25 years is what it took to go from a garage full of books to $1 trillion dollar business – here’s how the man Jeff Bezos thinks he did it.
The professional life of an individual spans around 30-35 years. In this time, most men wish to make enough money to last in this lifetime. Most keep on working till the end.
So how did Jeff Bezos make enough money to last lavishly for more than a dozen lifetimes? Well, here’s his story in our words and how he achieved the unthinkable fortune in his.
Here’s Jeff Bezos’ story and how he achieved the unthinkable fortune with Amazon in his words.
Born is a a garage selling books online, Amazon is now the global leader in e-commerce and owns more than 40 subsidiary companies. It even reached the landmark of $1 trillion cap for a brief period of time with an employee base of over 640,000.
Bezos is a revolutionary entrepreneur, unconventional in his approach to running a mega-business. Amazon’s worldwide dominance is pivotal to this approach of its founder.
Facts, Secrets, Lessons – Everything to know about Amazon and Jeff Bezos
How he built this titan? No one knows better than the man himself. And in his words, the key to building the successful $1 trillion empire are 3 secret mantras.
#1 Put aside vision, instead focus on the next 2 to 3 years
“Vision is absolutely important, but it doesn’t deserve your day-to-day attention,” Bezos said at the Yale Club in New York City in February, according to a transcript from Business Insider.
According to Jeff Bezos, vision is no doubt important, but a person should focus more on what’s happening daily, this year or maybe in the next two or three years. The milestones Amazon achieve today is truly the result of the foundation laid 2 or 3 years ago.
We’ll announce our Amazon quarterly results, and [people will say], ‘Great quarter, congratulations!’ And then I say, ‘Thank you,’” Bezos said at the Yale Club. “But what I really think about is [how] that quarter was kind of baked and done two or three years ago, and right now the senior executives at Amazon are working on a quarter that’s going to happen in 2021, 2022 — that kind of thing.”
A person should focus more on what’s happening daily, this year or maybe in the next two or three years.
#2 There is no immunity from criticism
“We would be very naive to believe that we’re not going to be criticized. That’s just part of the terrain. You have to accept that,” Bezos said in an interview with Axel Springer CEO Mathias Döpfner, published by Business Insider in 2018.
Bezos always tells people that if they are going to do anything new or innovative, they have to be willing to be misunderstood. He believes that if a person cannot afford to be misunderstood, then he shouldn’t do anything new or innovative.
If a person cannot afford to be misunderstood, then he shouldn’t do anything new or innovative.
Bezos left his job and was well criticised when he first started selling books online from his garage. He said that it was a difficult choice for him but he ultimately gave it a shot and saved himself from regretting not even trying.
“After much consideration, I took the less safe path to follow my passion, and I’m proud of that choice.” – Jeff Bezos
Employ both – efficiency and inefficiency
“Wandering is an essential counter-balance to efficiency,” he said. “You need to employ both. The outsized discoveries — the ‘non-linear’ ones — are highly likely to require wandering.”
Bezos places great importance on time spent being inefficient, predominantly where a person is guided by its curiosity. He believes a curious explorer is a person who can actually invent and build a business.
Place great importance on time spent being inefficiently guided by curiosity. It’s the inefficient time that often results in discovering the next big thing.
According to him, “a builder’s mentality is what helps us approach big, hard-to-solve opportunities with a humble conviction that success can come through iteration: invent, launch, reinvent, relaunch, start over, rinse, repeat, again and again”.
He is convinced with the thought that how it’s the inefficient time that often results in discovering the next big thing.
Unknown facts about Amazon founder and the world’s richest man Jeff Bezos
- Bezos was forced to play baseball and football because his parents felt he had become too bookish at the age of eight.
- He dismantled his crib as a toddler and rigged an electric alarm to keep his siblings out of his room.
- In his teenage, he worked at McDonald’s as a fry cook and even set up an alarm system that would sound to let him know when to scramble the eggs, flip burgers, etc.
- Their first “office” had extension cords running to the garage and tables made of Home Depot doors that were less than $60 each.
- Jeff wanted to name the company “Cadabra”, and even considered naming it “Relentless”, but his friends warned it sounded too sinister. “Relentless.com” still redirects you to amazon.com.
- Bezos coined the term “two-pizza team” since he believes that an ideal team includes only that many people who can be fed by two pizzas.