Business lessons from Jeff Bezos

62
267

Even if it was for a day, or less he made history by upstaging Bill Gates as the world’s richest man. That was at the end of July 2017. Indeed, when he clinched the prestigious TIME Magazine’s Man-of-the Year award at the turn of the century, back in December, 1999, Jeffery Preston Bezos was worth a hundred million dollars ($100 million). But now his net worth is a whopping $86.7 billion!

Also noteworthy is the fact that as at 1999 Bezos was 35 and ranked as the fourth youngest individual, behind Charles Lindberg (25), Queen Elizabeth 11 (26), Martin Luther King Jnr. (34) to be so honoured. Described as “the king of cyber commerce,” what matters to us are the lasting lessons to glean from his phenomenal rise to the top rung of the global corporate ladder with a short span of 18 years? Just how did it begin to roll, for Bezos?

As typical of most successful entrepreneurs over the decades, it all started with a flicker of the light of an IDEA in the dark. Yes, a veritable idea many would have glossed over. It was on a summer day in 1994 that the young Bezos decided to quit his otherwise lucrative job at a New York investment firm, packed up his belongings and with his wife, Mac Kenzie driving headed to Seattle buoyed with the idea to sell books, music CDs and videos over the internet. Let us recall that smart business men such as Bill Gates and Mac Zukerberg, whose companies are currently breathing down the neck of Bezos’ Amazon.com similarly took the decision to leave either school or their businesses to start off on their own. What does that teach us all? The COURAGE TO START the business always does it. Winners do not wait for conditions to be perfect before delving into the murky waters of business.

As usual too, other investors who heard about selling products over the internet thought Bezos must be crazy! Long before him, Edwin Land was told by his friends that the idea of creating an instant Polaroid camera was off the mark. But he did not listen to them. Only some six months after they tried to discourage him he showed them the product of his fecund imagination. His Polaroid instant camera went on sale in late 1948 and made it possible for a picture to be taken and developed in 60 seconds or less.

It was ditto for Wilbur and Orville Wright brothers. They cared less for the sneers and jeers of their detractors when on December 17, 1903 they made four brief flights at Kitty Hawk with their first powered aircraft. The Wright brothers had invented the first successful airplane! Entrepreneurs who would succeed are not easily discouraged.

Unknown to the naysayers, Bezos had peered into the intricate maze of the World Wide Web and saw the future of retailing literally exploding right before him. It was similar to far-sighted minds before him, much like Cornelius Vanderbilt saw the railroads coming up or Thomas Watson saw the huge potentials in computers adorning offices and homes. Mark you, that Bezos was not the only man to see the vast opportunities inherent in e-commerce, or what TIME magazine dubbed ‘the power of electrified commerce.’ No. Pierre Omidyar of e-Bay noticed it too. But it was Bezos who took up the gauntlet and went for the kill. He did not wait or dither to seize the moment. That is another hallmark of successful men such as Conrad Hilton who wasted no time after enjoying his stay in a cozy hotel to diversify his business to the hospitality industry.

That year alone (1999), Americans spent $15 billion buying consumer goods online. U.S. businesses jerked up by $109 billion and boasted a retail market worth a staggering $2.7 trillion! As Americans spend $5 billion online exchanging Christmas gifts, Bezos known for his characteristic, explosive laughter smiled all the way to the bank, as his Amazon.com stock price soared to $94.

In fact, critical observers agreed that part of Bezos’ instant success in e-commerce was because he got his company starting up on a sound footing with a thorough thinking through. “His online retailing universe was so complete, so elegant and appealing, that it became from Day One the point of reference for everyone who has anything to sell online.” Like Steve Jobs (of blessed memory) would enthuse it always pays to get one’s business right from the outset.

Another salient factor that defines the ship of a successful business is for the pilot not to be confounded or overwhelmed by the storms that would naturally escalate along the course of the journey. There may be hurdles along the path of growing one’s business. For instance, experts on the U.S. economy told Bezos that he could lose as much as $350 billion in the first year alone but he was unfazed by it all. He told them instead that he foresaw the profitability of selling books, CDs and videos and just one year after, in 2000 he was proved right. As John Harold Johnson, the late publisher of Ebony magazine has rightly noted: “The higher the obstacles we overcome, the greater the glory.” How true.

An additional advantage that Bezos knew and latched on was THE POWER OF INFORMATION. Within the matrix of the fast evolving global market, whoever has more credible information on its dynamics at his fingertips and acted on them stands to win. For instance, when one buys any of the products available on Amazon.com there is information for him or her to know exactly what previous buyers thought about it. The popular site gives the latitude of rating the quality of products.

As the company grew, Bezos PREPARED FOR COMPETITION from others such as Adornis.com that sold luxury items, Buy.com, Shopnow.com, Home Groceries.com and Della.com that sold wedding materials. By lowering the prices of products just like Sam Walton did he drove more customers to Amazon.com. And to cut off completion from those who would sell lower he formed ‘Marketing Clubs’ for which each member pays $30 a year, providing more access to the site’s rich data and technology. That is INNOVATION.

With his EYES FIXED ON THE FUTURE Bezos meticulously planned for expansion to include other items. These are cars, washing machines, model airplanes and rubber gaskets, except firearms and some live animals. Beyond products Amazon delved into services such as banking, insurance and travels.

Now, the king of cyber commerce is laughing all the way to the bank. You must have learnt a lesson or two from him, haven’t you?

62 COMMENTS

  1. Pretty element of content. I simply stumbled upon your blog and in accession capital to claim that I acquire actually enjoyed account your weblog posts. Any way I’ll be subscribing for your augment or even I achievement you get admission to consistently rapidly.

  2. I like what you guys are up also. Such smart work and reporting! Keep up the superb works guys I have incorporated you guys to my blogroll. I think it’ll improve the value of my website 🙂

  3. Thanks for this marvelous article! I definitely enjoyed learning about.I’ll be sure to take note of your blog and will come back very soon. I would like to suggest you to ultimately keep going with the good work, maybe try to think of kik android too, have a good morning!

  4. There are actually great modifications on the structure of your website, I really love this! My website is regarding kik download and currently there are plenty of things to do, I’m currently a starter in webpage design. Be careful!

  5. I just came right here from some other website on the subject of mobdro free app for android and considered I should check this out. I quite like the things I see so now I am following you. Looking towards looking into the website back again.

  6. I’m really curious to discover what site platform you have been using? I am having a few minor security challenges with our latest blog on medical malpractice law and I would love to find something far more risk-free. Have any recommendations?

  7. It was actually great reading this article and I believe you are really correct. Inform me in case you’re thinking about free facetime app for android, this is my major competence. I really hope to see you in the near future, bye for now!

  8. Thank you for your terrific write-up! I definitely enjoyed finding out about it.I’ll ensure that I take note of this website and definitely will come back later on. I wish to encourage that you keep on with the fine posts, perhaps talk about iphoto for windows as well, have a fine evening!

  9. I love the things you dudes are up to. This type of great effort and reporting! Keep up the awesome work friends, I’ve you on my personal framaroot apk download web page.

  10. I am seriously loving the theme/design of your information site. Do you face any kind of internet browser compatibility troubles? Quite a few of my own website audience have lamented about my omega xl for arthritis site not operating appropriately in Explorer though looks very good in Safari. Are there any kind of ideas to assist fix that issue?

  11. I’m intrigued to discover which site platform you are using? I’m experiencing several slight protection difficulties with the most recent website related to lucky patcher ios so I would love to find a thing a lot more secure. Have you got any solutions?

  12. There are actually definitely a good deal of particulars like that to take into consideration. That is a terrific point to bring up. I supply the thoughts above as general inspiration but clearly you’ll find questions like the one you bring up where essentially the most significant factor will likely be operating in honest good faith. I don?t know if very best practices have emerged around issues like that, but I’m certain that your job is clearly identified as a fair game. Both boys and girls really feel the impact of just a moment’s pleasure, for the rest of their lives.

  13. Howdy, you are absolutely correct. I frequently look over your content carefully. I’m furthermore fascinated by coloured upvc window frames, you could discuss this at times. I’ll be back.

  14. Wow, awesome blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your web site is excellent, let alone the content!

  15. There are great changes on the layout of your blog, I definitely like that. My own is regarding Arvind Pandit Kansas and certainly, there are plenty of stuff to do, I am currently a newbie in website design. Take care!

  16. I know this if off topic but I’m looking into starting my own weblog and was curious what all is needed to get set up? I’m assuming having a blog like yours would cost a pretty penny? I’m not very web savvy so I’m not 100 sure. Any suggestions or advice would be greatly appreciated. Many thanks

  17. Hello, I am really thrilled I found your blog, I basically found you by mistake, when I was looking on Yahoo for free instagram followers. Nonetheless I’m here right now and would really love to say thanks a lot for a incredible post and the all-round entertaining blog (I furthermore enjoy the theme), I don’t have enough time to read it all at the minute but I have book-marked it and moreover added the RSS feeds, so when I have the time I’ll be back to look over more. Make sure you do continue the great job.

  18. Our LGV (Large Goods Vehicle) HGV training is based in East London, and our LGV/ HGV courses are taught by qualified DVSA LGV & HGV trainers. LGV was formerly known as HGV, where it used to be referred to as HGV Class 2 (now called LGV Category C) and HGV class 1 (Now called LGV Category C+E).

  19. Would you be interested in trading links or maybe guest authoring a blog article or vice-versa? My site discusses a lot of the same subjects as yours and I believe we could greatly benefit from each other. If you’re interested feel free to shoot me an email. I look forward to hearing from you! Awesome blog by the way!

  20. There are actually awesome improvements on the layout of your webpage, I honestly like that. Mine is about personal injury attorney and right now there are a lot of things to do, I’m still a beginner in web development. Be careful!

  21. I am actually loving the design of your website. Do you ever come across any browser interface issues? A few of my website readers have lamented concerning my pokemon go online site not operating correctly in Internet Explorer but appears wonderful in Chrome. Do you have any kind of recommendations to help correct the matter?

  22. Howdy I am so excited I found this site, I basically discovered you by accident, while I was researching on Yahoo for emergency dentist. Nonetheless I am here now and would simply enjoy to say kudos for a great blog post and the all-round exciting blog (I too enjoy the theme/design), I don’t have enough time to browse it completely at the minute but I have book-marked it and moreover added in the RSS feeds, so when I have enough time I’ll be returning to read more. Make sure you do keep up the amazing job.

  23. Thank you for this excellent article! I actually liked it.I’ll be sure to save this website and will come back in the future. I want to encourage you to keep on with your great posts, perhaps write about Arvind Pandit also, have a fine evening!

  24. I am really enjoying the theme/design of your weblog. Do you ever run into any browser compatibility problems? A handful of my blog readers have complained about my site not working correctly in Explorer but looks great in Firefox. Do you have any ideas to help fix this problem?

  25. Thank you for this excellent article! I actually liked it.I’ll be sure to save this website and will come back in the future. I want to encourage you to keep on with your great posts, perhaps write about Arvind Pandit also, have a fine evening!

  26. Good post and straight to the point. I am not sure if this is really the best place to ask but do you guys have any thoughts on where to employ some professional writers? Thank you 🙂

  27. My friends and I absolutely enjoy your blog and find a majority of your articles to be what precisely I’m in need of. Do you offer people to write material for you? I wouldn’t mind composing an article on free movies online or on many of the things you are writing about here. Awesome website!

  28. Awesome website you have here but I was wondering if you knew of any user discussion forums that cover the same topics discussed here? I’d really love to be a part of community where I can get opinions from other experienced individuals that share the same interest. If you have any recommendations, please let me know. Appreciate it!

  29. I’m interested to learn just what blog platform you have been working with? I am experiencing a few minor safety challenges with my latest site regarding movers and packers mumbai and I’d like to find one thing much more safe. Are there any alternatives?

LEAVE A REPLY

Please enter your comment!
Please enter your name here