Amazon founder Jeff Bezos, the richest person on the planet by establishing Amazon into the world’s largest online retailer. Amazon founder is the first figure to top $100 billion as number one on the Forbs list among the World’s Billionaires. The success of Amazon founder doesn’t happen by accident. It comes with the right and forward-thinking mindset. What is the strategy to succeed? You can think of the answer, like Amazon founder.
1. Quickly make decisions on the basis of information
Decide on the basis of the information, but it should be fast. In this regard, Amazon founder said, “Most decisions should probably be made with somewhere around 70% of the information you wish you had. If you wait for 90%, in most cases, you’re probably being slow.” In this context, he has given examples of the organization “Prime Now”, which has been established to provide services to member customers of his organization Amazon. And “prime now” started its journey 111 days after it was conceived and got success. Referring to the reasons for the quick decision, he said, fast-decision making is how you get ahead of the competition. If you wait for perfect and maximum information, it’s too late. It is very necessary to know the information.
Override the Competition
Competing is the reason for closing many businesses. Many companies simply increase their competition due to given attention to what others are doing. Although, serving the customer always come first was supposed to be the target of the business organizations. Innovation to improve the quality of that service and good service should be the aim of the organization to succeed. As Amazon founder explained, day by day customers want something better, and to meet the customer needs it should be the goal of business.
Take advantage of the little chance
Amazon founder once said, “Given a 10% chance of a 100-times payout, you should take that bet every time.” Nothing is impossible. Make bold decisions to achieve big success in business. Amazon’s first two launch attempts failed. The third attempt has succeeded. And inconceivable how big the success was! It increased almost half of Amazon’s total sales.
Do not think yourself successful
Once success does not mean that the future is secure. Keep an eye on what’s happening around. It will be easy to change yourself. As Jacob Munns, CEO of Boomsourcing explains, “You can never assume your industry will stay the same forever. If you don’t innovate, someone else will — and you’ll get left behind.”Look at Amazon. The organization is constantly experiencing change, was remain relevant and became successful.
Create distinctive culture
Amazon has developed a distinctive culture that has allowed both criticism and praise. Find a distinct culture while other companies are staying outside of this idea. As Amazon founder explained in a shareholder letter, “Someone energized by competitive zeal may select and be happy in one culture, while someone who loves to pioneer and invent may choose another. The world, thankfully, is full of many high-performing, highly distinctive corporate cultures. We never claim that our approach is the right one – just that it’s ours.” Find a way and method that will make your business unique.
Don’t kill progress by let process
Big business usually has to go through so many rules and process that it progress is hampered. Amazon, despite its size, still exceptional because of shows a willingness to experiment. They are not afraid to experiment. They’ve initiated free same-day delivery, even took the challenge for one-hour delivery with Prime Now. Keep in mind that your plans as if never getting tighten in the bureaucratic process.
Analyze the idea
Amazon founder Bezos has succeeded in using the collapse cause of the conventional business. He learned from them who mistake in such way tried to deliver goods before him. Elon Musk, Founder of SpaceX took a similar technique. He designed Tesla’s cars before buying famous Mercedes-Benz company’s shares. For this work, Jeff Bezos is now an ideal of new generation entrepreneurs to do the same. Create new ideas after breaking every idea.
Say goodbye to the Bureaucracy
Any innovation depends on faster decision-making. But the bureaucracy works on general business, so it runs slowly. This slow down destroys innovative power. Amazon founder never lets it happen in the Amazon. Say goodbye to this Bureaucracy.
Failed people have an opportunity to build toward bigger and better things.
Fear of making bad decision keeps away from innovations. But as Amazon founder has said, “If you’re good at course correcting, being wrong may be less costly than you think.”Correcting bad decision won’t be a problem with the fast and cheap misstep. This will teach you how to achieve the better result in future. Felix Odigie, CEO, and founder of Occasion station adds, “Any failure is an opportunity to build toward bigger and better things. Why did that product fail? How could I have done better? Find answers to these questions and learn from them to set yourself up for success with your next endeavor.”
Amazon founder wrote a letter to Amazon’s shareholders. As he explained, Amazon’s success is a long-awaited fact. In order to implement each decision, the goal should be fixed. To get the best results from any decision, you have to stay behind it. Despite all obvious hardships, you should strive to remain resilient and you have to cling fervently to the hope that one day you will reach your desired destination. And obviously, it’s all about the long term. Take a long-term approach, make the smart decision and achieve lasting successes.