ENTREPRENEURIAL FORMULA FOR SUCCESS
Jeff Bezos, a remarkable entrepreneurial guru was born in 1964, his the founder and CEO of the giant e-commerce Amazon. According to Forbes World’s real-time billionaire, he has a net worth of $182.4 billion. Bezos is typically the definition of a remarkable entrepreneur. His exceptionalism towards the tenets of entrepreneurship is practically overwhelming. No wonder the meteoric rise of Amazon, which is one of his world-class innovations, continually and rigorously emerged as the world’s dominant brand. He has confidently pulled through every market and competition darts and yet still stands out as being consistently ranked among the top three richest people in the world since 2017 up till this day.
What kind of entrepreneurial strategy does it take to become this successful? What kind of model or structure did Bezos set up to leave the competition far behind to reach such humongous heights of wealth and success and still be on top of the world’s richest people’s list?
However, below is his listed 6 cohesive strategic golden formulas on how to achieve entrepreneurial success and productivity:
1. Discover your passion to invent and invest your soul in it.
A business without passion lacks the propelling force needed to fuel resilience. The constant invention is the precursor for every innovation. It is very imperative that every entrepreneur must keep its brand’s inventiveness afloat all the time to be able to keep its customer wondering in amazement. It isn’t easy to satisfy customers, and that’s why the constant invention of new ideas concerning your brand needs to be flamed at all costs. Brainstorm on different ideas, think outside the box because a business that lacks innovation finds it difficult to please its customers to the fullest.
The invention is really important to Bezos and his team. That’s why at Amazon, there is a constant invention of ideas on the product to please their insatiable customers.
Although success might not always be guaranteed like this, but not inventing or innovating at all will lead to a total loss of opportunity to gain invaluable insight into how customers interact with your offering.
2. Putting customer-first mentality.
In an interview with Charlie Rose, Bezos says: “We are not competitors obsessed, we are customer-obsessed. We start with the customer, and we work backward.”
No matter the kind of product or service you are selling, you must keep your interest aligned with your customers.
Jeff Bezos has always had a customer-first, and I come mindset, and that has been part of what has catapulted him to the level of success he is. He once said he believes focusing on what customers are saying is much more important for success than focusing on what competitors are doing. He often compares customer’s feedback to company data to see where they misaligned because he knows that they are the bedrock of his every entrepreneurial exploit.
Despite how high up his success ladder has plumaged over time, he never loses touch with the people he’s serving. His customers are one of his top priorities, and that’s why even up till now, he still read emails from his public-inbox to keep tabs on how his brand is treating its customers.
3. Be an entrepreneurial strategic opportunist
Real success comes with high strategic inputs than a mere opportunity. Being a strategic entrepreneurial opportunist means thinking through all plans, time to execute it and measure the progress against targets in alignment with the business vision and mission but being mere opportunistic means taking things as they come but being a strategic opportunist tends to balance one ability to remain focused on long term vision while staying flexible enough to solve daily problems in recognition of new opportunities and that Jeff Bezos has explored all round without leaving any stone untouched.
4. Sticking to the vision with a long-lasting strategy
Nothing good comes easy. Sticking to the vision of the business is certainly the best approach to building something that will last. Big ideas in business for entrepreneurs are often very obvious. Still, oftentimes, it is tough to maintain a firm grasp of the obvious, but sticking firmly to the business’s vision and mission and patiently exploring different opportunities by being flexible in accepting new innovative ideas helps build a better service to your customers.
Focus on the service’s vision that you want to remain true for your customers over the decades. Just like Netflix, Verizon wireless, Facebook, and Amazon focus on increased reliability with streaming of better content, coverage, faster speed, and delivery, let your energy be invested in what your customers will always want to Enjoy in years to come.
This idea can be summed up by the motto of Blue Origin, the space exploration company founded by Bezos: “Gradatim Ferociter,” meaning “Step by Step ferociously” in English.
5. Be simple and invest wisely
When Amazon went public in 1997, Jeff Bezos didn’t drop a ton of cash on a fancy new material acquisition like cars. Rather, he traded in his 1987 cherry blazer, which he used as a business run for a Honda Accord’s post office delivery. His strategy for spending even when there is an underlying success is one of Amazon’s central tenets despite him being the world’s richest man. He would rather invest in one agricultural or tech startups than riding an expensive car.
6. Spot and pounce on new trends
Not only is Jeff Bezos an inventor, but he is also very keen on spotting out new trends in the market. He is open to new trends and isn’t afraid to try new things, like in 2013 when he bought the Washington Post. He understands that a shift in cultural or economic trends will create new entrepreneurial opportunities, which sometimes arise from technological advances. He knows when such signaled new market opportunities and didn’t hesitate to pounce on it.