Jeff Bezos is the richest man alive with a net worth of $182 billion. His business strategies, his hardwork and his innovative mind has contributed a lot towards the growth of Amazon. Let's take a look at how he brought up Amazon and what are his skills and passions which made it possible to create the world's biggest ecommerce company.
So the story starts with the day when he was in a road trip from New York to Seattle. While the journey goes on, he came up with the idea or the business plan for Amazon. With this amazing idea and plan, he started working at D.E. Shaw to start Amazon from his garage. He got an estimated investment of $300,000 for Amazon from his parents. His wife also supported him when he decided to leave his previous job and start Amazon. Bezos founded Amazon as an online bookstore and soon planned to include more products.
Bezos makes approximately $3715 per second, $222,884 per minute, $13.4 million per hour and $321 million in a day and the largest increase single day in Bezos's net worth is $13 billion as of July 20, 2020.
Jeff Bezos can be called a programmer as he knows coding. He has great leadership qualities, thinking skills and passion for new and upgraded innovations. He is also obsessed with his customers and these are the qualities of a good CEO which makes a company grow at it's best. He has contributed a lot to make Amazon a billion dollars retail business. At the age of 35, Jeff Bezos became a self-made billionaire in 1999.
He says " you all have passion, its within you, you just need to find it. Passion is the biggest gift which makes you more close to your aim. You don't choose your passion , your passion chooses you, you just need to be aware about it because it gives you the purpose and direction in your life." He also gives some important advices to make sure when you are starting a business.
1 . Be stubborn and flexible
According to Bezos, entrepreneurs should always be flexible and stubborn. He says" when we think of Amazon, we know that when it comes to vision,we are very stubborn and when it comes to details, we are very flexible about it. If you are not stubborn enough, you will definitely give up on innovations soon. And when you are not flexible enough, you will never be able to solve the problem you are dealing with and you will always remain worried about it. Sometimes you will have to consider both it , sometimes less, sometimes more. You just need to decide which part you have to do in a particular time."
2 . Stick with two pizzas rule
He believes that when you are starting a business, you should start with a small and productive group. Groups should be small enough to fit with two pizzas. Sometimes when the teams are large, they are more likely to be less efficient.
This inefficiency can reduce the outcome of the team and is just a waste. So have a small and productive team and try to develop their skills as much as you can.
3 . Never stop experimenting
Jeff Bezos says " when you try to increase the number of experiments you do per year, you are definitely going to improve your innovative skills."
4 . Test whether to advertise on television
When you are trying to expand your business, you need to advertise on various social media platforms such as television, Facebook etc. Decide if it's worth to advertise when you are paying a lot to advertise your business. As to Amazon, Bezos says " in order to advertise Amazon they looked for markets having a good blend of customer demographics and they got two such markets which were Portland and Minneapolis. They decided to test it for 16 months which is a very long time period in comparison to other companies. Amazon was fixated to it in a very unbelievable manner and it was also a long and expensive test. While the test showed some positive results as there was a slight increase in sales."
5 . Offer free shipping on orders over $25
Sometimes people usually dont buy a product because the shipping charges are very high. So they usually get back from online shopping and prefer in-market purchases. To solve this problem Amazon offers free shipping on orders over $25. This offer is widely known as ' super saver shipping '. You can also offer some monthly shipping plans as Amazon offers .
These are some of the strategies which are very useful for a business as Jeff Bezos says. Amazon is a very popular and successful business company. You can see Amazon app in everyone's phone. Amazon has been very useful as it offers a variety of quality services. From bed to a safety pin, Amazon has it all. So this is the best and successful company so far and this success is only because of its founder and CEO Jeff Bezos who is very determined towards it and has put his everything for the development of Amazon. Hardwork always pays off and its proved .
