Run Your Business Like Jeff Bezos
Jeff Bezos is arguably one of the most talked-about business tycoons in the world. At this moment in time, Jeff is worth $205.6 billion. If running your business like Jeff Bezos gets you even 1% of his net worth, it’s worth it. Running a business is a complex and intricate dance filled with processes that need to fit together like a glove for a business to function smoothly.
Finding this delicate balance is not easy. Many turn to inspiration from the likes of Jeff Bezos, Elon Musk, and Mark Zuckerberg. Jeff Bezos has the most substantial net worth and is one of the most idolised businessmen, so let’s see how he runs his business and what ideas you can utilise.
Never Stop Learning
You’ll never be bored running a business. Running a business demands constant adaptation, education, and innovation. The processes holding your business together right now might be completely different by the end of the year. Why is that? Because the demand of a business is constantly evolving, as is the development of the global economy, which forces adaptation.
Therefore, you should constantly be acquiring new skills and absorbing information. There are business courses in abundance. From marketing to business management, there are a plethora of educational business courses that are invaluable for business owners.
The Two Pizza Rule
The two-pizza rule is a Jeff Bezos special, and no, it doesn’t mean that eating two pizzas will make you a better business owner. The two-pizza rule is a concept that Jeff Bezos started in an attempt to maximise the strengths of a team. He believes that a team should be only big enough to share two pizzas between them.
It’s a clever concept that aims to reduce the number of people in a team to increase communication, creativity, and the bond between the team. Two pizzas work out to about 6 people. Larger teams tend to be far less efficient, so if you have a large group of people working for you, try splitting them into groups of 6.
Be Willing To Create
Being creative and innovative is part and parcel of being a business owner. Being creative and being willing to create are two different things. Many business owners can be creative and share ideas but don’t have the ability or willingness to create a product. Jeff Bezos is an advocate for inventing multiple products and services, which it’s easy to see when you look at their website.
Amazon sells an incredible amount of their own products and services. Jeff Bezos has the philosophy of experimentation and invention. If it doesn’t work, he stops selling it. If it does work, he has a new product or service that’s likely to make him millions more. Jeff Bezos is the exact opposite of Apple. In comparison to Amazon, Apple has very few products and sticks to what they know. Be prepared to take a leap of faith and try a new product or service.
Jeff Bezos is customer-obsessed, as every business should be. Jeff Bezos takes it to the next level and aims to make the customer experience the most inclusive. One example of how he has done this is Amazon same-day delivery service. The service has been revolutionary. The thought of not having to wait a day, or even a few days, for your parcels is revolutionary. There are no other services available to the general public like it. It’s one of the reasons why almost 90% of shoppers say they prefer to use Amazon.
One of Jeff Bezos’ sayings is that he is not competitor-obsessed; he is customer-obsessed. It’s a statement that rings true when you analyse the process Amazon has in place. Jeff Bezos was also the pioneer of customer reviews, ensuring that users had access to positive and negative reviews. Amazon reviews have now accumulated so much so; that Amazon has become the number 1 place people go to find product reviews.
Be like Jeff and find ways of ensuring your customers have the smoothest user experience possible.
Experimenting is not about finding a new product to create; it’s about experimenting with every single process that your business is currently using. Most CEOs will tell you that experimentation is crucial for business improvement. Being innovative, creative, and experimenting creates a successful business.
Take a look at every industry, and you will see the result of experimentation. The food industry and its meal deliveries, the automobile industry and their hybrid cars, the aviation industry and the modern planes we travel on today. Even if your experiments don’t work, you won’t know until you try.
Jeff Bezos is just one of the most successful business people. He took many risks, some of them paid off, and some didn’t. Be more like Jeff Bezos and take risks.