Jeff Bezos is the Chairman, MD & CEO of Amazon, the biggest and most valuable online retail outlet in the world. In 1995, he started an online bookstore in his garage. The internet was not so popular.
Fast-forward 22 years later Jeff Bezos closed 2017 as the world’s richest man over taking Bill gates. Very recently, Forbes has named him the richest man in modern history.
These are the business codes that made him the richest man in modern era
1)Taking informed risks:
2) He is frugal to the point of being stingy and keeps a really low profile
As at 1999 when he was named time magazine’s person of the year, He and his wife were driving basic cars and he paid himself a basic salary like the rest of his staff.
His employees in the warehouses were monitored by machines strapped to their body to calculate productivity before pay. Among the tech giants like Google, Facebook, Amazon makes the most money but pays the least salary. He is also extremely low profile, you barely can find pictures of his family online.
3) Reading before a meetings:
In senior executive Amazon meetings, before any conversation or discussion begins, everyone sits for 30 minutes in total silence, carefully reading six-page printed memos. Reading together in the meeting guarantees everyone’s undivided attention to the issues at hand.
Guys, this one is not one of your millionaire college dropouts. He is a graduate of computer science and engineering at the prestigious Princeton University, he reads a lot of books.
4) Patient with his business- not quick to expect profits:
Because In his words big things start small. From the start, he was in it for the long haul. He focused more on pleasing consumers, innovating and less on making profit. “Most companies want to see a return on investment in, you know, one, two, three years. … I’m willing to give it five, six or seven years”
He gave the oak tree analysis. The biggest Oak starts from an acorn. You have to let that acorn grow into a little sapling and finally a mature oak tree that lives for many years.
“put one foot in front of the other; one step at a time, doubling down on one win and moving for the next. But take those steps with ferocity and passion”
5)He believes failure is the pathway to success:
It takes Experiments to be innovative, to forge a new cause and experiments are by their very nature prone to failure.
I have made millions and millions of dollars in failure at Amazon.
After many failed ideas his team secretly tallied his mistakes on a board
6) Customer obsession not competitor obsession: “Customer obsession is not just about listening to customers but inventing on their behalf” Jeff Bezos.
Jeff Bezos has emphasized repeatedly that his business model is all about pleasing the customer even at the expense of profitability.
In his words, customers are always dissatisfied, they always want more. They are constantly pulling you, nudging you and showing you how to please them. And Amazon listened and innovated. They wanted the cheapest product (Amazon was affordable)
They wanted to avoid long queues in shopping malls; (Amazon go was created
They paid too much for shipping (He created Amazon prime.)
Customer wanted a quicker way of doing things: Amazon Echo was born.
7) You have to lean into the future or the future would end you
As business people, we always need lean into the future, the world could change around you and against you. “Jeff Bezos”
Jeff Bezos has trained his team to be futuristic and forward thinking. He and his team had looked to the future and collectively agreed that the biggest threat to Amazon books was electronic books. Electronic books could kill sale of paper books. Jeff Bezos decided to be his own competitor. That’s how Kindle was born.
Nine years after Kindle was launched Kindle books sell more than physical ones.