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Explainers - Finance - Profiles - June 17, 2019

How to ‘Always Win in Buiness’ by Jeff Bezos

World’s richest man Jeff Bezos, is the one who founded Amazon formerly as an online bookstore from his garage in 1994. Presently, Amazon has more than $900 billion market cap to its name and Bezos is currently $116 billion rich. As a serial entrepreneur, he Bezos has earned loads of business experience and shares three quick tips on how to always win in business.

Be a missionary, not a mercenary
Bezos hints that it is very vital for an entrepreneur to “be a missionary,” you “can’t be mercenary,” which means that every business person must be mission-motivated, not necessarily money-motivated.

“Missionaries build better products and services — they always win,” the business mogul says.

“Mercenaries are just trying to make money, and paradoxically the missionaries always end up making more money.”

Just like the argument goes in the business circles of what works whether to follow ones passion or what pays, Bezos believes that passion is paramount to every successful entrepreneur. In fact, it’s the people who care who win, he says.

“You have got to have some passion for the arena that you are going to develop and work in, because otherwise you’ll be competing against those who do have passion for that, and they’re going to build better products and services,” Bezos noted during the Amazon’s re:MARS conference, an event hosted by Jeff Bezos that brings together leading minds to advance a golden age of innovation in Las Vegas on June 6.

Embrace risks and failures
Willingness to take risks and accept failures are also key to business success according to the renowned entrepreneur.

“If you come up with a business idea and there’s no risk there… it’s probably already being done…[and] being done well… So you have to have something that might not work and you have to accept that your business in many ways is an experiment and it might fail… And that’s ok,” Bezos pointed out.

Sceptics had doubted customers would pay $79 a year for Amazon Prime when it launched in 2005; with the bold move from Bezos, the service was able to rake in a 100 million subscribers worldwide as of April 2018. But the investor cum philanthropist has also had some fails such as Amazon Restaurants which will shut down services in June 24, the recent death of Amazon’s pop-up kiosks and lots more. But the American tech entrepreneur continues to encourage risk-taking at Amazon.

He explains that the size of the risks and the failures need to grow with the company.

“We need big failures if we’re going to move the needle — “billion-dollar scale failures,” Bezos said at re:Mars. “And if we’re not, we’re not swinging hard enough.”

Change your mind
The billionaire who was born in Albuquerque, New Mexico and raised in Houston, Texas advises business-minded people to learn to interact with and listen to the world’s most influential minds that those who listen the most and who change their minds often, these are the people who usually get things right.

“What I have found out is that people who are right change their minds even without getting new data. They have the same data set that they had at the beginning, but they wake up and they reanalyse things all the time and they come to a new conclusion and then they change their mind,” Bezos expounded.

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