We all know him as the RICHEST man in the world after he overtook the longtime titleholder, Tech multibillionaire and founder of Microsoft word; Bill Gates in October 2017. Jeff Bezos is the founder and CEO of online retail giant Amazon.com. The Seattle based company that started in a garage in 1994 and has grown from an online company that sold books, to a global disruption engine today.
Jeff Bezos is the man who has revolutionized the way we shop presently. With his net worth currently at 105.1 billion dollars, he has become the richest human in history according to “Bloomberg”. Like every other wealthy person, Bezos started from “the bottom” to be where he is today. We quickly take a glimpse of 5 things we have learnt from this multibillionaire.
To be successful, you have to be willing to take risks
After he graduated summa cum laude with a degree in computer science and electrical engineering, he found work at several big firms and had a lucrative career in finance, but Bezos decided to make a risky move into the nascent world of E-commerce. He quit his job and delved into the internet market. I know this sounds cliché, but most risk takers are likely to become successful people at the end of the day as we can see with Bezos.
Always use the unorthodox method of solving problems
Everyone knows him to take a different approach to problem-solving, having chosen the untapped potential of the internet market, by opening an online bookstore which has expanded beyond retailing. With it sales of cloud computing services to thousands of businesses like Netflix etc. also, the Echo smart speaker, that allows users to speak to Alexa, an electronic personal assistant, and finally his latest project that is yet to be launched. “The Amazon Prime Air” that uses drones to deliver products and services to customers. He is arguably a man with a futuristic eye who takes the unconventional approach.
Accept that Failure is part of Success
Bezos had his own share of failure like everyone else too. When he first launched “Amazon Auctions”, it was a total failure. He then created z-shops, which also failed. That didn’t deter him from trying again. His third try led to Amazon Marketplace, which finally worked. According to Bezos, “Each one of those times that you have a setback and you back up and you try again, you’re using your resourcefulness, you’re using your self-reliance, and you’re trying to invent your way out of a box.”
Get rid of your competitors at all cost
Bezos is a highly competitive man who would not give up hounding his competitors with a cutthroat discount just to put them out of business. We see this competitive nature when his competitor Diapers.Com was acquired after Bezos launched relentless with heavy discount and offers to match Diapers.com
Re-branding is a crucial part of Branding
We learnt from Bezos that re-branding is always a crucial part of the branding process. Before Bezos settled for Amazon.com, the company previously had several other names like Cadabra or Relentless.com. But this didn’t reflect the identity of the brand, so he renamed his business to Amazon.com after the South American river and the company logo bears an arrow from A-Z, indicating that people can shop for products from A-Z on the site. It is important that we choose a brand name and logo that reflects what our business is about, and overtime keeps innovating ways to promote advancement in our business.