mouth is one of the best ways to grow your business. This was the initial marketing strategy Jeff Bezos used for his business. The only way to achieve positive word of mouth is to deliver good services and products that people would like about.