With the tremendous success that Amazon has achieved today, it is unimaginable that the venture began as a simple online bookseller. In 1994, the business was situated in a tiny garage, and the workers’ desks were fabricated from Home Depot doors. Currently, you can get virtually anything on Amazon. This raises the question of how the company got to this level.
Selling Practically Anything
Jeff Bezos was determined to make sales on the Amazon online storefront. This inspiration came from the significant sale of DVDs and CDs from the company. While at the Economic Club of Washington in 2018, Jeff Bezos mentioned that he made a direct attempt to find out what customers would have wanted Amazon to sell. This was sent as an email to one thousand random clients.
Their responses went into lengthy details, although this insight is particularly what Jeff Bezos needed at the time. He recalls detailed feedback where the client suggested the sale of windshield wiper blades. Jeff Bezos began thinking of ways to ensure that Amazon delivered products this way. It was at this time that the company launched toys, electronics, among other products.
At the turn of the century, Amazon began diversifying from its standard music, videos, and books. It started providing clothes, toys, electronics, magazine subscriptions, and kitchenware. Jeff Bezos wrote a letter to Amazon stakeholders in 1999 and talked about his vision for the company.
He intended to develop the most customer-centered organization in the world. The goal was to create a place where clients could come to explore just about anything they may wish to purchase on the internet.
Valuable Lessons from Jeff Bezos
Forbes reports that Jeff Bezos has an estimated net worth of almost $185 billion. Whereas only a handful of people will attain equal success, there are a few things to learn from his mindset and attitude.
Simple Ideas Are Worth the Risk
Among the largest innovation misconceptions is that concepts worth trying need to be complicated and absurd to the ordinary person. However, Jeff Bezos has proved that even a simple idea could be transformed into a significant venture.
Accept the Risk of Failure
In 2014, Jeff Bezos acknowledged that he had made many mistakes that had cost him billions of dollars. Naturally, experiments do come with their fair share of possible failure. Nonetheless, to succeed, one must embrace these failures and wiggle their way out of a desperate situation.
Engage Various People
It is crucial to acknowledge the diverse needs of people. Whether you are a team member or business owner looking for a business idea, this approach could assist you in making faster and more informed decisions. Jeff Bezos looked beyond himself and the Amazon workforce to grow the business. He directly asked clients what they preferred. This would in his favor and fostered the expansion of the company as it appealed to almost everybody.
The application of a business idea is crucial as it sets the roadmap for the venture. Using the above tips, you could apply these pointers to realize your entrepreneurial dream.