Advice from Jeff Bezos for those who have or will open a business

Jeff Bezos, he's one of the richest men in the world. Over several years he has amassed his fortune with Amazon, as well as Blue Origin and The Washington Post. To get to this point he has done several things, which he advises those who have a business to follow.

In mid-2021, he ceased to be the president of Amazon and was replaced by Andy Jassy, until then CEO of Amazon Web Services. On his way out, he shared with the shareholders a last email in which he reported his experiences, providing some advice.

In addition, in an interview for Business Insider in 2018, on the occasion of the Axel Springer Award that he received at that time, he shared other tips for entrepreneurship and not making big mistakes in the process.

Dar el paso

“When you start thinking about things that you regret when you reach the age of 0, almost all of them are the ones you haven't done. Very rarely will you regret something you tried, but that didn't end up working,” said the tycoon.

He recommends not to be afraid and not to think too much about things and take action. It should be remembered that Jeff Bezos worked in the investment world in New York, until one day he got tired and started his own business.

“It's something I've always wanted to do, even when I was little. I am one of those people who, when they look at something, think about how they can improve it,” he said.

Be faithful to the project

Finally, the businessman said that it is important that when making the decision to start a company you always remain faithful to the project. He believes that one advantage is to have close people who help defend the idea.

“When you have people who love you and who support you, as happened to me with my parents or grandparents, you end up taking risks because you know that, no matter what happens, someone will help you get up if you fall.”

Added to these boards are several leadership principles that are part of the backbone of their companies that executives retained upon their official departure from Amazon.

Customer obsession

Leaders start with the customer and work backwards. They work vigorously to gain and maintain customer trust. Although leaders pay attention to competitors, they become obsessed with customers.

Property

Leaders own. They think long term and don't sacrifice long-term value for short-term results. They act on behalf of the entire company, beyond their own team. They never say “that's not my job.”

Invent and simplify

Leaders expect and require innovation and invention from their teams and always find ways to simplify. They are aware of the external, they look for new ideas everywhere and are not limited by “not invented here”. As we do new things, we accept that we can be misunderstood for long periods of time.

They are right, very much

The leaders are quite right. They have strong judgment and good instincts. They seek diverse perspectives and work to refute their beliefs.

Learn and be curious

Leaders never finish learning and always seek to improve themselves. They are curious about the new possibilities and act to explore them.

Hire and develop the best

Leaders raise the bar of performance with every hiring and promotion. They recognize exceptional talent and move them voluntarily throughout the organization. Leaders develop leaders and take their role in training others seriously. We work on behalf of our people to invent development mechanisms such as Career Choice.

Insist on the highest standards

Leaders have relentlessly high standards; many people may think that these standards are unreasonably high. Leaders are continually raising the bar and driving their teams to deliver high-quality products, services and processes. Leaders ensure that defects are not sent to the line and that problems are fixed so that they remain fixed.

Think big

Thinking small is a self-fulfilling prophecy. Leaders create and communicate bold direction that inspires results. They think differently and look around the corners for ways to serve customers.

Bias for action

Speed matters in business. Many decisions and actions are reversible and do not need extensive study. We value calculated risk-taking.

Frugality

Achieve more with less. Constraints generate ingenuity, self-sufficiency and invention. There are no additional points for increasing the number of employees, the size of the budget or fixed expenses.

Gain confidence

Leaders listen carefully, speak frankly, and treat others with respect. They are vocally self-critical, even when doing so is awkward or embarrassing. Leaders don't think their body odor or that of their team smells like perfume. They compare themselves and their teams to the best.

Dive deep

Leaders operate at all levels, stay connected to details, audit frequently, and are skeptical when metrics and anecdotes differ. No task is below them.

Having a backbone; Disagreeing and committing

Leaders are obliged to respectfully challenge decisions when they disagree, even when doing so is uncomfortable or exhausting. Leaders have conviction and are tenacious. They do not compromise for the sake of social cohesion. Once a decision is determined, they are fully committed.

Deliver results

Leaders focus on key inputs for their business and deliver them with the right quality and at the right time. Despite the setbacks, they rise to the occasion and never settle.

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