Amazon’s founder, Jeff Bezos, who is the richest person in the world is one whose success has made many people curious and envious.
Founded in 1994 in Jeff Bezos’s garage, Amazon has grown into a huge business with more than 647,000 employees and $232.9 billion in revenue in 2018. The company is remarkably diversified, with major focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence.
Amazon is the world’s largest online retailer. This level of success doesn’t come without hard work, ingenuity, and lifetime of valuable lessons learned.
How did Jeff Bezos gain his success?
Many rich people do not reveal their success tips but Jeff Bezos has divulged some of the tips which has helped him become the billionaire he is today.
1) No multitasking
During an interview at the Summit Series in Los Angeles, Bezos stated as to how he never indulged himself in multi-tasking. Whatever he’d be doing, he will do it with his full attention and energy.
“I don’t like to multi-task. If I’m reading my e-mail, I want to be reading my e-mail,” Bezos said.
2) The regret minimization framework
Before finding Amazon, Bezos was already a successful man. He had a well-paying and a stable job in New York city. But he was completely obsessed with the idea of Amazon and quit his job.
Even if he did fail at making Amazon to be successful, he still had a backup plan to fall onto. It was this regret minimization framework that pushed Bezos to try out his luck.
3) Mindset of age 80
In an interview, Bezos revealed that whenever he came across situations where he would have to make a potentially life-changing decision, he would put his mindset “forward to age 80.”
This mental exercise ensured that he would make a decision with the minimal amount of future regret. Basing his decisions on what he would regret the least made the right choice clear to him, Bezos said.
4) Two-pizza rule
Bezos had also said that he follows his ‘two-pizza rule’ to keep his meetings productive. What is the two-pizza rule?
Basically, what this rule does is to let meetings be held with only the number of people that two pizzas will be able to feed. Too many people will not allow any meetings to be productive or useful.
Considering how sometimes, meetings can be overwhelming with everyone trying to get their points across and with no one listening to one another, the two-pizza rule seems to be a plausible solution.
5) Stay frugal
Frugality is something that Bezos has practiced from the very beginning. “Accomplish more with less,” Bezos says. “Constraints breed resourcefulness, self-sufficiency and invention. There are no extra points for growing headcount, budget size or fixed expense.”
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