Actually, the billionaire employed a handful of wisdoms that helped him achieve the goal. Here are 5 of them:
✊🏽Minimize your regrets
When Bezos first came up with the idea of moving from one end of the country to the other, he used a mental exercise called "regret minimization system." It suggests you need to imagine yourself as an 80-year-old and look back at your life.
Bezos explains: "I wanted to minimize the number of my regrets. And I knew that at the age of 80 I wouldn't regret trying to do it. I wasn't going to regret my attempt to take advantage of the possibilities of the Internet, which I had predicted a great future for."
🔎Find the right opportunity
Initially, Bezos planned to set up an online business, not a bookstore. While still working at the investment firm, he heard that Internet usage was growing by 2300% annually. In fact, this figure was fundamentally wrong. The Internet grew by 2,300 times, that is, in reality, 230,000%. But even the erroneous calculations worked out.
Bezos was not a big fan of books, but they seemed to him a suitable commodity to make the most of the explosive Internet growth. When Amazon launched in 1994, the catalog of printed books was almost endless and numbered over 3 million titles. That business was well suited for e-commerce.
😍Be obsessed with customers
"Many companies are completely customer-oriented. Bezos literally worshipped this philosophy. "Amazon's secret ingredient includes several principles. And the most important of them is a compulsive focus on the client," Bezos said in 2018 during the Washington forum of The Economic Club.
He didn't talk about good service. It was more about building a company without which people could not live. "From the very beginning, we have focused on offering customers compelling benefits," the Amazon CEO wrote in 1997.
Compelling means clear. Bezos insisted on his team writing a six-page memo and a sample press release for each new product. "At Amazon, we don't do PowerPoint presentations," Bezos once wrote. — Instead, we write memos on six pages with a narrative structure. We read them at the beginning of each meeting in a kind of "classroom"."
⚖️Make customers’ benefits overweigh all costs
When the era of online shopping began, ordering via the Internet was a terrible challenge for both sellers and buyers. Only about a third of households had computers, and they were not very fast. An even smaller number had Internet access, and the sites were shoddily made.
Convincing someone to go online and make a purchase was an almost impossible task. To do this, it was necessary to offer the client sufficient advantages: low cost of goods, unlimited product range, and impeccable service. Otherwise, customers would just go to a regular store.
Even when Internet access became easier, the question remained relevant: does your website facilitate or improve the lives of customers? If yes, most likely, they will choose you. This was Amazon’s case.
😳Be afraid of customers, not competitors
"Don't be afraid of competitors — they're not the ones who bring you money," Bezos once told his team. — Be afraid of customers, because they have the money." In other words, focus on what's valuable for you.