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How to get rich, run successful company: Check unmissable suggestions from Amazon founder Jeff Bezos
What is the key to running a successful business? No one can probably know this better than those who have already run one and earned accolades world over for their business acumen.
What is the key to running a successful business? No one can probably know this better than those who have already run one and earned accolades world over for their business acumen. Amazon boss Jeff Bezos is one of them. And his advice for those planning to start their own company is unmissable. Recently, at Amazon's inaugural Re:MARS conference in Las Vegas, Bezos shared three suggestions for budding entrepreneurs during a fireside chat with Jenny Freshwater.
When asked, "What advice would you give to anyone looking to start their own business?", the Amazon founder replied, "I get asked this question from time to time. The most important thing is to be customer-obsessed. Don't satisfy them, absolutely delight them."
Bezos' second advice was to have passion. "You'll be competing against those who are passionate," he said.
Thirdly, Bezos said one should be ready to take the risk. The Amazon founder said, "Take risk. You have to be willing to take risk, if you have a business idea with no risk, it's probably already being done. You've got to have something that might not work. It will be, in many ways, an experiment. We take risks all the time, we talk about failure. We need big failures in order to move the needle. if we don't, we're not swinging enough. You really should be swinging hard, and you will fail, but that's okay."
Bezos also predicted what he thinks will change in the next 10 years. "I think you can foresee some things in the 10 year time-frame. I think grasping will be solved, Outside my arena of expertise, I think we'll see amazing advancements in biotechnology, we'll continue to see advances in machine learning and AI. The bigger question is "what's not going to change in the next 10 years?" Look at what's stable in time, and continue to focus there. Identify those ideas, they're usually customer needs. If you're basing a strategy on customer needs that are stable in time (fast delivery, low cost), you can spin up a lot of flywheels around those questions. They're so big and fundamental," said Bezos.
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