As the world reacts to Jeff Bezos’ announcement to his 1.3 million “Amazonians” today that he is excited to move to the position of Executive Chairman and that Andy Jassy will assume the role of CEO of Amazon, Bezos has his Reminded colleagues, and indeed the world of humble beginnings, began as one of the most famous companies in the world.
Bezos started with an idea 27 years ago and quit his job with a hedge fund in New York to move into a rented house in Seattle.
There he started the business in his garage, packed boxes of books on his knees on a concrete floor and was asked most often: “What is the Internet?”
Fast forward to today, and since one of the richest people in the world takes on a purely strategic role that allows him to devote more time to his philanthropic endeavors, here are three salient aspects of his success.
“Let curiosity be your compass”
Bezos believes in this principle so much that he wrote off his announcement to Amazon’s global workforce. Amazon is a pioneer – and there is a wealth of successful innovations and inventions that have emerged from this aroused curiosity.
While the company is quick to admit that “new things are quickly becoming the norm,” much of its success comes from being curious and keen to learn more about its customers, in turn to come up with solutions they hadn’t even thought of.
The initiation of “1-click shopping” that speeds up the sales process, but also limits the number of abandoning browsers that simply get bored or change their minds before checking out.
The development of faster shipping solutions that meet consumer demand for speed, as well as “dash” buttons and smarter subscription services that build loyalty and put Amazon first – all of these concepts were born out of necessity, what “retail “Has done curious to undo” and have a fresh and bold mindset to create a new wave of disruptive but effective solutions.
And when it comes to the new man in the driver’s seat, Andy Jassy – who is the tour de force behind Amazon Web Services – the platform that many large companies rely on for cloud services Customers including Spotify, Expedia, Disney and AirBnB. In terms of curiosity and innovation, the baton has been placed in safe hands by Amazon.
Hiring the right people is critical to success
To build and maintain a culture of innovation and curiosity, you need the right people to lead the vision. And Bezos emphasized in an interview earlier this year that he was looking for people who could “teach” him.
“If you’re ever lucky enough to hire people, make sure you hire people who not only can teach you, but make sure you hire people who teach you things too.”
It’s a topic that has been covered in several interviews with Bezos, and you can understand why. Who wouldn’t want to know the hiring strategy of one of the most iconic names in business today? Other qualities that Bezos mentioned that he is looking for in candidates are summed up by CNBC and include:
- Someone who listens a lot and changes their mind
- People who “refute” what they perceive to be known and true and who would like to adapt to new data and trends
- Natural “Mavericks” – those who are known to be successful challengers and disruptors.
Big bets, but don’t bet on the whole deal
“What really matters is that companies that stop experimenting, companies that don’t accept failure, will eventually find themselves in a desperate position where the only thing they can do is make an Ave Mary bet at the end of their business is existence. While companies that place bets all the time even win big bets, but not Bet-the-Company bets. “
Emphasis in the interview with Henry Blodget In 2014, when a bet on the company was the last thing, it was clear to Bezos that Amazon’s success until then depended on taking calculated risks.
And that was a big part of the journey from revolutionizing concrete floor packaging when a colleague said to Bezos “let’s get packing tables” to Amazon’s disruption of the way we shop by scaling up by not following a traditional path.
And while Amazon has reached dizzying heights. Bezos has been honest, including about “billions of dollars in failure” – recognizing that innovation cannot be achieved without the possibility of failure. He has Pets.com and Kosmo.com as examples Failure.
The company has also caused a lot of controversy – in Scandals involving tax avoidance, highlighted in the UK, and the treatment and payment of Amazon employees.
It also begs the question of how much Amazon’s disruption led to the downfall of other retailers – especially smaller businesses, leading to the perception that this goliath of the internet is unbeatable.
Still others point out that Amazon has become a platform where small businesses can sell effectively and that working with the giant, not against it, is the best course of action.