At times, people go through tough times in business be it financial issues, branding, low profit, industry shakeout and so on. These issues often prove difficult that one needs high morale, determination and a never-say-never attitude to come out victorious.
This is the reason why Nairametrics found it vital to bring to you a few pieces of advice from the Billionaire and founder of Amazon, Jeff Bezos on what it takes for someone to succeed in business.
Being the world richest man is no small feat for someone who started Amazon as an online bookstore in his garage in 1994 to a company with more than $900 billion market cap. One could not have thought of a better person to share tips to help paddle the unstable canoe of business. Find his advice below.
- Be passionate: Bezos believes it’s important for an entrepreneur to follow his or her passion. He says that it’s the people who care that win.
“You have got to have some passion for the arena that you are going to develop and work in, because otherwise you’ll be competing against those who do have passion for that, and they’re going to build better products and services.”
Bezos added that to be a successful business person, you need to be a missionary and not a mercenary, meaning that you have to be mission-motivated, not money-motivated.
- Be ready to embrace risk and failure: The business tycoon also made it known that taking risks and failing is an integral part of becoming successful in business.
“If you come up with a business idea and there’s no risk there… it’s probably already being done… [and] being done well…. So you have to have something that might not work and you have to accept that your business in many ways is an experiment and it might fail, And that’s ok.”
Bezos has had his own share of failures, like the demise of Amazon restaurants and Amazon’s pop-up kiosks. Even at that, he continues to enjoy risk-taking in business.
- Change your mindset: Bezos has learned from interacting with the world’s most influential minds that the people who usually get things right are those who listen the most and who change their minds often.
“What I have found that people who are right change their mind even without getting new data. They have the same data set that they had at the beginning, but they wake up and they reanalyze things all the time and they come to a new conclusion and then they change their mind.”
“In fact, people who win typically have worked hard to recognize what beliefs or biases they hold and “actively try to look for evidence that does not confirm them,” Bezos said.