Learn from Jeff Bezos!
For those of you who may not know, Jeff Bezos is the founder of a large company called Amazon. I am an Amazon fan. Jeff Bezos, the man behind “The Everything Store,” is a tireless man in realizing his vision. He left several important lessons, especially in the aspects of entrepreneurship, innovation and customers.
Here are some lessons we can take from Jeff Bezos.
1 - Using the principle of regret minimization framework
The first thing we can learn from Bezos is to implement frameworks with minimum regret. The concept is that, before Bezos makes a decision, he imagines himself turning 80 and asks himself: “Do I regret doing this?”.
By answering that question, Bezos made an unexpected but extraordinary decision. For example, when the internet was just emerging, Bezos worked in finance. His career was very good at that time. Then, Bezos thought about quitting the job and starting an internet company. However, if he quits that job, he won't get the big bonus he's been waiting for.
Finally he asked himself, "When I am 80 years old, will I regret never experimenting with the internet?" He decided that the answer was 'yes', so he quit his job and started Amazon. We know that in this world there is no perfect life. But regardless of that, we can live life without regrets. When we are about to make a big decision in life, we can ask ourselves, "Will I regret not doing this?"
2 - Build the future, not predict it
It's easier to invent the future than to predict it - Alan Kay
Jeff Bezos applies the concept from the quote. When he started Amazon, there weren't any companies selling books online. In fact, people think that buying things online with a credit card is weird. However, Bezos does not predict the future. He creates the future itself by innovating. Starting a company selling books, he managed to make his shop stock all kinds of goods for consumers.
From Bezos' journey, we can learn not to wait for the future. If we find something that tickles us, we should start making the changes we want to see in the future. Everything starts from yourself!
3 - Obsessed with customers
This is a valuable lesson for entrepreneurs. One of the things that has helped Amazon become a successful company is Jeff Bezos' belief in always providing the best service for customers. Bezos understands that customers want lower prices and faster delivery. Thus, he made these two things a priority for the company. While this is the reason Amazon isn't earning too much, Bezos has managed to keep customers hooked. That's what made Amazon survive to this day.
Many entrepreneurs only think about short-term profits. In the end, they even lost customers. This is the opposite of what Bezos did.
Focus on the long term!
Therefore, treat customers the way we want to be treated. This simple concept can take our business in a much better direction, even to places we never expected.
4 - Fear the customer, not the competitor
If you are an entrepreneur, you must understand that your competitors are not the ones who give you money. So, have no fear! Bezos once told his team, “Be afraid of the customer, because they are the ones who pay us!” In other words, we must focus on the things that really matter. Don't let distraction take over your mind!
5 - Stubborn to achieve the vision, but flexible to details
We all have big visions for our own lives. Having a big vision is a great thing. However, when we strive to make that vision a reality, we tend to get stubborn about the small details along the way. We think that to achieve a vision, the only way we can use is that way and that's all. No other way. In fact, we know that this mindset will only make us forget about better options. Therefore, we must be flexible people while trying to achieve our goals.
CONCLUSION
Those are 5 things I think we can learn from Jeff Bezos. Regardless of your beliefs about Amazon, I feel that Jeff Bezos has inspired us through his courage and how he strives to always think of others in his search for long-term growth.
