By Are you trying to start a new business from scratch or grow a franchise? Jeff Bezos has a piece of business advice for you.
But first, who is Jeff Bezos?
Jeff Bezos is the founder of Amazon, a company he founded in 1995 with only 10 employees and has today grown it into the biggest ecommerce store in the world with a market capitalization of almost a trillion dollars.
Today, Jeff Bezos is globally recognized as the world’s richest man. This is a good reason to listen to what he has to say about starting a business, at least, he runs a billion dollar company.
Jeff Bezos shared this piece of advice for business owners that you are about to read at Amazon’s re:Mars conference on Thursday in Las Vegas, after he was asked what advice he would give to anyone looking to start their own business.
Bezos Advice 1: Take Risk
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“Take risk. You have to be willing to take risk. If you have a business idea with no risk, it’s probably already being done,” he said, according to an Amazon transcript. “You’ve got to have something that might not work. It will be, in many ways, an experiment.”
Going further, he added:
“We take risks all the time, we talk about failure. We need big failures in order to move the needle. If we don’t, we’re not swinging enough. You really should be swinging hard, and you will fail, but that’s okay.”
Bezos Advice 2: Be Passionate
“You’ll be competing against those who are passionate.”
This goes to show that no entrepreneur can actually achieve anything tangible if he’s not passionate about what he’s doing.
It’s passion for you business that wakes you up in the night to create a budget for your business. It’s passion that constantly encourages you to keep working on your business until it starts generating a full-time income and possibly grow into a billion dollar company.
The truth is, without absolute passion for your craft, nothing gets done.
Related: 5 Cost-Effective Ways to Test New eCommerce Product Ideas
Jeff Bezos became the billionaire he is today because he’s passionate about his ecommerce business.
Bezos Advice 3: Be Customer-obsessed
“The most important thing is to be customer-obsessed,” Jeff Bezos said. “Don’t satisfy them, absolutely delight them.”
How often are you customer-centric? Are you growing a company that’s customer centric?
Your customers are the lifeblood of your business. For your business to continue to exist, you must never run out of paying customers.
Amazon is growing rapidly today because they care so much about their customers. You can never grow a competitive company if you don’t know how to take care of your customers.
Conclusion
As a budding entrepreneur, if you can follow these amazing business advice from billionaire Jeff Bezos, you are going to experience a tremendous increase in your business. The place of taking risk, being passionate about your profession and focusing on delighting your customers can’t be overemphasized.
Hi Emenike,
Thanks for sharing the wise words from Jeff Bezos. Indeed, we need to be passionate of what we are doing otherwise we will eventually give up. Passion gives us the stamina to keep on going.
More importantly, we have to take risks. If we do that we are true entrepreneurs. If not, stick to the day job lol.
-Donna
Exactly, Donna.
Those words of Billionaire Bezos got me.
Thanks for sharing your thought with us.
Emenike
Passion is indeed a lifeline in starting any business and scaling it up as well.
Thanks Coach.
Yes, it is, Eboh.
Good to have you here.
Emenike