Amazon | Jeff Bezos
I enjoy learning about successful people and businesses. Sharing what I discover can perhaps be helpful if you are interested in starting a business. While cleaning, I listened to several of Jeff Bezos’s interviews about Amazon on YouTube. There were a lot of key elements that made Amazon successful. I found that the two most important things that Bezos did differently and consistently throughout building his empire was being ruthless and becoming full devoted to pleasing the customer.
You Have to Be a Little Ruthless
You have to be ruthless to knock off someone’s business model and adapt it in your own business while you are in contract with them. This is what Amazon did to Toys R Us. Toys R Us sued Amazon, won, then got out the ten year deal they had with them. Perhaps Amazon could have handled this differently. Amazon could have increased Toys R Us’s presence and merchandise on their site, which would have been beneficial for both parties.
I am still a huge fan of Toys R Us. I bought all my oldest son’s baby clothes and many toys from there. My dad used to take my sister and I there on our birthday to get toys. The spirit of Toys R Us still lingers in the buildings that are now sometimes filled with Halloween merchandise. I can still remember where each department was or where I sat while pregnant listening to nurses teach about how to care for newborn babies. I am glad to hear that Toys R Us has at least one store in 2020.
Bezos graduated summa cum laude from Princeton University with a degree in computer science and electrical engineering. He is obviously a very intelligent man. Kindness may be the course that was not offered to him. If Bezos stopped to consider everything or the outcome for other parties, maybe he would not have been able to expand so vast or grow Amazon as rapidly. Perhaps it is a sacrifice between stepping on everyone’s toes to grow a business or taking a prolonged period of time to grow while maintaining good business relationships.
In it’s infancy, Amazon focused on word of mouth for marketing books. While shutting down book stores and publishing companies, it continued expand in different markets. Amazon now is basically a one stop shop for everything you need and you can get most things in 1-2 days. Amazon puts the customer needs first and continues to grow and add a variety of products and entertainment to make customers lives easier.
There are complaints from employees about work conditions or pay. I have yet to see an interview of Bezos stating how important his employees are and how their satisfaction is important. He has consistently said that customers satisfaction is important. Amazon continues to focus on delivering a “wow” experience to it’s customers.
People have expressed their disdain for Bezos for making $321 million a day, $13.4 million an hour, $222,884 a minute, and $3,715 a second. That amount is as of August 2020. The rich get richer and do not get audited or taxed because they have the resources to dispute the government. While the government does not have the resources to dispute the rich. The question is, hasn’t Bezos played the rat race game well? He has control of the market and remains dominating and continues to take out contenders or giving very few a run for their money.
Not all employees will be happy but he has made adjustments to appease them so that they can continue to work to make his customers happy. Many people who have not figured out how to control the rat race like Bezos has, will be upset. But for Amazon, the one thing that matters most is the customer. When you focus on satisfying the customer, they spread the good news about your company through word of mouth. When you don’t focus on pleasing your employees, they leave pissed.
There has to be an equal medium right? Where to draw the line is up to each individual. Bezos found a way to grow an empire in a way that no one has been able to do. Bezos stated that Amazon will not be around forever, no business is around forever. I admire Amazon for the ability to keep customers satisfied and provide a wide variety of merchandise and convenience. I think that there is still room for improvement as with anything in life. Bezos is a genius and I admire him for what he created. Amazon will continue to dominate the retail world while keeping customers satisfied because that is it’s main focus.
What are your thoughts about Amazon? Do you think that being ruthless is the best option to grow a business?
What do you think are the key elements in building a successful business?
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