02/06/2021
Jeff Bezos plans to step down as CEO in the third quarter. Bezos, known as the 2nd wealthiest man in the world, can teach entrepreneurs a thing or two about business. Some key takeaways from his amazing career are:
Don't be afraid to diversify your business.
Amazon began as an online bookstore and has since expanded to a wide variety of other e-commerce products and services, including video and audio streaming, cloud computing, and artificial intelligence.
Have a plan before you make a huge leap.
He left his job at D. E. Shaw and founded Amazon in his garage on July 5, 1994, after writing its business plan on a cross-country drive. Having a plan in place before leaving the safety of his job more than likely helped Bezos to hit the ground running with the creation of Amazon. He planned on expanding his online bookstore into other industries from the very beginning.
Sometimes it's best to keep things Simple
Bezos initially named his new company Cadabra but later changed the name to Amazon after the Amazon River in South America, in part because the name begins with the letter A, which is at the beginning of the alphabet.
Have a clear vision
Amazon faced opposition from big box bookstore competitors like Barnes & Noble, negative criticism from the media, low liquidity and other obstacles. I believe it would have been easy for Bezos to quit in the face of adversity if he had lost sight of his dreams along the way. In October 2013, Amazon was recognized as the largest online shopping retailer in the world.
Master the Art of Customer Service
72% of customers expect a response to a complaint in under an hour. Amazon takes a multichannel approach to customer satisfaction. Customers appreciate when their voices feel heard.
Sources: https://www.qualtrics.com/blog/amazon-customer-experience-leader/
Döpfner, Mathias S. (March 28, 2018). "Jeff Bezos reveals what it's like to build an empire". Business Insider.
Robinson, Tom (2010). Jeff Bezos: Amazon.com Architect. ABDO Publishing. ISBN 978-1604537598