Lessons From The Interesting Success Story Of Amazon –
People tend to see the success without really taking a look at the engine (effort) that makes it possible. I will be using Jeff Bezos’s success story to talk about the efforts of creating a successful enterprise.
I will not bore you by writing his life story here. Instead, I will take parts of his story, analyze them using different headings to highlight 6 lessons for creating a successful enterprise.
#1. Know What Is Missing
Jeff was able to start up an enterprise because he saw a need people have that needs to be fulfilled. At the point when Jeff conceived the idea, there were no online shopping platforms despite the growth in the number of internet users.
We can say that He is one of the pioneers of e-commerce development. He started his own e-commerce development company with no one in existence. You may want to identify what is missing and look for a way to solve it.
#2. Your Certification Matters as Does Your Experience
A lot of entrepreneurs are quick to jump on something new without considering what they studied in school. Jeff was into computer science for Fitel at wall street before he started his business. It was during his time working with Fitel that he came across that valuable information.
So you may want to rethink your decision if you are one of those who is always in a hurry to jump off their area of specialization in the name of becoming an entrepreneur. You need the experience especially in this time when competition is very high.
#3. Get Creative and Innovative
One reason why Amazon was and is a favourite of most people is because of how they make things much easier. Jeff kept records of a customer once he made purchases on Amazon.
This information was comprehensive and for good reasons. With this information available, the customer will not have to go through the whole process of making purchases over again. Jeff introduced the “one-click buying” process for returning customers.
All you need to do is click on an item and you have bought it. You do not need to fill in your address again unless you are receiving it in a new address.
#4. Cut down cost
When Jeff started Amazon, he did not pay a penny on tax. As at then, a recent U.S. Supreme Court ruling that mail-order catalogues did not have to pay taxes in states where they did not have a physical presence.
Another means Jeff used in cutting down cost was the use of one warehouse instead of multiple stores. This way it will reduce the cost and time of taking inventory of sales.
Amazon worked with distributors who will attend to customers after the product has been paid for and get settled on an agreed basis.
#5. Start Small, But Be Ready to Expand & Diversify
This is a very important part, especially for those overzealous individuals. The best way to start is small. This is because you can easily manage it that way. Starting small will also give space for diversification when the time comes.
Jeff was able to see out competition because he managed his venture very well. When asked about expansion, Jeff replied that he will be settling with just books. His first office was his two-bedroom apartment. Now, he owns one of the largest e-commerce firms as that sells more than books.
#6. Be Customer Oriented
This is probably the reason Amazon survived for so long. He always has his customer in mind, despite matter what he is working on. His utmost priority is making the needs of his customers available and easily accessible.
The use of the one-click purchase system is proof of that. The production of the Amazon Kindle and Kindle Fire is also another indication of how much Jeff has his customers at heart.
The customer service of Amazon is one thing that makes them stand out. The manner in which they always tailor their service to suit the needs of their customers is extraordinary. Something any up and coming CEO can learn from.
- Lessons From The Interesting Success Story Of Amazon – - April 10, 2019
