Bezos is the founder and CEO of the multinational technology company Amazon. With a net worth of more than $200 billion as of April 2021, he is the wealthiest person in the world, according to both Forbes and Bloomberg’s Billionaires Index. The first centibillionaire on the Forbes wealth index, Bezos was named the “richest man in modern history” after his net worth increased to $150 billion in July 2018.
However, Jeff Bezos was not born into a wealthy family. Although his childhood was not filled with poverty or destitution, he was born into the working class. Like many of the world’s billionaires, Bezos is a self-made man who had an idea that he could turn into one of the world’s largest companies. Jeff Bezos’s success story after working in several companies, Bezos opened an online book store with just three computers that point changed his life
Most people in the business world know Jeff Bezos for his analytical skills. However, Amazon has been driven through uncertain times, primarily through guts. Indeed, in “Jeff Bezos Teaches You When Judgment Is Better Than Math And Data,” we saw how data helps Amazon run its operations very efficiently.
Data also helps to make short-term decisions, for which there is not much opacity. However, when dealing with uncertainty and deciding a business strategy, guts turn out to be still a powerful business tool.
In Jeff Bezos’s success story, what he has to say in recent letters and interviews.
1. Standards are contagious.
Bezos says he thinks high standards are teachable rather than inborn. “Bring a new person onto a high standards team, and they’ll quickly adapt,” he writes. “The opposite is also true.”
If a company or team operates with low standards, a new employee will often — perhaps even unwittingly — adjust their work ethic accordingly. He also says that high standards in one area don’t automatically translate to high standards in another — people need to discover their “blind spots.” Try making a list of your duties, then ask trusted colleagues to tell you which responsibilities are your most considerable power. If certain things from the list don’t come up during the conversation, it might be helpful to think about how you can raise your standards in those areas.
2. Set clear, realistic expectations.
If you’re looking to raise your standards in a particular field, the first course of action is to outline what quality looks like in that area. The second is to set realistic expectations for yourself — or your team — regarding how much work it will take to achieve that level of quality.
Jeff Bezos’s Success Story Amazon Achieves Excellent Customer Satisfaction Through Competitive Prices
Bezos tries to keep all costs low within the business to allow for him to provide the low prices. Frugality is one of eight official company values, which aligns with how Bezos operates the company and ensures unnecessary expenses are not occurring, which would result in the consumer having to pay more. For example, he is known for keeping old black-and-white printers and other office equipment at low cost; no one in the company flies first class and keeping the size of the teams small. He also has a “two-pizza rule,” which essentially is that if you require more than two pizzas to feed a group, it is too big.
Jeff Bezos ensures managers and all staff understand the experience of the customer. He arranges for them to take a two-day training at a call center to understand what the customer goes through and ensure humility. Bezos encourages his managers to be sensitive to the customer experience, but he also has role modeled this in his interactions with the consumers. This can be seen when Bezos showed humility to his consumers when Amazon made the mistake of deleting the e-books of their customers and sent out a personable apology. The apology is noted to make customers remain loyal and quickly forget about the issue.
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