In this article, you will learn a little about Amazon’s beginnings and Jeff Bezos’ 2 secrets to making successful decisions.
When Jeff Bezos started Amazon.com with a $300,000 loan he took from his parents, he calculated a 70% chance of failure.
An estimate that might sound arrogant considering that only 10% of startups are successful. However, he knew that it was necessary to take the risk; that although it is terrifying, it is a component of progress.
He wondered how he would feel when he was 85 after making that decision. Would he be more sorry if he had failed to build Amazon or would he feel worse if he hadn’t tried? Well now we know what happened and how it ended.
According to Daniel Goodman MD, a Harvard psychiatrist, Bezos found a way to resolve this universal struggle.
With complex decisions it is difficult to choose, we do not know what we should do to choose the right option. It is even difficult to define objectives; particularly when the results are ambiguous or intangible for many years.
Goodman affirms: “Asking yourself what your future would be like, if you tried things, is a powerful strategy to understand what really matters to you.”
This complex process is extremely valuable. If we can be completely transparent about what we are looking for in our personal and professional lives; we would be more likely to achieve what we want.
Secrets of Jeff Bezos.
1. The tombstone exercise.
There is a technique, which Bezos calls “the tombstone exercise,” where a person writes an imaginary epitaph that describes how they would like to be remembered and what they hope to have accomplished by the time they die.
In the second step, the person writes what would be written on their tombstone if their life ended today.
This is a powerful exercise that helps develop perspective and vision related to life goals.
2. Focus on the customer.
Another critical lesson can be learned from Amazon’s early days.
Starting out, Amazon was a brainchild in a whole new market. Bezos and his team were forced to focus on what customers would want from this new shopping platform called the “internet”; instead of what the competition was doing.
This mindset created a culture where Amazon put the interests of its customers above all else. This tradition became the ethos of the company.
Today, Amazon still prides itself on being a customer-centric company, the most customer-centric in the world.
They focus on what customers want, not the competition. Its employees work towards self-controlled and defined goals, low prices, a wide selection of products, and fast delivery.
Many companies make the mistake of focusing on the competition, a silly goal that ends up causing uncertainty and insecurity.
Focusing on what others are doing absorbs capacities that you could use in innovation, creativity and in the creation of the company culture.
Conclution.
What are the lessons that can be taken from the secrets of Jeff Bezos?
- Take the time to define your values and long-term goals.
- Focus on tracking your own progress, which you can control instead of wasting your energy killing the competition.
- Focus on creating a product that your customers love vs. what others are doing.
- Create a culture of creativity and trust.
That’s what Jeff Bezos did, and it made for Amazon’s success and longevity.
If you want to know the best phrases of Jeff Bezos and other recognized millionaires, click here.
And don’t forget, if you are really interested in creating your own business, you can purchase our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
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