Amazon is no stranger to us anymore. Amazon has made its entrant in the Indian market and has left quite an impression with its prompt service and faster delivery.
With net worth over 89 billion dollar, Jeff Bezos is one of the top richest men in the world.
Jeff Bezos recently shared his business mantras with his investors and budding entrepreneurs. They are worth every penny coming from the man himself.
Bezos recollects that at the age of 22, he started his business from his garage selling books. Currently, he is only the sixth person to hold the richest man title in last 30 years. In his commencement speech in Princeton, Bezos recollects that he had the idea of selling books on the internet when he was working at a New York Hedge Fund. When he discovered that he was on the cross roads between a high paying job and a risky start-up, he chose his start-up.
Here are Jeff Bezos’ smart hacks for entrepreneurs and investors.
- Stop Comparing: No two philosophies can be same. That’s what Bezos emphasizes. An investor should have a process and should stick to it even in tougher times.
- Long term focus: Bezos believes that investors should always focus on long term investing plan. He further states that Amazon’s business successes would not have been possible, had it focused on short term business results.
- Be reasonable: Markets will not work according to your expectations. That is the reason one has to be reasonable in their approach. Expecting too much can be risky and might result in disappointment.
- Patience: It takes great amount of patience to stay invested. No company can outperform itself every single time.
Bezos believes in long term thinking. That’s because long term allows the investors to have a peace of mind. when you hold investments for a longer period or a decade, then day to day fluctuations do not matter. It also helps the investors to avoid panic selling, when markets tumble.
Bezos’ philosophy is to maintain a large customer base with less margins and not the other way round. His investing philosophy is based on 30 years, 10 year, 1 year and a day trader horizon. the key to being successful is not to compare your philosophy or strategy with others.
Jeff Bezos loved to read books and take notes. That’s how he started out by selling books. Kindle was Jeff’s brain child as he wanted paperless books. He realised that the only way for Amazon to stay innovative was by inventing the very thing that would put it out of business.
The most important aspect of any business is clarity and focus. Jeff Bezos has been a billionaire for more than two decades, but his wealth only soared in last two years. Jeff Bezos is a living example of how start-ups can be successful too! When he decided to chose the path less traveled to venture out, he created Amazon. Unlike Gates and Buffett, Bozes is not media friendly and philanthropic.