Secret Success Of Jeff Bezos Every Entrepreneur Should Learn From

Jeff Bezos’s story is that of the greatest entrepreneur of our time. His success with Amazon is based on the core principles he set out for his company. It would have sounded strange back then if someone had said that the newly established book listing company would become one of the global brands of our time. Bezos’s success story is what you as an entrepreneur should learn and practice for the growth of your company.

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What is the Secret Success Of Jeff Bezos Every Entrepreneur Should Learn?

Being successful as an entrepreneur shows that your effort in running your business is fruitful. But time and again, different entrepreneurs find it hard to persevere when their business fails to elevate in the first five years of establishing the business.

When perseverance is not a part of your trait as an entrepreneur then succeeding would seem impossible.

Jeff Bezos started his Amazon company in 1994 as a small-scale business and it took time and years for it to become widely recognized as it is today. So, if you are an entrepreneur that wants to be successful, pay close attention to the core success principles of Jeff Bezos, here to be shared with you.

Be customer-centric as an entrepreneur

The secret success number one is to be Customer Centric. Bezos mentioned this trait continuously as their top secret to success at Amazon. That Amazon is thriving today is because he and his team focused more on their customers rather than competing with rival companies.

By focusing on your customers, you come to know who they truly are, their challenges, and what they want. Let me repeat this. Know whom you are serving in your business. When a company bases its aims on competition, they tend to lose its focus on its customers because it’s entirely aimed at setting itself above its rivals.

A business blooms when its customer base increases and the main motive of a business should be to impress their already existing customers which in turn will lead to generating more customers to them through word of mouth.

Bezos tries to pay deep attention to complaints laid by their customers. He achieved this by giving room to product reviews by the customers. When this writing of reviews was introduced by Jeff, so many entrepreneurs criticized him but as it stands now, product reviews have become one of the best inventions in online merchandise.

Bezos’s intention for introducing writing product reviews was to figure out the areas they need some re-adjustment.

As an entrepreneur, being obsessed with your customers should be the most important thing for you to grow your business. When you focus more on competing with other companies then you will fail in building a good customer base for your business.

Learn to be obsessed with your customers by giving what they request. Through this, you are leaving long-lasting imprints about your business in their minds. Never underestimate that.

Earning your customer’s trust is super important for your business success

The secret success number two of Jeff Bezos is earning your customer’s trust. Trust is an essential element in long-term relationships and customer retention. Customer trust can enable better experiences, increase loyalty and incentivize customer participation.

Jeff Bezos gave his opinion on earning customers’ trust as part of Amazon’s success today. He said, “you should earn your customer’s trust and not ask for it”. Trust is earned and not sorted for, and for you to earn your customer’s trust you need to impress them.

Jeff Bezos gave two steps by which you can earn your customer’s trust.

• “Do hard things”: By this, he meant you should be persistent in working towards the things you find difficult the most.
• “Repeat”: Do things time and again until you gain mastery of them.

Earning a customer’s trust is not a hard nut to crack, for example, if you say that you are going to deliver your customer’s orders tomorrow then you make sure you do as you say. When you do this continuously you will gain their trust.

Learn the secret success of accepting criticism

For you to become successful as an entrepreneur, you need to learn to accept critics from others. The criticism you receive, whether negative or positive enlightens you for better performance. Criticism from people is always going to weigh you down but what matters is how you control it.

When Bezos resigned from his position at D.E Shaw to establish his business in 1994. He was severely criticized by people for having dropped such a high-paying position for an obscure business idea of an online book-shopping store. But then, he prepared his mind to accept those critics and he remained focused on his ideal business.

Today, Amazon.com is the world’s largest online shopping store for books, electronics, and much more. If Jeff had quit because of the way he was criticized by people, would Amazon be where it is today?

Of course not. As the saying goes, “nothing good comes easy” and no great man would be left uncriticized. Therefore, as an entrepreneur with the vision to expand your brand, you have to be prepared for criticism but remain directed towards your purpose for establishing your business.

To be secret successful in your business, you need to be frugal

Frugality is a virtue and it is also a necessity for business owners who want to be successful. Being frugal in business means you look past the short-term solution and consider the big-picture consequences.

Bezos’ Secret Success Number Four is to be frugal. Bezos also mentioned this as part of his company’s success. Though it takes money to make more money, you need to consider how relevant that idea is before diving into it.

Jeff proffers saving money because it helps them to avoid senseless spending and thus enables his team to always come up with ideas that will help them to save more money for the business.

As an entrepreneur, you should always be looking for ways to save money and reduce expenses. There are many ways to do this, but some of the most common are:

• Outsourcing,
• Buying used equipment and supplies,
• Negotiating better rates with vendors and more.

For you to excel in your field as an entrepreneur, be cautious in spending money and always make an investment that will be beneficial for the growth of your business.

Being eager to invent is a great secret to business success

The secret success number five is to be ready to invent: Bezos said that it is the eagerness to invent new things that kept his business booming over the years. The world is constantly changing. As the world is changing, you should have the hunger to invent new things that will keep your business afloat.

When Bezos established Everything.com which later evolved into Amazon.com, it wasn’t the type of computers that were used then that are been used today. Then the number of internet users was less, compared to the users around the world today. This clearly shows that the world is always changing, and it is the company that doesn’t learn to invent the newest things that will remain below standard, if not outrightly out of business.

Bezos said that you must not wait for your customers to complain to you about something. Instead, discover the problems they might face, and provide solutions to them. That’s why you always need to be eager to invent new things and ideas.

Therefore, as an entrepreneur, you ought to have a hunger for innovations. Invent new things that will define your company and increase your customer base.

Learn from your mistakes

Jeff Bezos admitted that when he established Amazon, they made a couple of mistakes. For example, late delivery, putting a different item to what a customer ordered, etc. But they learned from those mistakes and have since improved on them. Because of those mistakes, they came up with the idea of sealing each ordered product with the item name and inserting pictures that will help in identifying each customer’s products.

Learning from their mistakes made them improve their managerial skills and their overall job satisfaction.

Hence, making a series of mistakes is unavoidable and you don’t have to let it drag your business into the mud. Rather, learn from those mistakes because it will give you an avenue to improve your ability as an entrepreneur or employee.

Your key takeaways the secret success of Jeff Bezos every entrepreneur should learn from

I am sure these top principles for the success of Jeff Bezos will help you as an entrepreneur. Learn to be obsessed with your customers, earn their trust, accept criticism, be frugal, be eager to invent, and most of all learn from your mistakes so you can grow.

Now, tell me what value you have gotten from today’s discussion. I would love to hear your view in the comment section. Remember to also drop your questions so that we will attend to them as soon as we can.

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