Here is How the CEO of Amazon Can Help You Start Your Own Online Business
Undoubtedly, you’ve heard the name before.
It’s a name that slips off the tongue of every businessman or businesswoman at some point in their careers; a name that even teenagers (because of Amazon obsessions) know; a name that’s so wildly synonymized with success that everyone basically knows the story.
That being said, Jeff Bezos’ entrepreneurial story is worth repeating.
Essentially, Jeff Bezos is an American entrepreneur that helped to pioneer the e-commerce industry. You know him now as the CEO of Amazon, but he was also the founder of Blue Origin (see more details about that here, if you’re interested).
Jeff Bezos (who graduated with two Bachelors of Science degrees from Princeton University) initially worked in the finance realm, but then, in 1994, he found a statistic that the internet would grow by 2,300 percent per month, he knew he had to tap into the potential of the internet. That gut feeling — and statistic — is what eventually led to his pioneering of Amazon. Now, he’s worth over $155 billion.
So, why does one man’s wild success matter to you, a budding e-commerce shop owner?
Because you, like so many of us, can learn from him — especially in this specific instance.
Want to know how Jeff Bezos can help you learn how to better your own online business? Keep reading.
Top Business Lesson to Learn from Jeff Bezos
Jeff Bezos didn’t just happen into the success of Amazon. He built it. Learning from the major lessons and tips of other successful entrepreneurs can only help you with your entrepreneurial dreams, too. With patience, listening, and the ability to learn, your e-commerce brand has endless potential.
Here are a few of the valuable lessons you can learn from Jeff Bezos.
Focus on Customers, Not Competitors
This might sound kind of iffy at first, but hear us out — rather, hear Jeff Bezos out.
You might think your business is all about beating out your competitors. But it’s not. Ask yourself, at your business’ core, why does it exist?
For the customers, right?
Jeff Bezos advises e-commerce entrepreneurs to get absolutely obsessed with the needs of your customers. He says we should stop wasting our time on our competitors — become customer-centric and that’s where you’ll find success.
It’s so easy for us to consistently snoop out what our competitors are doing to see if we have the edge, but what does the edge matter if we’re entirely ignoring our customers? That’s the real goal. That’s how Amazon became so successful, too. Do you know of any real, viable Amazon competitors? Neither do we. That happened because Jeff Bezos focused specifically on serving customers — not by consistently looking over his shoulder at perceived competition.
Be Stubborn but Flexible
You probably already know that running your own e-commerce business requires a bit of stubbornness, but were you aware of how much? Bezos often says that you have to be absolutely stubborn about your own vision in order for it to succeed. That means being misunderstood more often than not in order to innovate.
That being said, you can’t be too stubborn on the details. Sure, be entirely stubborn about your vision, but don’t forget to be flexible on the details that get you there — the key is finding the right balance of both!
Never Stop Experimenting
Even if Jeff Bezos wasn’t the one who said that, it would make sense, right? So long as you’re putting in double the work, you’re getting double the inventiveness. This sentiment absolutely applies to e-commerce startups.
Think about it. You’re consistently experimenting with what works best for you, what works for your customers, how to balance their needs with your expenses, how to better serve your clientele while sticking true to your vision — that’s a lot of spinning plates and a lot of constant experimentation.
This type of mindset isn’t just specific to Jeff Bezos, though — a lot of successful people and companies have adopted this mindset. Consider how large MNCs across the world are now placing huge stress on innovation and experimentation (think IBM with Innovation Center and Google with Google Labs).
Long story short, if you resign your business and your practice to remain static, that’s exactly the type of business you’ll have — a static one. Experimentation and innovation allow your business to thrive and become more dynamic.
Think in the Long Term
Why? Because that’s too short-term. Why focus on the short-term when you can focus on the long-term? On the future? On how the decisions you make now will benefit your long-term business plans?
Bezos often states that this mindset, though beneficial, takes conviction. A short-term approach may solve short-term problems, but in the end, you’re stuck dealing with the minutia of everyday decisions. Make deliberate decisions based on the long-term.
Don’t Fear Change, Embrace It
You’re familiar with Amazon, so you know this to be true — embracing new trends has worked wonderfully for Amazon. Why? Because Bezos isn’t afraid of change. He embraces it.
A lot of companies who stay up-to-date on trends and ride the fad waves are more likely to succeed, better serve customers, and stay ahead of the game, too.
As an entrepreneur yourself, don’t be afraid to embrace change — brace for it, instead.
Never Lose Your Startup Mindset
Your Day-1 attitude is everything — at least, according to Jeff Bezos.
In other words, the startup mindset you ride in on at the very beginning of your entrepreneurial e-commerce career is going to be the attitude that keeps you in the game.
Why? Because you care. You’re there to make a difference. You’re there to be stubborn and prove you can do anything.
Losing that startup fire can be incredibly damaging for entrepreneurs. A company, or individual, who’s deciding every single day to come at the business with that “day 1 mindset” is deciding to experiment, innovate, invent, obsess, and create.
As an aspiring e-commerce player in a major, driving market, it’s vital to pay attention to those who have succeeded before you — especially those who have succeeded to the degree of Jeff Bezos. It makes sense, doesn’t it? If the CEO and founder of the world’s largest firm has something to say that you could learn from, wouldn’t you want to listen? Why wouldn’t you reach for the stars when it comes to growth for your company?
We are Fetchr; a company specialized in e-fulfillment. We help e-commerce entrepreneurs grow their business in the Middle East. Let’s make it happen! One box at a time. Learn more here.
This blog is intended for informational purposes only, and should not be considered business or legal advice. MENA 360 DWC-LLC (Fetchr) will not be held liable for the use, non-use or misapplication of this information, lost profits, personal or business interruption, or any other loss.