Jeff Bezos' Steps to Building a Successful Global Business
Today it is almost impossible to talk about e-commerce and not immediately think of Amazon .
The company created by Jeff Bezos began by selling books online and is currently a multinational where we can buy practically everything. Hence, it is considered one of the best examples of successful business .
Millions of businesses are launched each year around the world, and the tragic truth is that the vast majority of them end up failing before their fifth birthday. Therefore, it is normal for entrepreneurs to pay special attention to those who have succeeded and follow them as if they were gurus. Since we all need a little help when it comes to running our own business, let's see what advice the creator of Amazon gives us.
What is a successful business?
When we think of a successful business, we generally think of companies that have a turnover of millions of euros or dollars and that also have worldwide prestige. And there is no doubt that they have achieved success, but in most cases entrepreneurs do not really seek to create a multinational , because they know that this is extremely complicated.
In general terms, we define a successful business as one that has managed to achieve the goals that its creator had set for himself, even surpassing them . And those goals don't have to be extremely complicated. If you have just started your project and your objective was to obtain a profitability of a certain percentage in the first two years of activity and you have achieved it, it is clear that you have a successful business.
From idea to success
In 1994 Jeff Bezos was an entrepreneur who was researching the potential of the Internet, and he did it at a time when access to the Network of Networks was very restricted and he was practically only professional. Despite this, he considered it a good idea to start a business based on online sales.
Bezos looked at which products might be more successful online and found that books were a good fit. And so began a path that a couple of decades later placed him as one of the richest men in the world, at the head of a successful business that many have tried to imitate. Although Amazon's model is not simple at all, its creator points out that its success is based on four steps that can also be adapted to any type of business.
If you want to have a successful business, try and keep trying
Starting a project is not easy, it requires investing a large amount of money and effort. What Bezos points out is that many times the failure is due to the fact that the product or service that is offered does not really interest the market . The entrepreneur puts all his effort and even all his savings in a business that has never been viable at any time.
Luckily, this has a solution. What the tycoon proposes is to investigate the market well and make sure that the public really wants to buy what we are going to offer. For this there are different options such as prototypes or the minimum viable product . The investment in them in terms of time and money is much lower and they have a great capacity to help us know if an idea can succeed or not.
Build your business steadily
Behind every business started there is a lot of effort and work on the part of the entrepreneur. This means that, once moderate success is achieved, the professional decides to sit down and enjoy the fruits of their work. Forgetting that in the business sector nothing is 100% certain and that things can change from one day to the next.
What Bezos proposes is to continue working constantly on the project so that it truly becomes a successful project. Not only do you have to worry about satisfying current customer demand, you have to think about how you are going to face the demand of the future . To do this, you have to know very well the weaknesses and strengths of the project and be attentive to the opportunities and threats in the market.
Accelerate your business
As time goes by, you see that both in business management and in your work there are a series of inefficiencies . In this case, it is about detecting and eliminating them , thus making the work much more effective, but for this the entrepreneur has to be able to recognize his own mistakes and even address important changes in his business idea.
The adjustments that can be made are very varied. For example, changing the leadership system and even training in this area to learn how to manage a work team, apply more technology to streamline internal processes, develop a company culture or improve customer service.
If you already have a successful business, scale it
Scalability is one of the factors that most influences the development of a business. It is the ability to grow (and even to decrease if necessary) without this affecting too much the way of working . The good news is that all businesses can become scalable if managed well.
The thing to keep in mind is that there are many ways to scale. For example, if the product or service offered has a high reputation and quality, you can opt for a price increase. Another way to scale is by franchising the business idea, and another possibility is to automate processes in order to produce more with fewer resources .
Much of the success of Jeff Bezos and Amazon is based on taking nothing for granted. The company is managed as if it were its first day of activity, and if it is detected that a change needs to be made, it is done as quickly as possible. All of this leads us to conclude that a successful business requires an entrepreneur who is not satisfied and wants to keep moving forward .