Business & Marketing Strategies from Bezos
Pursue the Impossible: 70% Failure Rate
As you set your goals, think big and picture how you see yourself in the next decade. By doing so, it will keep you energized.
When Bezos first started Amazon back in 1994, he warned investors that there was a 70% failure rate. He also told the investors that by 2000, sales would reach $100 million. Indeed, the sales outperformed his projections that the sales reached $1 billion by 2000.
Bezos has high standards for employees. The talents, namely the employees, are the backbone of the company. Always try to recruit the best talents out there. He does not support work-life balance. Bezos finds people who share similar expectations and visions. He’s on the lookout for people who have workholic gene. I would say, anyone can be a workhollic as he/she is doing something he/she loves and talend.He values the ideas from all the employees. Create a communication channel where the msg from the ground workers would go all the way up to the CEO.
Learn from an E-commerce Mogul: Change the Rules
Jeff Bezos has always believed that the growth of the Internet. A highly adventurous individual, being a Princeton graduate, Jeff Bezos has grown Amazon into one of the most scalable systems. He does things his own way. He replaced presentations with reading that each meeting begins with attendees reading a memo for the first 30 minutes.
14 Amazon Leadership Principles
Learn and keep customer trust. pay attention to competitors, but pay more attention to customers’ needs. Problems and crisis are hidden chances. As you are able to offer a perfect solution to solve customer’s needs, you will be the winners.
Leaders should not sacrifice long-term interests for the sake of short-term rewards.
Invent and Simplify
Leaders expect innovation. They look for new ideas.
Are Right, A Lot
Leaders should seek diverse perspectives.
Learn and Be Curious
Leaders should keep levelling up their knowledge base and keep exploring new ideas.
Hire and Develop the Best
Leaders raise the performance bar. Leaders recognize and show respect to the talented.
Insist on the Highest Standards.
Leaders never settle. Leaders drive their teams to deliver high-quality products, services, and processes.
Leaders create a bold direction that inspires the team. They think differently from others. They seek better ways to serve customers.
Bias for Action
Speed matters in business. No risk, no reward. Start small. Better late than never.
Leaders operate stay connected to all the levels and all the details. Leaders should audit on a regular basis.
Have Backbone; Disagree and Commit
Leaders have conviction, determination and commitment.
Leaders focus on the key inputs for their business.
Leaders are attentive listeners. leaders treat others respectfully. They are self-critical.
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