Do you know who was the richest man on the earth at the current time? If you don’t know then I want to inform you, he was Jeff Bezos how became worlds first centi billionaire in 2018. Now his current net worth is about 115 billion dollars, which is equal to the GDP of approx 130 countries.
But he was not so rich from his birth, he was born in January 1964 in America. When he was born his mother was only 17 years old and she belongs to a middle-class family in America. Jeff was a very intelligent guy from his childhood, in fact, he likes to grab knowledge on every topic. He likes to read books because at that time books are the best source of information in the nineteenth century.
So the question is how Jeff Bezos became the world’s first centi billionaire? We are going to talk about his mindset, strategies and thought process in this article. We will also try to share his qualities, how he starts his journey from zero to hero.
Starting Struggles Of Jeff Bezos
Jeff was so interested in technical topics since his childhood and he loves to read books on electronic gadgets. In the nineteenth century when the mainframe computer was launched and when this computer comes in his school. Then Jeff read all the documents and manuals and learned to operate the computer itself.
Because of his interest in computer science, he became Vice President of a Merchant Banking Company in 1990. When he realised that in future the internet is going to be on the top of everything, he resigned his job and started Amazon.com.
As I told above that he loves to read books, that is why he establish Amazon.com as an online bookselling website in 1997. He named his e-commerce store amazon, which was the world’s longest river in South America. His parents invested their 3 lakh dollars in Jeff startup, and now they became a billionaire and the owner of 6% shares in Amazon.com.
The starting days Jeff has to face many challenges, but he achieves his goal to make Amazon world’s largest e-commerce store.
Top 7 Mindsets And Strategies Behind His Success
These mindsets and strategies helped Jeff Bezos to achieve his goals to be the world’s richest person. These mindsets are…
- Customer Is The King
- Expect More From His Employes
- Long term Vission
- Take Quick Decisions With 70% Information
- His Focus Is On Value Innovation
- Focus On Product Not On Promotion
- He Always Tries To Keep The Process Short
1. Customer Is The King
Jeff thinks the customer is the king and we are their servants because without customers a business can’t succeed. That is why he noticed every behaviour of his customer by surveys and reviews, etc. He observed what customer liked most and what he disliked, and he found three things which customer disliked.
These three things are delay, defect and out of stock, he said that whenever a customer bought anything from us, he should be fully satisfied.
2. Expect More From His Employes
Jeff always expects more from his employs, he said that my 5 lakh employs takes care of my 160 million customers. He has created a great bond with his employs and that’s why today they became so famous because of same-day delivery. In many cities, amazon is providing a same-day delivery system for which people got attracted by it.
3. Long term Vission
In the starting days, Jeff Bezos invested all of his profits from amazon to improve their customer service and to build more effective products. When investors asked him about the profit, he said that our vision is a long-term vision where a customer can come and buy anything and everything which he wants to buy online. We are not here running a quick money scheme; we are here creating the world’s largest e-commerce store where people can buy anything.
4. Take Quick Decisions With 70% Information
Jeff always motivates his employs and said don’t wait for accurate information. Start any product or process with 70 percent information so we can be the fast movers. He also said that by launching any product, observe the feedbacks and market signals and try to innovate our product. For example, he launched Amazon Prime in just 111 days when he thinks to start a service for amazon users. Jeff said to his employes that first product can’t be the final product so try to innovate everything.
5. His Focus Is On Value Innovation
He always trying to innovate everything, that’s why he always tries to think about what people need and what I can provide to them. That’s why Jeff launched Amazon Prime service for his prime user in which he provides many services to his prime users. Like free one day shipping, free same-day delivery, exclusive deals, early access to deals, web episodes and free songs. And by providing these services he grabs loyal customers and customers retention which builds the recurring revenue.
6. Focus On Product Not On Promotion
He said don’t focus on the promotion, focus on our product and our service and try to innovate it. When our product will satisfy the users, then they will definitely buy it from us again and again. And that’s the factor behind 160 million satisfied customers in amazon which helped him to become the world’s biggest online e-commerce store.
7. He Always Tries To Keep The Process Short
He said that don’t let the process to kill the progress because if the process is longer than it will cause delay and as he told customers dislikes delay. So he has a team how always try to keep the process short so that amazons algorithm can work faster.
Conclusion
Jeff Bezos’s life story was so inspiring and can motivate people that someone’s present can’t decide his future. So if you want to know how he Became World’s First Centi billionaire then read all the 7 qualities of Jeff Bezos. I think his journey is so inspiring and motivate more young entrepreneur to achieve their goals in their life.
