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7 Habits You Can Learn From Jeff Bezos and Amazon.com

7 Habits You Can Learn From Jeff Bezos and Amazon.com

The year is 1994. The scene: Jeff Bezos’ parents garage.

While many of us were kicking up our Airwalks with an episode of Friends playing in the background, Bezos was architecting a grand plan that would change the way people shopped forever. He called it the “Everything Store,” a place where, using the as-yet-untapped power of the Internet, people could purchase virtually anything. Twenty years later, the Everything Store makes billions worldwide and goes by the name Amazon.com.

What grew an idea planted in a Bellevue garage into one of today’s most successful businesses? Dedication, innovation, and 7 smart habits that you can use to nurture the success of your own enterprise.

1. Focus on Customers

Jeff Bezos understood early on that the advantage of an online business was in measuring customer behavior. Over the years, Amazon constantly adds features that are aimed of making their customers happy which, in turn, bolsters the company’s sales.

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Look at Amazon.com book reviews, as an example. Despite receiving a scolding from publishers, Amazon encouraged customers to post their thoughts, even if those thoughts were critical or negative. Customers loved sharing their insights and reading others’, too, and now, reviews are one of the best-trusted aspects of the modern e-commerce platform.

Make the core of your business customer satisfaction. Hunt relentlessly for what makes your customers smile, and innovate based on their needs.

2. Practice Frugality

Though not geographically far from the swank, luxuriously-stocked offices of Silicon Valley, Amazon got its start in a simple, functional space in Washington state and operated on a market with minimal margins. Frugality is in Amazon’s very DNA and seems to help the company focus on the most important things: its customers and continuing innovation.

What does frugality mean for Amazon? For starters, employees pay for their own parking tickets, snacks at the office aren’t free, and, when traveling, employees bunk in double rooms. In general, Amazon isn’t a place where staff spend relaxed days brainstorming over coffee. The norm is to work long, hard, and smart, with no compromises on any of the three.

Sometimes success doesn’t require any special conditions. A studied rejection of luxury can make for lean innovations and improve company focus.

3. Make Your Own Rules

What’s an internal meeting without a PowerPoint? Well, at Amazon, it starts with a written argument. Anyone who wants to propose a new idea must first distill his or her thoughts into a 6-page document. Before any decision is made, those involved, including Bezos himself, must take the time to read and dissect it.

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Another rule introduced by Bezos is the Two-Pizza Team: no team should be so big that you couldn’t feed it with two pizzas. According to Bezos, larger groups are less productive, so the company is organized into autonomous units of 10 or fewer that compete for resources (but not pizzas) in their mission to make their customers happier.

Honor organizational outlaws. It’s often the radical or outlandish approaches to daily business that make the most impact.

Amazon Boxes

    4. Think for the Long Term

    Bezos started Amazon with the long game in mind–a play that meant accepting short term losses that not everyone understood.

    Consider the e-book. When e-books first entered the market, most publishers sold them at prices commensurate to their print editions. Bezos, however, projected that their long-term price would be around 10 dollars and started selling them for 9.99. At first, this decision generated losses of about 5 dollars per e-book, but when the price eventually dropped, Amazon had already become the go-to for e-books. With this surprising strategy, he’d also laid the foundation for one of the company’s greatest successes, the Kindle.

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    Don’t be afraid to make decisions that might be unpopular in the moment but will reap future rewards.

    5. Risk It

    Before that big idea in the Bellevue garage took off, Jeff Bezos had a secure job at a hedge fund. Still, he quit it, set up in his parents’ garage, and poured his savings into making the Everything Store a reality. And it worked.

    Today, Amazon operates on the premise that the risk is worth the reward. This approach has led to flops such as Amazon Auctions, a division that simply couldn’t compete with eBay’s hold on the market, but it’s also spawned Amazon’s wildly successful 1-Click Purchase. To support a culture of initiative and enterprise, Bezos created a “Just Do It” award, conferred to both employees who tried and succeeded, and also to those who tried and failed. The core message is that taking a risk is preferable to being too fearful to move.

    Risks are worth taking. Half the time, you’ll fail, but when that initiative results in a win, it just might be big and bold.

    6. Let the Data Decide

    It might surprise you that Amazon.com started off as a book shop. The initial product selection was no happy accident on Bezos’ part, but rather the result of a long look at hard facts. Books can be shipped without breaking, they’re rarely returned, and they’ll never expire (even if the knowledge therein grows stale). In short, books are the ideal product for e-commerce.

    Every aspect of commerce and customer behavior is eminently quantifiable, so Bezos demands that all decisions be based on that intel. Meetings are not about customer anecdotes, but rather Excel sheets filled with relevant metrics.

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    Before making a call, consult the data. Humans can get it wrong, but numbers never lie.

    7. Stay Hungry

    Never ceasing to learn, evolve, and innovate might be the ultimate ingredient for success. Amazon began with books, but no sooner had they gained a foothold in that market than they conquered music, movies, electronics, and toys. Later came the Kindle, and with it, they won their niche. Even now, there are Amazon services completely under the radar to most consumers. Did you know that Amazon Web Services provides cloud computing services to big businesses, the US government, and even NASA?

    Becoming a viable player in such a variety of different arenas never came from Bezos sitting back, satisfied with the goods already reaped. To the contrary, he believes that there are no products and services Amazon couldn’t sell. Soon, the company will have its own delivery fleet, become a publisher and media company, build smartphones, and perhaps even offer 3D printing services. For Bezos, the future is rife with possibility, opportunity, and inventiveness–and he’s hungry for all that it brings.

    The road to success is paved with dissatisfaction. Never accept the status quo or say, “I’ve done enough.” Instead, keep searching for potential and inciting growth.

    Jeff Bezos’ unique way of thinking long-term and taking smart risks has made Amazon into the company it is today, one that writes its own rules and evolves every minute, not to mention one that rakes in an annual revenue of 75 billion dollars. Take it from Amazon’s founding striver: focus on customers, stay hungry, be frugal, and maybe, take a peep into the garage. If you look past the lawnmowers and buckets of paint, it just might be teeming with potential.

    This piece is based on knowledge from Brad Stone’s The Everything Store: Jeff Bezos and the Age of Amazon.

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    Sebastian Klein

    CEO, Serial Entrepreneur, Consultant, Speaker and Writer

    Life-changing books open your mind 10 Books to Read That Will Change The Way You Think Forever jubilation! 10 Little Tricks to Stop Worrying and Start Living Today 10 Things You Can Learn From the Dalai Lama to Become a Happier Person Mentors 101 Mentors 101: Finding, Maintaining, and Outmatching Your Mentor jeff bezos 7 Habits You Can Learn From Jeff Bezos and Amazon.com

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    Last Updated on June 19, 2019

    8 Life-Changing Skills You Can Learn in Less Than 6 Months

    8 Life-Changing Skills You Can Learn in Less Than 6 Months

    Everyone has the ability to learn a life-changing skill not just this year, but in the next 6 months.

    By life-changing, I mean something that can have a positive impact in your life moving forward, even if it’s something you can’t envision today. Certain skills we can immediately reap the benefits of, while others will be life-changing when we least expect it.

    In this article, we’ll share 8 life-changing skills you can learn in 6 months, where you can learn them, and how you can get started today.

    1. Speed reading

    Bill Gates has been known to state that if he had one superpower, it would be the ability to read faster. What Bill and the rest of the mega-successful understand is that knowledge is power. The ability to process information faster from books, articles, and reports is what will help us learn faster, and therefore improve each aspect of our life faster as well.

    Where you can start learning: Speed reading courses are becoming more popular, as more people realize how important it is with the limited time we have. You can check out free courses like Read Speeder or you can start learning how to use Spritzlet, which allows you to speed read articles online with a browser extension.

    2. Public speaking

    Research shows that people fear public speaking more than death itself. There’s something terrifying about being in front of dozens or hundreds of people, and exposing yourself completely. It’s when you’re most vulnerable, but learning how to public speak is a life-changer.

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    Warren Buffett has given advice to recent graduates that the number one skill you can have to succeed is public speaking skills. Everything from communication, confidence, and sales is developed when you develop your public speaking skills.

    Where you can start learning: Luckily, there are great communities out there like Toastmasters that organize local meetups all around the world. You’ll find amazing public speakers that are looking to get to the next level to beginners that are just getting started. Check out Toastmasters’ website here.

    3. Spanish

    As the third most spoken language in the world, the ability to speak Spanish will allow you to reach over 500M people around the world. No matter where you live, knowing how to speak Spanish is becoming increasingly more important, with the Hispanic population and economy spreading quickly worldwide. If you’re living in the US, this is even more important, with over 30% of the population being Hispanic.

    Spanish is also on this list, because it’s one of the easiest languages to learn. Sure, Mandarin is an important language to learn, but it’s an incredibly difficult one to learn. If we were to measure the level of importance and the time to learn for all the languages available, Spanish would make it to the top of the list.

    One of the biggest reasons why people never reach fluency in any foreign language is: using the wrong method, and lack of time.

    It turns out that humans retain only 5% of what we learn from lectures, 20% of what we learn from apps (visual cues), and 90% of what we learn from immediate immersion. Yet, how do 90% of learn a new foreign language? Language schools (lectures), books, Duolingo (apps), etc that don’t provide the real-life immersion required for our brains to learn faster.

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    Where to get started: If you want the most effective way to learn a language, learning from real-life interactions is the best way to do it. There are great websites like Rype, which offers Spanish coaching for busy people, solving the issue of lack of time and bringing real-life immersion to your screen. With Rype, you can book as many lessons as you want, at any time of the day, any day of the week, allowing you to fit it into your schedule, no matter how busy you are.

    4. Accounting

    If you’re looking to get into business, accounting is one of the core fundamentals you’ll need to succeed. While you don’t need to be an expert, you definitely should understand the basics.

    This skill can also be used to manage your personal finances, to meet your financial goals, and having more control over your life.

    Where to get started learning: If you didn’t learn accounting in school, no worries. You can either teach yourself using books, or check out free accounting courses online.

    5. Microsoft Excel

    Most people reading this probably have a basic understanding of Microsoft Excel Spreadsheet. While this is a good start, there are so many powerful functionalities that are hidden, which could make your life a lot easier.

    Excel is also a great asset to have whenever you’re looking for a job, as many corporations rely on Excel to organize and manage multiple parts of the business.

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    Where to get started learning: With the popularity of Excel, you can find tons of free resources and videos online to learn. Check out Excel Exposure, Lynda, and Excel with Business.

    6. Blogging/Vlogging

    Blogging is a powerful tool if you want to spread your ideas, build your brand, or grow your business. Since it was introduced, blogging has taken on a life of its own, and today there are ~2M blog posts being written on a daily basis.

    Where to get started learning: Anyone can start blogging today. All you need is a content-management system like WordPress, which is completely free. Personally, I think the best way to start learning how to blog is to just start writing. There are techniques you can learn on how to promote your blog, but the best way to grow your blog is to write great content.

    7. Weight training

    Yes, weight training is a skill. It’s not as advanced as learning how to code, nor will it take as long as learning a new language, if you just want to learn the basics.

    We’re not promising that you’ll get a body like Arnold Schwarzenegger, but you will see much faster results for whatever goal you have, just by understanding how to workout properly. And of course, when you’re dealing with an activity that involves physical strain, you’ll always want to caution yourself.

    Where to get started learning: There are amazing body builders that are sharing all of their secrets for free on Youtube. You can check out Bodybuilding.com’s Youtube channel to get started.

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    8. Photo and video editing

    In the digital world that we live in, from Youtube, Instagram, and Facebook, there is no avoiding photos and videos. In fact, social media has increasingly gone away from text sharing and almost everything to photo and video editing.

    Where to get started learning: For photo editing, you can use Photoshop. For video editing, you can use iMovie or Final Cut Pro. Keep in mind, there are dozens of editing software tools for video and photo editing, but what’s more important are your editing skills, not the tool itself.

    Check out education websites like CreativeLIVE or Skillshare, where you can learn from experts themselves on how to best use design and software tools.

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