Jeff Bezos’ advice: how to become the richest entrepreneur🎯🌟

Jeff Bezos is Amazon CEO. He managed to turn an online bookstore into the e-commerce giant worth over $1.5 trillion. Now Bezos’ fortune amounts to $202 billion, which makes him the richest person on the planet. Such success is not just luck or coincidence. What made Jeff Bezos the wealthiest businessman ever is his right thinking and entrepreneurial mindset. That’s what he advises to do business successfully.

Make a decision having 70% of information
Most of choices should be made once you are aware of 70% of information you need. If you wait for 90%, it might be too long. For example, Prime Now — a delivery service — was launched in 111 days after its creation. Despite a number of errors, a quick decision gave them a competitive advantage.

Don’t prioritize the competition
Every company faces competition as this is a natural part of any business. Frequently, entrepreneurs end up strongly competing with each other. However, customers’ interests should be the priority. Such an approach provides a space for innovations and further growth.

Build a perfect team
Amazon’s thing is to ask unusual questions when interviewing employees. For example, ‘how many gasoline stations operate in the US?’. No one knows the correct answer, though it’s not even needed. The aim is to assess their critical thinking. Try to surround yourself with the best staff ever. They should exceed your expectations in order to boost the company’s expansion.

Take a 10% chance
If the probability of getting 100% money return is 10%, seize the opportunity. In order to reach success, make bold decisions. Despite you don’t always achieve what you want, you learn new things. Amazon Marketplace failed in the first and second launch attempts. However, the third time was the charm.

Don’t avoid innovations
Being successful now, you don’t have any guarantees to be successful in the future. An entrepreneur cannot assume for sure that their industry will remain relevant. If you don’t make innovations, someone else will do it for you, which will cast you away.

Stay restrained
Thrift is the direct opposite of modern approach to big business. Nevertheless, loads of Bezos’ tips aligned with it. The billionaire made his first desk from the door, because doors were cheaper. Try to achieve more using fewer resources. Limitations provoke innovativeness, independence, and resourcefulness. Think of what you could reduce in order to economize the expenses.

Establish your own culture
Amazon possesses its own clear corporative culture. Find something that would make your culture unique. Amazon doesn’t claim their culture is right. Though, the point is it belongs to them.

What do you think about Jeff Bezos’ tips? Share in the comments 💬