It is always useful to learn from the best and most successful people in the field. When it comes to learning the art of business and entrepreneurship, who else than the Amazon founder can be a better option. Last week in Las Vegas while speaking at Amazon’s re: MARS conference, the world’s richest man and founder of Amazon, Jeff Bezos, shared main ingredients of his recipe for entrepreneurial success while answering a question from the audience.
According to him, the customer-obsessed approach is the most important thing when it comes to making any business a success in the long run. “Absolutely delight them” is what he has to say in this regard. In order to ensure availability of the cheapest product; at times, Amazon has reportedly sold products at prices which meant a loss for the company. However, it ultimately led to Amazon having more than 100 million paid Prime membership subscribers.
Another thing Bezos emphasized is to be not afraid of losing big or failure. He mentioned, “Business is going to be in many ways an experiment” and an experiment might fail at times. But that’s what risk is and businesses cannot avoid risk all the time. In fact, taking calculated risks may be the ultimate differentiating factor between an average and a highly successful business. In order to achieve big, bold moves are to be made sometimes even if it means higher chances of failure.
The richest CEO also had an interesting baseball-related metaphor to share with the audience. When you swing for the fences, the chances are that you are going for home runs but at the risk of striking out. The difference in baseball and business, according to him, is that one can get four runs at maximum with the bat, while in business one can get a successful yield of 1,000 runs.
With such probability distribution, Bezos asked the audience to be willing to swing harder and more often. It’s OK to fail on several occasions as long as one has a supportive culture.
Last but not the least and like most other successful business owners, Bezos also talked about the necessity of having passion for the project at hand. He does not believe in getting involved in a project unless one has absolute belief and passion for it. According to him, competing with rivals can be a really hard task if someone is involved in a project just for the sake of it.