Jeff Bezos' 4 Best Tips for Entrepreneurs

By following these tips, you can start thinking and acting like Jeff Bezos.

Love him or hate him, there's no denying that Jeff Bezos is a successful entrepreneur. In 1994, he founded Amazon.com, an online bookstore that would go on to become the world's largest e-commerce retailer. Today, Amazon is worth an estimated $1.2 trillion, and Bezos himself is the second richest man in the world (behind Elon Musk), with a net worth of $142 billion. So, what's his secret? Here are Jeff Bezos' four best tips for aspiring entrepreneurs looking to achieve similar levels of success.

1. Think big

Bezos always thinks big when it comes to his businesses. He doesn't just settle for what's possible, but strives for what's impossible. This way of thinking has helped him create some of the most successful companies in the world, such as Amazon and Blue Origin.

"Think Big" is one of the Leadership Principles at Amazon. It states: "Thinking small is a self-fulfilling prophecy. Leaders create and communicate a bold direction that inspires results. They think differently and look around corners for ways to serve customers."

Thinking big helps you constantly improve and continuously innovate. This is what has helped Amazon stay ahead of the competition for so many years. He believes that entrepreneurs need to be constantly evolving and looking for new ways to improve their products and services. This requires taking risks and making bold decisions, which can be scary but are often necessary for long-term success. 

2. Take risks

Bezos understand that in order to win big, you have to be prepared to fail big. In his 2018 letter to shareholders, he talked about how Amazon developed the Fire smartphone and the Echo at the same time. The Fire smartphone was a flop, but they were able to take what they learned to help make Alexa and Echo better. Now, the Echo is one of the most popular smart home devices. 

"As a company grows, everything needs to scale, including the size of your failed experiments. If the size of your failures isn't growing, you're not going to be inventing at a size that can actually move the needle." 

Bezos knows that not all good bets will ultimately pay out, but notes, "This kind of large-scale risk taking is part of the service we as a large company can provide to our customers and to society." In order to achieve big things, you need to be willing to take risks. Bezos is not afraid to take risks, which has led to some of his greatest successes. In fact, Bezos is clear that if "you have a business idea with no risk, it's probably already being done."

3. Always focus on the customer first 

Bezos believes the most important thing for entrepreneurs is to always focus on the customer. This is so important to him that "Customer Obsession" is one of the leadership principles of the company. It states that, "Leaders start with the customer and work backwards. They work vigorously to earn and keep customer trust. Although leaders pay attention to competitors, they obsess over customers."

He believes that if you make your customers happy, everything else will fall into place. Of course, this isn't always easy; it can be tempting to focus on other things like profits or growth instead of customer satisfaction. But ultimately, if your customers aren't happy with what you're offering, they won't stick around for long -- no matter how big your profits are or how fast your business is growing. 

"Even when they don't yet know it, customers want something better, and your desire to delight customers will drive you to invent on their behalf," Bezos says. Focusing on the customer not only makes them more loyal, but you will constantly look for ways to meet their needs before they even know it. This is what true innovation is. 

4. Be passionate

Bezos has said that one of the most important pieces of advice he can give entrepreneurs is to "be passionate." He believes that if you're working on something you're passionate about, you'll be more likely to stick with it even when times are tough. You will also be competing against other people who are passionate. In business, there will always be tough times. If you're not passionate about what you're doing, it'll be too easy to throw in the towel when things get challenging. 

But if you're passionate about your business, you'll find a way to push through the tough times and come out stronger on the other side. Bezos is passionate about everything he does, and this passion has helped him achieve great things. His passion has led him to constantly innovate and strive to improve his business ventures.

Jeff Bezos is one of the most successful entrepreneurs of our time. So, when he gives advice, it's definitely worth listening to. These are just a few of his best tips for entrepreneurs who want to achieve similar levels of success.