Amazon CEO Jeff Bezos has spent nearly half of his life in inventing and revolutionizing e - commerce, and now he is the fith wealthiest man live.
Here are his philosophy to develop business.
1. Obsess over customers, not competitors
Bezos make the point that teach companies especially obsess over competitors:
They wait and see what rivals introduce, then try to match and one - up it.
"Many companies describe themselves as customers focused, but few walk to walk.
Most big technology companies are competitors focused. For that is not right but the right thing is to be obsess over customers not competitor.
Moral: To get ahead of the market, you have to think for yourself.
2. Take risks for the market leadership:
Bezos wrote in his very first annual letter (1997) "failure and invention are inseparable twins. To invest you have to experiment, and if you Know in advance that it's going to work, it's not an experiment
Moral: Make bold, rather that timid, investment decisions. Even if they don't work out, you 'll learn something for the next time.
3. Make employees think like owners:
One key component of the approach has been to use stock option on hiring.
"We will contribute to focus on hiring and retaining versatile and attached employees, and continue to weight their compensation stock options rather than cash. Bezos wrote in the 1997 letter
"We know our success will be largely affected by our ability to attract and retain a motivated employee base each of whom must think like, and therefore must actually be, an owner.
Moral: whether it's stock, bonuses or profit sharing, give workers a state in the success of the company.
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