Four things we can learn from Jeff Bezos
In 1994, Jeff Bezos started the “Everything Store” from his parents garage. It was an online domain that allowed people to purchase almost anything. He had no idea that two decades on, it would be the biggest digital shop in the world and be known as Amazon.com. Today, Jeff still tops the list of the world’s richest people and is still inspiring many to take the plunge and follow suit.
He has developed many habits that he claims helped get him to where he is today. From customers to the right types of business insurance, Jeff Bezos is an inspiration for the ages. Here’s what every aspiring entrepreneur can learn from one of the greatest business minds of all time.
Always think for the future
Whilst entrepreneurship is full of fast-faced decisions it pays to always consider the long term. According to Jeff Bezos, this means accepting short-term losses that don’t work out. A few years ago, Amazon launched e-books. These weren’t so well received as they were priced similarly to paperback books. Bezos suggested that they lower the price by about 50% to grow the demand. As much as this decision cost amazon dearly at a price of $5.00 per e-book, it made Amazon the number one provider of e-books. What happened next? Amazon launched the Kindle. The perfect device for reading a collection of e-books.
Another vital part of thinking for the future is anticipating what might lie ahead. This makes business insurance a priority for those who run a company. Whether you’re looking for small business insurance policies or business all risk insurance, you should consider cover as protection of your entity and legacy. Speaking to the right people can make all the difference and at Compendium Insurance Brokers (“Compendium”), our brokers are knowledgeable and passionate about helping you reach your goals and protect your business.
Make customers number one
Yes, your business aspirations are key but without a firm focus on your customers, your operation will never get off the ground. Jeff Bezos has taught us the value of measuring and understanding customer behaviour. That way, you can adapt your products and services to better cater to their needs. This, in turn, will drive profits and keep your market coming back for more. It also makes future innovations more appealing for customers because they’ll be based on what they actually want to receive from you.
Be budget savvy
Jeff Bezos was able to grow his fortune from years of being careful with his money. Amazon’s first offices in a simple yet effective space that was without many of the bells and whistles associated with big names in the tech world. In doing so, they kept things affordable and as a result, were able to put the funds into things that really made a difference to their customers: innovation and improved offerings. Don’t be tempted to splurge on your office space. Instead, start off small and keep your overheads low. It’s easier to scale up later on than it is to scale down once you’ve overextended yourself.
Never lose your hunger
As Jeff will tell you, there will be many battles to fight and several hurdles to overcome. By staying hungry, you will remain motivated to continue forward. Amazon has faced countless competition in the market but throughout it all, they remain on top and stronger than ever! Although their status is impressive, they have not gotten too comfortable. In fact, they continue to innovate and launch new offerings into their market. At the moment, Amazon Web even services high profile clients like NASA! Finding new avenues for expansion is the key to staying ahead of the competition. No entrepreneur should ever forget that.
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At Compendium , we consider ourselves your trusted partner in assurance and insurance products that give you priceless peace of mind. For more on our legacy of success and what we offer our clientele, please call us today on 087 285 4040.