Jeff Bezos Can Teach You Priceless Business Lessons

Jeff Preston Bezos, born in 1964, is an American entrepreneur, investor, media proprietor, and computer engineer. He is the founder and executive chair of Amazon, and the third richest man in the world, with a net worth of 148.1 billion.

The American billionaire has played a vital role in the growth of e-commerce.

How Amazon.com Started

Bezos, 58, founded Amazon in a garage in Seattle in 1994. Earlier, he pitched the idea of an online bookstore to his boss David E. Shaw, the founder of a Hedge fund, but he did not show any interest.

Amazon.com, which started by selling books, has now become the world’s largest retailer platform for everything under the sun.

Amazon’s key feature is its diversification and expansions over time. For example, it acquired Whole Foods Market and its pharmacy business in 2017.

During the COVID-19 pandemic, the demand for online shopping spiked. That is why Amazon’s share price jumped 76% in 2020.

Quotes by Jeff Bezos that can teach you the best business lessons

According to Jeff Bezos, a customer doesn’t need to talk to the owner for the best customer service. He says:

“ The best customer service is if the customer doesn’t need to call you, doesn’t need to talk to you. It just works.”

Word of mouth is the most powerful tool in marketing in the eyes of the founder of Amazon.com, he says:

“ If you do build a great experience, customers tell others about that. Word of mouth is very powerful.”

Bezos emphasizes the importance of having in-depth knowledge of your business. He states:

“If you don’t understand the details of your business you are going to fail.”

The World’s third richest man suggests business owners be customer-focused rather than focusing on competitors. He explains:

“ If you’re competitor focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.”

Jeff Bezos understands that without failure and experiment, no success can be achieved. He says:

“ Failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment.”

Conclusion

In short, Jeff Bezos is a guiding star for business owners who want to make a difference in the e-commerce world. To him, being customer-focused and giving them the best buying experience is the key to growing any business.

Originally published at https://www.smash-code.com.