Here are four business lessons entrepreneurs can learn from this business magnate.
Get Started
Many would-be entrepreneurs get stuck in the bondage of procrastination, thinking that building a company requires millions of dollars, an MBA degree, and a ton of time, energy, and resources. But it doesn’t.
Customers are Kings
His point is this: your business exists because of your customer. Therefore, everything you do must appeal to the consumer. Founders often spend time tweaking their company’s landing page, designing a fancy logo, branding their business…but they ignore the most important aspect that will power their startup…customers. They shouldn’t be ignored, because they’re the kings, and everything you do must appeal to them. Bezos said in his interview with Charlie Rose, “We’re not competitor obsessed, we’re customer obsessed. We start with the customer and we work backward.”
Be Willing to Invent
If you’re an entrepreneur who wants to expand your customer base, you must keep inventing newer products and services for your consumers. If not, they’ll leave you and join your competitor.
Be Stubborn and Flexible at the Same Time
The one thing that makes or breaks an entrepreneur’s business is the entrepreneur himself. Founders who give up easily can never realize their vision, and founders who don’t bend to new technology and trends or adjust to customer needs will eventually fail. Entrepreneurs need to be both stubborn and flexible at the same time, no matter what. When referring to his company, Bezos said, “We are stubborn on vision. We are flexible on details.” Why? The big lesson here for entrepreneurs is this: You can redesign your product. You can pivot on your original strategies. But you can never dilute your vision.
