The Secret To Jeff Bezos’ Success
According to the industry giant, his success is down to three key factors.
Jeff Bezos has got to be one of the most famous industry leaders in the world. The founder of retail giants, Amazon, his name will forever be imbedded in history for changing the way we shop. Not just this, but in 2015, Amazon made more than $100 billion in annual revenue, which Bezos claims is the fastest any company have achieved this.
Known to be tirelessly determined, relentless and brilliant, industry leaders around the world keep an eye on both Bezos and Amazon, watching what they both will do next. Which leads us to ask, what drives him, what makes him not just another industry leader? We find out below.
Accept failure as the price of innovation
Bezos has been open about his failures and his successes both past and present. For him, the need to innovate is the key to staying relevant. On this topic, he went so far as talk about this during the 2015 annual report, saying: “ One area where I think we are especially distinctive is failure. I believe we are the best place in the world to fail (we have plenty of practice!), and 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. Most large organizations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there."
Work every day as if it’s your first
Amazon may well have started as a humble start-up but these days it employs over 350,000 people. Considering this, it would be easy to get complacent but not for Bezos, who declared that Amazon should operate as if it was still a young start-up. In 2016, he said this in a letter to shareholders: "Day two is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death. And that is why it is always Day 1."
Give them what they want before they even know it
One of things that you will have noticed about Amazon is how they seem to know just what to suggest. How do they know this? Well, their technology is designed to pay attention. They log what you browse, consider what you then might like, how your browsing habits change and how they are likely to change. According to Bezos: "Even when they don't know it, customers want something better, and your desire to delight your customers will drive you to invent on their behalf. No customer ever asked Amazon to create the Prime membership program, but it sure turns out they wanted it." This technique is undoubtedly one of the main reasons Amazon is such a huge, worldwide success.
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