Becoming an entrepreneur involves several steps, and one should know them properly from various sources. Everyone knows that Amazon is the top e-commerce company in the world. However, many people don’t know the success story of Amazon. The company focused more on experiments, innovative approaches, creativity, quality of products, affordability, and better customer service. Jeff Bezos, who is the founder of Amazon, is now the richest person in the world, and he shares his experiences with others who want to launch a business. His life story is a perfect example for those who are thinking of incorporating a new business.
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What are the lessons new entrepreneurs should learn from Jeff Bezos?
1. Vision and mission
Vision and mission are necessary for entrepreneurs when they want to become successful in the business market. Bezos advises new entrepreneurs to have a mission and to spend their time mostly on things that are happening today. He further says that a mission is very important for motivating employees in a business. Entrepreneurs should have some passion for the arena that they are going to develop and work in.
Every New Thing Creates Two New Questions And Two New Opportunities.
2. Taking time to be inefficient
Being efficient is part of a successful business, and Bezos also gives more importance to inefficiency. This is because inefficient time allows entrepreneurs to discover various new things. According to Bezos, an entrepreneur should develop a builder’s mentality that will result in iteration, which repeats a certain number of steps. He believes that wandering is a necessary counterbalance to efficiency that provides ways to satisfy the requirements of customers.
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3. Making good decisions fast
Bezos says that entrepreneurs should make good decisions quickly that promote business growth significantly. Most decisions are changeable and reversible, which helps accomplish goals to a greater extent. Making quick decisions allows entrepreneurs to experiment sufficiently and invent several things.
4. Embracing risks and failures
Entrepreneurs should embrace risks and failures when starting a new business because they help them learn more lessons. Although Bezos makes bold moves, he also has some failures in his business. Amazon Restaurants and Amazon’s pop-up kiosks failed to achieve success in the market, and Bezos encourages risk-taking for entrepreneurs.
5. Accepting criticism
Entrepreneurs should consider accepting criticism because it is part of the business. If anyone wants to do something innovative, they have to face criticism from others. Jeff’s first thought was to start Amazon when he was working as a senior vice president at the hedge fund D.E. Shaw on Wall Street.
6. Changing the mind
Bezos says that he learned many things after listening to the world’s influential minds. He encourages listening because it is one of the entrepreneurial skills that help evaluate things all the time and change decisions accordingly. Listening lets entrepreneurs come to a new conclusion and implement the best ideas that work well for their business.
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7. Figuring out a passion in life
Figuring out a passion in life is very important for new entrepreneurs to work on their goals and other things. Everyone is gifted with certain passions, and they should identify the same with more attention. Bezos admitted that his real lifelong passion is space after launching the Amazon company. He even spent billions of dollars to start his space company, Blue Origin.
8. Not losing the distinctiveness
Entrepreneurs shouldn’t lose their distinctiveness, although it takes more hard work. Bezos says that originality is one of the leadership qualities needed for them to move forward in their businesses. An entrepreneur should allow distinctiveness to grow effectively, which helps obtain optimal results. Another thing about being distinct is that it lets entrepreneurs work on their objectives and goals.
Source: Cosmo Politian