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Business Lessons From The World’s Richest Man – Jeff Bezos

Ramya GovindRaj

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What started off as an online site to buy books has become one of the biggest ecommerce firms in the world, making its founder Jeff Bezos the world’s richest man.

The CEO of Amazon, Jeff Bezos spent a major part of his life creating and conceptualizing the first online business platform, thereby revolutionizing the ecommerce ecosystem. Today, Amazon has a market capitalization of $707.32 billion and Jeff Bezos became the first person ever with a net worth of $116.6 billion.

Here are some business lessons everybody can learn from ecommerce baron!

Learn From The Right People
Learning is a continuous exercise. Surround yourself with those people who will help you learn and grow instead of pull you down. While hiring people for your company, make it a point to hire those who work well with others and have the necessary emotional intelligence to work well in a team and individually. More importantly, hire people who can teach something new to you and to your team.

Customers are King
Ever since the beginning of Amazon, Jeff Bezos has given more importance to the consumers and the consumer experience over everything else. From return policies to delivery and packaging, he has believed only if customers have a happy experience will they ever come back. Bezos has made it a point to obsess over the customers and not the competitors. While everything else is equally important, if the customers of the company are unhappy, no company will be able to survive.

Listen To The Critics
Any person who is thinking of starting a company or is the founder of a startup should have the ability to tolerate critics. Listening to criticism can help you formulate plans to develop the weaker aspects of your company and increase efficiency and effectiveness. Although it is difficult to take criticism, using such feedback will only help your company grow.

Create A Reputation
The only way to build a reputation is by doing the hard things well. Not everybody is able to get the hard things right. Work on creating a reputation in the society and not just building a brand. A company’s reputation speaks more than its brand image.

Evolve
Create, innovate, invest, invent, discover and evolve. A company that is not focusing on innovating itself constantly can become stagnant and start to rot. Keep up with the technology, lead the industry with bold changes and take the risks. Sticking to the same old ideologies and strategies can be very dangerous for a company. A startup that is not constantly reinventing itself is not moving forward.

Hire leaders and not just employees
When Amazon was first incorporated, the company had close to 600 employees. Today, Amazon is one of the biggest companies around the world with over 230,000 employees. Work on hiring versatile and talents employees who can become the leaders of tomorrow. The success of a company is affected by its ability to attract and retain a motivated employee base each of whom must think like, and therefore actually be, an owner.

Make A Difference
It’s not enough to just build a big company. Use that company and your influence to make a positive difference in the society. While the world’s second richest man, Bill Gates, set up a foundation for this purpose, Jeff Bezos along with Warren Buffett and the CEO of JPMorgan and Chase, Jamie Dimon recently announced they will be working on giving US workers and their families a better option on health insurance. As of 2017, the three companies combined have close to 840,000 employees. The three giants will be pooling their resources to significantly change the health care industry in the United States Of America. Along with helping the health care system, Jeff Bezos also donated $33 million to a scholarship fund for young “dreamers,” or immigrants brought to the United States illegally as children.

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1 Comment

1 Comment

  1. Prakash

    April 16, 2018 at 4:25 pm

    This is the best website to know information about startup and .I congratulate you for giving such vauble information .I even your startup ohlook.in to achieve the big succes

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Here’s Why Hiring Millennials A Good Idea For Your Company!

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In the upcoming years, millennials will become the largest employee demographic around the world. Millennials are big hustlers who embrace their work with passion and dedication.  They love to explore and opt new adventures. They basically have a sense of fulfillment with regard to everything they desire to achieve. They are highly motivated and have a zeal inside to accomplish their tasks. Their aim is to climb up the ladder of success with immense knowledge and become wiser. However, due to various reasons, millennials find it very difficult to land a good job.

Gone are the days when money was the only motivational factor of a career. Millennials are highly cost effective. They work for lesser pay when compared to the regular workforce. They are pretty much focused towards embracing newer opportunities and progression. Not only that but they are also self driven. Alongside, they are team players! They love to collaborate with people and they get along easily. This work ethic helps all businesses grow as millennials are tolerant as well. Apart from that, they are highly creative with their ideas, generally think out of the box and come up with the best solutions and ideas for the company!

Hiring young minds helps to keep your company up to date with the latest market trends. From marketing to finance, they excel in almost every field with their intelligence and smart work. You could build a relationship and offer millennials an opportunity to grow with your company and in return, they will reward you with hard work and determination.

Listed below are the reason why hiring millennials is a good idea for your company!

  • They are proactive
  • Easy to work with
  • Follows up the latest trends
  • Highly cost effective
  • They are fun to work with
  • They are optimistic
  • They are techno junkies

Today’s competitive market demands the best talent possible! So, in order to grow your workforce and attain maximum productivity, your company should definitely consider hiring millennials!

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Here’s Looking At How Technopreneurs Are Emerging!

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This is the 21st century and technology is taking over almost every field at a very fast pace.

Every now and then, we see a number of entrepreneurs coming up with spectacular innovations that changes the way the world perceives things! Combining the two, in the recent times, we noticed a lot of technopreneurs emerging to take over the startup ecosystem.

So, who are technopreneurs?

Technopreneurs are technology and entrepreneur wrapped up in one term! They are entrepreneurs with a unique set of tools and a great potential for success. Technopreneurs are basically entrepreneurs who are in general technology savvy. Most successful technopreneurs are not born but they are made!

These brilliant minds combine technology with their creative innovations to introduce a new set of products and services. A common misconception is that they take many risks. However, while they do take risks, they only take calculated ones.

One of the prototypical examples of a technopreneur is Elon Musk. From introducing flying cars to launching advanced rockets, he is redefining the use of technology in daily life with his amazing innovations. “Don’t be afraid of new arenas,” is one of Musk’s most favorite quotes.

Mark Zuckerberg, the brains behind the social media giant, Facebook has emerged as one of the most successful technopreneurs of all time. As a technopreneur, it is significant to be technology oriented. However, you don’t have to be a coding expert, but rather, you have to invest in your technical skills and understand the dynamics of your market like Zuckerberg! According to Zuckerberg, “People think innovation is just having a good idea but a lot of it is just moving quickly and trying a lot of things.”

Alongside, technopreneurs tend to be very persistent in nature. You could take a look at Steve Job’s career path to understand that persistence in technopreneurship means sticking to the mission regardless of how difficult the journey seems. Jobs once said, “I’m convinced that about half of what separates the successful entrepreneurs from the non successful ones is pure perseverance.”The undeniable ability to solve problems in innovative ways enabled many billionaires to build their fortunes in the technology sector. Some of the most famous technopreneurs also include Bill Gates, Travis Kalanick, Sergey Brin and Larry Page.

Needless to say, a good technopreneur uniquely combines technology with innovation to make it big!

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You’re Never Too Old To Become An Entrepreneur

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There is no expiration date on becoming a successful entrepreneur. The idea to bring up a new product or a service has nothing to with your age. Becoming an entrepreneur is not about your age but whether you have the drive and creativity to make it happen.

Ideas always do not have to be about developing something new. It can be an improvement on something which is existing in market as well. Your experiences and dedication gives you an edge over others. You probably have a wide network now than before so use it as an opportunity to spread the word about your business ideas. Today’s entrepreneur opportunities are endless and one can explore and bring their ideas into existence with extreme zeal and courage. There are numerous things that can be learned from work and life experience. You are now financially stable and had a lifetime to build a network of connections. Many older entrepreneurs are experts in their field. Alongside, they’ve built a reputation in their industry which is useful when it comes to opening doors for their new business. These striking experiences can be applied to entrepreneurship.

Don’t look for reasons to limit yourself. Look for reasons to give yourself the freedom to follow your dreams.

In fact, some of the world’s most successful enterprises were started by people who were older than you might expect. Henry Ford was almost 40 when he founded his car business, Charles Ranlett Flint started a computing business that later became IBM at the age of 61. You have every opportunity to be successful in a job that you’re passionate about. All you have to do is take the leap.

Never let age define what you can and can’t do. It may be too late to become a professional skateboarder, but it’s never too late to pursue your dream of becoming an entrepreneur. So remember age is just a number!

Let us know what you think about entrepreneurship in the comments below!

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