Jeff Bezos: The 3rd richest man in the world has some advice for everyone

He started by founding a company in the garage of his Seattle home in 1994. Today, with a net worth of more than $203 billion, in addition to the online retail distribution giant Amazon, Bezos also owns The Washington Post newspaper and aerospace company Blue Origin.

The seven tips he repeats in speeches and interviews also reveal the method by which he got to where he is today:

Bezos has always wanted to give “secrets” of success especially in his communications with his employees or shareholders. In 1998, in one of his first letters to his investors, he clearly stated that one of the keys to Amazon’s future success was hiring the right employees. He had said typically he could meet 50 candidates and in the end prefer not to hire anyone, no matter how great the shortage of a position in the company. It is no coincidence that Amazon has created complex hiring tests with questions such as: “How would you solve this problem if you were from Mars?”

Here’s a summary of the key principles from Jeff Bezos for leadership and innovation:

1. Hire People Better Than You: “Only hire people who are better than you and for whom you would be willing to work.”

2. Be Stubborn and Flexible: Bezos suggests being persistent with your vision while remaining flexible in your approach. Recognize when to be stubborn and when to adapt. “If you’re not stubborn, you’ll give up on experiments too soon. If you’re not flexible, you’ll be hitting your head against a wall.”

3. Obsess Over the Customer: “The customer is what keeps your company alive.” Focus on customer needs and work with them in mind every day, as if it’s the first day of your business.

4. Data-Driven Ideas: Good ideas should be validated by data, regardless of who proposes them. “Decisions based on analytical data are more important than hierarchy.”

5. Avoid Chasing Quick Money: Focus on long-term goals rather than immediate profits. “Think about the big picture. This will help you work with your vision in mind and achieve more meaningful results.”

6. Be Innovative and Simple: Leaders should expect and demand innovation and simplicity from their teams. “To innovate, you need to be ready to be misunderstood initially.”

7. Cultivate Curiosity: “Leaders always have a thirst for knowledge and want to stand out. They seek to discover and explore new possibilities and continuously experiment before adopting them.”

These principles reflect Bezos’s emphasis on long-term vision, customer focus, and continuous innovation.

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