Jeff Bezos Success Story: His Business Lessons and Daily Routine

Jeffrey Preston Bezos is an American technology investor, entrepreneur and philanthropist. He is the CEO and founder of amazon.com and the aerospace company Blue Origin. Or you may know him as the wealthiest person in the world.

Jeff Bezos changed the meaning of shopping. There used to be a time when if anyone said “Amazon,” everyone thought only of the river. But these days, one wonders whether anyone thinks of anything other than the internet e-commerce giant.

Amazon began from a humble beginning in a small garage and Bezos developed it into an e-commerce powerhouse where virtually any item is available. When he left a good job and comforts and established a small website called Amazon and sold books on the website, everyone thought that he was mad.

But now he has surpassed the wealth of Bill Gates and is in the first place as the wealthiest person in the world. He has also been ranked by Harvard Business Review as the second best CEO in the world. He has a net worth of $156 billion.

Since early childhood, Jeff Bezos had a great passion for science and technology. During the holidays, he used to organize science camps under the name “the Dream Institute” and he used to work at McDonald’s.

He started his first business when he was eighteen. In 1986, he earned his bachelor’s degree, with highest honors, in Computer Science and Electrical Engineering from Princeton University.

He was hired as the Vice-President at Bankers Trust and DE Shaw & Co. He fell in love with a co-worker, MacKenzie Tuttle, a woman who met his desire for a resourceful mate. They married in 1993, and they have four children together. In January 2019, the couple announced they were filing for divorce. Jeff Bezos is reportedly dating a TV show host and former news anchor, Lauren Sanchez.

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Jeff Bezos Motivational Speech

The Amazon story

In the early years of his career, while his life was running smoothly, he realized that something was missing, and he wanted to start his own business.

At that time there was a craze for computers and internet and he realized that the internet was developing at a pace of 2300% per year. He decided to start selling things online. But as it would be difficult to sell all manner of items online, he thought it would be better to sell books, as there would be international demand for them, thereby expanding his market. The investment would also be less.

Without a second thought, he resigned from his job, borrowed money from his parents and left for Seattle with his family. Everyone discouraged him by saying that nobody would buy an item without looking and examining it directly and that it was a bad idea to leave such a comfortable job.

But Bezos did not listen to any of this and started to work on his website. Initially, he wanted to use the word “Cadabra,” from “Abracadabra,” as his company name. Yet because it sounded similar to the word “cadaver,” he decided not to use it.

Later, he registered the name “Amazon” for his company after the world’s longest river in South America and started working on the website. Thus the company “Amazon,” which initially sold just books online, started in the year 1994. In the first month alone, they got orders from 45 countries.

He worked on the website during the day and at night he packed the ordered books and posted them the next morning. Initially, as there was no sufficient space in his office to stock the books, he used to buy the books after getting the orders.

He would visit a number of shops to buy the ordered books. It was undoubtedly a struggle to get the company off the ground. To reduce the cost, he used cheap wood to create furniture for his office. Gradually, along with books he started selling CDs, video games, toys, clothes and many other things on the website.

Apart from Jeff Bezos, nobody believed that the Amazon company would be successful. His difficulties were heightened by a lack of sufficient funds. He continually used whatever profit he got from Amazon to develop the website or to speed up its delivery process. Things change in 1997, when Amazon got listed on the stock market.

Within a few days, the Amazon share value rose from $18 to $100. Of course, Amazon’s success coincided with the late 90s dot com bubble. Between the years 1995-2000, there was a technology boom and thousands of internet-based technology companies cropped up and many people put all their money into those companies. The shares of those companies also shot up.

But after a few years, with the growing number of technology companies and their astronomic share prices, many people started becoming more cautious. Then they cashed out their investments. Share prices dropped, company valuations began to plummet and many companies shut down.

This is what is called the dot com bubble. In the chaos, Amazon’s share price crashed from $107 to $7. All the profits of Amazon evaporated. But, Jeff Bezos did not flag in his commitment to his vision. He updated the website with more changes. He added more products to it.

Slowly, the number of orders increased. And, by the year 2002, Amazon was back on a path toward viability. The company earned $5 million that year. It was a surprise to many who considered it to be a worthless company.

Once the company started earning profits, there was no looking back for Jeff Bezos. He drove the company like a race car on the race track. He created confidence in Amazon and discovered that a lucrative market existed amongst people shopping from the comfort of their couches and dining room tables.

Today Amazon receives hundreds of orders per second. Once the Amazon website was down for 49 minutes and because of that Amazon lost $5 million worth of orders. To meet so many orders Amazon is using robots in its warehouses. In future, Amazon also plans to deliver products via telephonic orders.

In this way, Amazon has become the biggest e-commerce website in the world. As for the future, he wants to make an Amazon publishing and media company, start an Amazon film studio and Amazon TV service.

He also has an interest in developing smartphones, 3D printers and other electronics. Bezos says that there is nothing that Amazon does not sell. The only thing they don’t sell are things that are yet to be invented.

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Jeff Bezos’s Daily routine

The following is Jeff Bezos’ daily routine as told by him in many of his interviews. His sleeping habit is the secret behind his good health, wealth and success in life. It has been his habit since childhood to sleep early and wake up early.

He generally sleeps for eight hours every day. A good night’s sleep keeps him alert, energetic and in a positive mood throughout the day. He starts his typical day reading a newspaper and enjoying his morning cup of coffee.

Then, he has a balanced breakfast with his family members. He has a unique taste for unusual dishes. Then, he personally washes and dries all the dishes. He is a family man and spends the morning hours of his day exclusively with his family consisting of his wife and four children.

It is interesting to note that there are no early morning meetings in his daily routine. In times of emergency, when having a meeting is inevitable, he adheres to the two pizza rule. The number of members in the group must be so small that they can share two pizzas for breakfast.

All his routine meetings are scheduled between 10 AM and noon. He meets with his Amazon investors only six hours annually. However, there are times when he can be a truly explosive CEO. After a hectic day at work, at around 5 PM, he winds up the day’s work putting away all pending work to the following day.

He avoids considering tough decisions late in the day. He believes that when you are tired, the decisions you make tend to be faulty. He makes a maximum of only three decisions on any day. He strives to achieve work-life harmony and not work-life balance.

Business Lessons From Jeff Bezos

1. A little from a lot

If you have an option to take one million dollars from either one person or one dollar from 1 million people, it is always better to take one dollar each from 1 million people because this would be risk-free.

The reason behind this is if the person who has pledged to give one million changes his mind later and declines to give the amount, it would be a huge loss for you.

Whereas if you decided to take 1 dollar each from 1 million people, even if a few people fail to give it later, the impact is minimal. This is what is done by Amazon. They reduce the prices of the items they sell. In this way, both the seller and buyer are benefitted. When both are benefited, ultimately Amazon benefits, too.

2. Don’t try anything new if you aren’t ready to face critics

When you want to do something new, most people will not support you. And, if you fail, they will definitely make negative comments and laugh at you. But, if you are not ready to hear the negative comments about you, then you are not fit for appreciation either. Transformation requires conviction, the kind of conviction that kept Jeff Bezos at work when his share price evaporated before his eyes.

3. Always be customer-centric and not competition-centric

If you want to defeat your competitors, you should focus on your customer and not on your competitor. You should accept the fact that when you are trying to understand the customer, your competitor is trying to do the same.

And the question that arises is, What does a customer require? Customers want quality products at a lower price. When you can give quality products to your customers at low prices, you will become the richest person in the world.

Bezos says that he wants to raise the customer-centric standards of Amazon to such a degree that other organizations consider Amazon as their role model and try to emulate Amazon in this respect.

For this purpose, Amazon always looks at the long term, with the customer at the center stage. One great indicator of the customer focus at Amazon is the fact that they can email Bezos directly.

4. Extend your business

Jeff Bezos says that you can extend your business in two ways. The first way is to realize which item you are good at making, make it and start selling it. The second way is to know what the customer requires and learn to make that item in the best way possible, even if you need to learn it from scratch.

5. Three ideas for success

For any business to be successful, it requires three criteria. The first important criterion is that your customer should be satisfied with you.

The second criterion is that your product should be new and better, and the third criterion is that you should have ample patience. Amazon has stuck to the above three criteria for the past 18 years and this has been one of the reasons behind their success.

6. Create your own identity

Many companies are not successful because they tend to copy other companies. When you copy somebody, you cannot create an identity of your own. That is why in any situation you should never try to copy others.

If you like something, take inspiration from it and consider how you can make a much better and more useful product than the existing one. And, when you do that, your product will be the best one. When the product is the best, many people will buy it even at higher prices.

7. Long-term planning

When you plan for a business, you should also plan your next step when your business is a success or a failure. In any business, not everything happens as planned. Likewise, nothing happens without a plan. So it is always better to have long-term planning.

8. Goodwill

For any business, its best asset is its goodwill. Even with a big business, if people do not trust you, your business will come to a standstill. If people have trust in you, however small your business may be, it will definitely grow.

When you expand your business, you should never associate with people whose only business motive is to earn money.

When you expand your business, you should align with people who do business that will be useful in one way or another. In Amazon, if there are negative comments or reviews about any product or products, Amazon removes that product immediately.

9. Think new and big

If you fear failure, you can neither do anything new nor anything big. So you should always try to explore new things and new ideas to be successful. There is one thing that makes Jeff Bezos who he is—the courage to innovate.

If your heart says to do it, you better do it, whether you have the capability to do it or not. The worst thing that could happen is that you may fail. But when you do not do it, you will regret not having tried.

10. Change your mind

Changing your mind according to the present circumstances is important. Life and the world are complicated and whenever you get new data, you need to evaluate how it can change your present conclusions.

When you do not get any new data, you should reanalyze the situation. Often you will realize that the situation is more complicated than you thought it to be and then you change your mind. Anybody who is not willing to change runs the risk of being small-minded in the world we live in.

11. Have small teams

To do great things, you need big teams. But you need to subdivide them, as there will be a better environment for human coordination. You can do big things with many small teams, as the communication between those small teams will be easy and natural.

12. Hire smart people

You should hire smart people who can keep in touch with the new things that are happening. You should have a proper recruiting process that attracts smart, hard-working and talented people who are willing to be a part of your mission. They should follow the principles of a customer-centric company, that is, listen, invent and then personalize.

13. Keep your employees happy

To keep your customers happy, you need to see to it that your employees are happy with their assigned tasks. You cannot have people who keep looking at the clock all day. Bezos teaches his employees about work-life harmony.

He emphasizes that when employees are happy at their workplace, they go home more energized and they are a better husband or wife, a better father or mother and better son or daughter. And when you are happy at home, that is reflected in your workplace too, with a better harmony with your colleagues, bosses and subordinates.

14. Companies should experiment

Companies should experiment and embrace failure. Companies that do not embrace failure eventually get into a desperate position. But the companies that are ready to experiment and embrace failure will definitely achieve success.

One way that this experimental philosophy is worked out at Amazon is through a ban on PowerPoint presentations at team meetings.

Instead of one person doing the talking and others listening, all the meeting participants read for 30 minutes on the topic instead, before the meeting. Because of this, every individual will have their own individual thoughts and this encourages critical thinking.

Jeff Bezos Motivational Speech

How To Become Successful Like Jeff Bezos?

Success is a concept that means something different to everyone. Whether it means having a great career, a house, or a family, success is something everyone strives for. It makes you proud, it inspires you, and it lets you know that you have made a difference in a competitive world.

However, success is not something you achieve without making an effort. It’s a mindset you must acquire to achieve your goals and grow as a person, and that takes hard work.

To become successful, there is nothing better than starting a business.

Thanks to the Internet, the world has undergone a massive change in recent years. Making money online has become much easier nowadays. 

You can learn how to build a digital asset that generates cash flow for you while you sleep in order to grow your wealth fast.

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