3 Biz Tips From Bezos: Taking a Page From Amazon's Book
There is plenty of advice online for business owners, much of which you should consider with caution. But if results are evidence then you can put your confidence in the tips of Jeff Bezos, founder of Amazon, a multibillion-dollar-business heading for valuation in the trillions, according to CNBC.
Bezos is famous for his shareholder letters, in which he outlines his vision for the future. This vision always accommodates failure, and even expects it. Let's consider three tips from this biz whiz.
Biz Tips From Bezos
People talk a lot about taking risks but everyone wants to bet on a winner. Jeff Bezos has made billions by betting his way. Here's what he says.
- Big Risks Pay: If you're not willing to lose or you need to hedge every bet, then you are not going to get big results. Bezos has bet on a few failing propositions, and his initial efforts at building Amazon failed. But he tried over again, twice, and eventually alighted on the current entity which has grown exponentially and employs hundreds of thousands of people. A sure bet, says Bezos, is no bet at all.
- Focus on Customers: By focusing on the end user, Bezos is able to block out the noise of competitors. Rather than responding to each new innovation by another tech giant and panicking about being outdone, Bezos says he pays attention to what customers want. This drives the innovation and determines what risks Amazon will take, That way, Amazon is looking forward, not sideways, and aiming to please those it needs most, its customers.
- Empower People: There are two things Bezos says he tries to do at Amazon. The first is to ensure that workers feel like owners by making them owners, providing stock options. Only when people have a stake in what they do will they take it as seriously as you. The other key with employees, according to Bezos, is to ensure that people along the chain of command can make decisions. This allows for faster and more dynamic decision-making, and prevents the stagnation that occurs when power structures are rigid.
Of course, it should be noted that not everyone lauds the Jeff Bezos way. His employees have widely complained about the relentless pace and constant competition at Amazon, and he has been forced to defend himself in the media.
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Related Resources:
- Find Business and Commercial Lawyers Near You (FindLaw's Lawyer Directory)
- Getting a Loan for a Small Business (FindLaw's Learn About the Law)
- Tips for Business Loans (FindLaw's Learn About the Law)
- 3 Tips to Perfect Your Business Plan (FindLaw's Free Enterprise)
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