I learn the most from the world
Jeff Bezos, founder and CEO of Amazon, is currently the richest man on the planet with assets of more than $ 154 billion, according to Forbes. Bezos has turned an established online bookstore into a garage into the largest online retailer of all time.
Here are the key lessons behind the success of the Amazon empire Entrepreneur General page.
1. Always apply the "first day" 
Bezos applied the "first day" mentality from the early days of Amazon's activity. This philosophy means keeping up the spirit of a startup company, against complacency that can kill success and then death. That is why he always tries to keep the company "first day".
In 1997, he mentioned this philosophy in a letter to shareholders. He began by listing all the events the company experienced during that year, such as serving 1.5 million customers (currently more than 310 million customers), generating sales of 147 , $ 8 million (Amazon's 2017 revenue is $ 178 billion). He then confirmed that the company must continue to seek opportunities to develop in a competitive market.
This philosophy, with its vision, determination and bold steps, has been the guiding principle for Amazon since its inception.
Get customer focus 
From the very beginning, Bezos has always been obsessed with having to innovate according to the needs and wants of customers. He believes that it is important to focus on the customer, not the opponent.
"One thing I love about clients is that they are always dissatisfied," Bezos wrote in a letter to Amazon shareholders in 2017. "Their expectations are never enough - it's always increased. ... We can not sleep with laurels in the world. "
Business people must understand their markets and understand what customers are looking for. If they bring the customer what they want, they will keep coming back. Bezos argues that this is the only way to survive and grow in the ever-changing market, and this is also the most important underlying principle behind all of Amazon's investment.
3. What will you regret when you are 80? 
In the fierce market, it is not easy to know what opportunities should be grasped, which opportunities should be ignored. This is the situation Bezos encountered when he came up with the idea of ​​establishing an online bookstore. At the time, he had a good job at a hedge fund, but he noticed the rapid development of the Internet and knew that his idea was really potential.
What did he do to get the courage to give up high-paying and stable jobs to start a business? Bezos said that moment, he imagined himself 80 years old and told himself that there is regret if not grasp this opportunity? And the obvious answer is yes.
"In most cases, our biggest regret turns out to be ignoring the opportunity. That's the way we did not go and it would haunt us," Bezos said. He said he would always be proud to have tried, despite failures.
4. Build the best human resources for the company 
The success of the company depends mainly on the people who are recruited. That's why Bezos always attaches great importance to building staff. His philosophy is to focus on putting the right people in the management team, then letting them benefit from the success of the company - giving them motivation to contribute.
In his letter to shareholders in 2017, Bezos writes: "Our success is largely due to the ability to attract and retain highly motivated employees, each with the same mindset. the company and the reality is true ".
Amazon offers stock options for employees. This is the motivation for employees to contribute more to the success of the company.
The company even pays $ 5,000 for employees who want to quit - policies that help to remove disgruntled employees soon do not want to work. This helps the company save more money in the long term, while keeping staff stay more committed to the job.
5. Keep the spirit of innovation and creativity 
Bezos says Amazon's goal is "to be the most customer-centric company in the world," so nearly every activity in the company is motivated by this goal. Step by step on the road to building the world's largest online empire, Bezos added features and functionality that initially were deemed unsupportable, but beneficial to customers.
That's why Amazon continually optimizes the transport and shipping system, to make the service as smooth and efficient as possible. The company invests heavily in infrastructure development.
When building the Amazon, Bezos is poised to take steps that could cause the company to lose money in the short run, as long as it can help the company achieve its future goals and increase market share.
6. Savings and efficiency - bring revenue back into the company 
Savings are one of the basic principles of Amazon. It is always trying to save money, efficiency and extreme competition has helped the company to make billions of dollars.
Bezos always focuses on maintaining high productivity and maintaining savings at all levels - from the leader to the employee. On the Web site, Amazon also offers savings as a core principle: "Achieve more with less cost, the constraints that give rise to resourcefulness, self-sufficiency and creativity."
This principle does not mean Bezos does not invest money, but he concentrates resources on things that benefit the customer. Despite its focus on savings, Amazon's margins are relatively small.
Despite a $ 900 billion market capitalization, over the past two decades a public company, Amazon, has accumulated only $ 5.7 billion in interest. The reason is that the company always reinvest in business and increase market share.
7. Willing to take risk of failure to succeed 
One of the key strategies for the success of Bezos is his approach to failure. He believes in trying a variety of ideas, though knowing that some may fail. He said that accepting the risks was carefully calculated as necessary.
Bezos believes that if he does not try, he will not know if the idea is successful. In fact, accepting the possibility of failure is what helped Bezos have the courage to start a business with Amazon.
At the start of Amazon, Bezos gave himself 30% chance of success. He builds the company by taking risks and sometimes accepting can take money to draw lessons. Bezos once joked about making "billions of dollars from failure".
8. Always look ahead 
Bezos always focuses on thinking and long-term strategy for Amazon. And he hopes to inspire others to think about the future. This is evident in many of the projects he undertook.
In 2000, Bezos founded the Blue Origin aerospace company, developing technologies to turn spaceflight into affordable housing for ordinary people. This is part of a long-term dream to bring people into outer space.
He also worked on the Long Now Foundation to build the clock. "People are now making enough technological progress to create not only extraordinary wonders, but also things on the scale of civilization, and we need to have longer-term thinking. half".

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