Amazon CEO Jeff Bezos is officially the richest man on the planet as the company hits the value of $US3 Trillion on the stock exchange and his net wealth rises to $US67 billion – to put things into perspective, this means that his wealth has increased by an average of $US11 Million every hour in 2018!*
Here are some quotable lessons from the richest man on Earth that can help every entrepreneur:
On the kind of company to build
There are two kinds of companies, those that work to try to charge more and those that work to charge less. We will be the second.
The question really is, are you improving the world? And you can do that in many models. You can do that in government, you can do that in a nonprofit, and you can do it in commercial enterprise.
A company shouldn’t get addicted to being shiny because shiny doesn’t last!
On Amazon’s most powerful advertising strategy
If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.
On important lessons in brand building
A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.
Your brand is what other people say about you when you’re not in the room!
On enhancing customer experience
We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.
The best customer service is if the customer doesn’t need to call you, doesn’t need to talk to you. It just works.
The most important single thing is to focus obsessively on the customer. Our goal is to be earth’s most customer-centric company.
I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.
It’s not an experiment if you know it’s going to work.
On Amazon’s success mantras
We’ve had three big ideas at Amazon that we’ve stuck with for 18 years, and they’re the reason we’re successful: Put the customer first. Invent. And be patient.
On being a visionary
What we need to do is always lean into the future; when the world changes around you and when it changes against you – what used to be a tail wind is now a head wind – you have to lean into that and figure out what to do because complaining isn’t a strategy.
On what motivates the world’s richest man
The thing that motivates me is a very common form of motivation. And that is, with other folks counting on me it is so easy to be motivated.
(*Analogy by The Sydney Morning Herald)