How to think like Jeff Bezos is everyone’s dream as we all want to know what would it take to make $100 billion? A million-dollar question needed to ask from Bezos Jeff. By turning Amazon into the world’s largest online marketplace, the founder became the richest man on the planet. This sort of accomplishment doesn’t happen by mistake. The right attitude comes with it. It’s even one you should adopt.
How to think like Jeff Bezos – 7 steps that you should take.
1. Avoid The Competition:
Several businesses get mixed up in what others do. It allows them, more often than not, to duplicate their competition. Serving the customer should always come first. You innovate and excel in this way. It is how Amazon Prime came to be, As Bezos explained. Customers want something better even though they don’t know it yet, and the ability to delight customers will motivate you to invent it on their behalf. No client ever asked Amazon to build the membership program for Prime, but it sure turns out they needed it.
2. Decide things with 70% of the information:
Being educated is important. But as Bezos states, “Most decisions can probably be made with about 70 percent of the data you wish you had elsewhere.” If you wait for 90 percent, you’re probably late in most situations. For instance, 111 days after it was conceived, Prime Now was released. On the way, were there bumps and turns? Sure. Oh, sure. But how you get ahead of the competition is fast-decision making. It’s too late if you wait for the perfect details.
3. You don’t have to be a blockbuster:
Getting successful now doesn’t mean that in the future, you will be necessary. See what happened to the video from Blockbuster. Please pay attention to what is going on so that, rather than reacting to it, you can push improvement.
As Jacob Munns, CEO of Boomsourcing, states, “You should never presume that your sector will forever remain the same.” If you don’t invent, someone else will, and you will be left behind.
“Looking ahead is how successful Amazon has been.” Jeff Bezos recognized the opportunity to personalize e-commerce and made that his focus. Amazon has continued to evolve and develop to stay competitive and convincing.
4. Take the 10 percent chance:
Bezos once said, “You should take the bet every time, given a 10 percent chance of a 100-fold payoff.” Those are not impossible odds! To achieve great success, you need to make bold business decisions.
You’re not always going to win, but you can still learn stuff to help you in the future achieve a significant payoff. For instance, in its first two launch attempts, Amazon Marketplace failed. It worked the third time. It has since grown to contribute to about half the revenue of Amazon.
5. Develop A different culture:
Amazon has a different culture that has drawn criticism as well as appreciation. Although this culture isn’t going to work for all businesses, it does work for them.
As Bezos explained in a shareholder letter, “In one society, someone energized by competitive zeal can choose and be content, while someone who enjoys pioneering and inventing can choose another one.” Fortunately, the world is full of many high-performing and extremely distinctive business cultures.
We never say that our plan is the correct one, only that it’s ours. Find out what makes the culture of your company unique. Think about what it means to be a good executive and a good executive. Then recruit individuals who fit into that mold.
Related: Bill gates a success story
6. Take it all apart:
It helped Bezos to put Amazon into fruition by undermining conventional business practices. When so many rivals attempted it before him, this helped him develop a new way to distribute products.
A similar approach was taken by Elon Musk, taking apart a Mercedes Benz before designing Tesla’s vehicles. A new wave of entrepreneurs has now been motivated by Bezos to do the same. It includes the Taylor Offer honoree of Forbes 30 Under 30, who learned from Bezos when FEAT Socks were created.
“We studied the sock industry and questioned why businesses rely on retail outlets so heavily,” he said. Instead, via social media, we saw an opportunity to sell socks. “At the time, it was a crazy concept, but it contributed to the sales of millions of dollars.” What regular ideas can you “take apart” so that you can find ways to do better?
7. Become a master of Failure:
Sometimes, the fear of making poor decisions prevents businesses from innovating. But as Bezos said, “If you are good at changing the course, it might be less expensive to be wrong than you think.”
Learn to fail quickly and cheaply, and it may not be a challenge to correct bad decisions. In the future, this will help you learn and achieve better outcomes.
Felix Odigie, Occasion Station’s CEO and founder, adds, “Any loss is an opportunity to build towards bigger and better stuff.” Why was the product failing? How was I able to do better? Find answers to and learn from these questions to set yourself up for success in your next endeavor.