Anyone with the ambition to succeed and make a fortune will be inspired by this expert in success. According to calculations by the American business magazine Forbes, Jeff Bezos officially becomes the richest man in the world for the first time around two years ago. He outclassed Bill Gates who held this title for many years.
Three years later, Jeff Bezos was still alone at the top of the rankings. It wasn’t until a massive boost for Tesla that Elon Musk took the stop. His success story reads like a book which you can of course order through his e-commerce company Amazon.com. How did it come to this? And what can he teach us from a professional point of view?
A garage full of books
After graduating from college, Jeff Bezos embarked on a brilliant career on Wall Street. When the Internet first appeared in the early 90s, he had big ambitions: he wanted to create the biggest online store in the world where you could buy literally anything you wanted. In 1994, the Amazon online store started out from a Seattle garage. Back then, the focus was still exclusively on books.
A conscious choice: books are easy to sell online, and by collaborating with as many bookstores as possible, Jeff Bezos could provide the largest offering through a centralized platform online. It turned out to be a big success, but Jeff always wanted more.
To achieve his great ambitions, he took thoughtful and important decisions. If you look at Jeff Bezos’ success story, you will discover principles of business efficiency that he has not deviated from. These are the principles that have led to his success and fortune.
1. Don’t Think Briefly, Think Long
Jeff Bezos’ long-term vision is simple but effective: the profit must be reinvested. In this way, his business becomes even bigger and better over time. You can look over his entire career, and it’s the same pattern; he reinvests as much as he possibly can.
2. Follow The Demand
Amazon has become a global player by systematically adapting supply to market demand. The establishment of Amazon Prime Video (vs Netflix), Amazon Web Services (vs Google Cloud) and the introduction of the Kindle e-reader (Amazon sells more e-books in 2020 than paper versions) confirms a revival permanent question in order to meet the expectations of as many people as possible.
3. Choose The Right Location
Jeff Bezos chose in 1994 to start in Seattle (Washington) and not in Silicon Valley (California). It was no coincidence that anyone who flies to the rest of America from Washington state should not charge VAT. An ideal location to outperform its competitors at a lower cost.
4. Save On Expenses
A telling anecdote in the early days of Amazon’s launch: Instead of buying an expensive desk, he found a cheap door and table legs at the local DIY store. The resourceful Jeff had managed to spend less money again and could invest in his business. He still continues to do this but it often leads to criticism. Staff complain, for example, of difficult working conditions and relatively low wages. In addition, as an employee, you must pay for your parking space at the head office.
5. Buy Out Your Competition
When online stores are successful, Jeff Bezos goes to great lengths to buy them back. If that doesn’t work, he starts a price war until his competition lets go. Amazon has thus become the colossus of online stores.
6. Use Your Success
When choosing a second seat for his business, he allowed US states to compete with each other by offering tax benefits. Less taxes, better prices for the customer, more profit.
7. Profitable virus
The Covid-19 has allowed Amazon to make a record profit: due to the numerous lockdowns, more and more people have discovered online shopping, and this does not bother Jeff Bezos at all. Amazon’s stock market value is now 1.3 trillion euros and his personal fortune is estimated at over 160 billion euros. And yet, all this richness does not make him disconnected from reality.
Due to the coronavirus crisis, it has decided to fully invest the expected profits for the second quarter (April-June 2020) in the coronavirus tests as well as in the protection of its employees. This $ 4 billion less in his bank account did not prevent him from sleeping but reassured many people of their state of health.
The two key skills that have helped Bezos reach the top are:
1. Time management
Managing your time well while being efficient is one of the most valuable skills you can demonstrate. Employers appreciate it too. The difficulty lies in the fact that there is no one right way to manage your time. It differs depending on the personality and it’s not something that you can suddenly learn. One will want to plan everything in detail and on time, the other will jot down key words in his diary. As soon as you find a system that suits you, stay there and improve it later.
If you are the most disciplined, bright, or wealthy person in the world but you don’t show yourself sympathetic to others, your popularity rating will be non-existent. Empathy is a fundamental quality that is unfortunately too often overlooked these days.
“Empathy – the ability to sense what other people are feeling – is what good salespeople or trade commissioners are good at. Empathy motivates people to go the extra mile and go further because they feel good. that there is more to it than just a pay slip,” explains Jane Wurdwand, founder of Dermalogica.
We tend to forget that underneath it all, Bezos is just a human. His wealth would have been even greater had he not been recently divorced, which gave his wife a significant portion of his money. If it hadn’t been for that, Bezos would have been an even richer guy. With his birthday just around the corner and his influence on the globe increasing, it remains to be seen just what he will do next!