Sometime in September this year, Amazon was valued at $1 trillion and its founder, Jeff Bezos, was estimated to have a net worth of $150 Billion making, him the richest person on earth. As expected, every entrepreneur would be eager to learn the secret of his success and he was kind to share in a recent interview with Forbes, how he makes his pick of ideas.
“We have to have a differentiated idea. It can’t be a ‘me too’ offering,” he explained. “We’re gifted with some very large businesses we’ve built over time, and we can’t afford to put our energies into something that if it works, it’s still going to be small. … Even at a substantial scale, it has to have good returns on capital.”
In addition, he further explained that one shouldn’t rest on his/her laurels once success has been attained. “Friends congratulate me after a quarterly-earnings announcement and say, ‘Good job, great quarter,’” Bezos said, “and I’ll say, ‘Thank you, but that quarter was baked three years ago.’ I’m working on a quarter that’ll happen in 2021 right now”.
I have been able to coin out some noteworthy points from just this brief explanation from Bezos:
- The success you wish to accomplish today shouldn’t be planned for today but should be an idea which has long been in motion. Business is just like a tree. You do not plant it today and expect it to spring up immediately and start yielding fruits. It has to go through a process.
- Set your sights on big dreams and not settle for mediocrity. If you are going to plant at all, make sure they are not just good but great seeds so you look forward to a bountiful harvest.
- Do not go for just the ordinary. How did Bezos put it – “We have to have a differentiated idea”. Do something to make you stand out and not blend you in with the crowd.
- Whatever you are going to do, let it speak volumes in action as well as returns on capital. The idea should draw attention to the business and make people wonder, “How did he/she think of such?”
One motivation that works for Jeff Bezos is “to boldly go where no man has gone before”. This too can work for you as an entrepreneur if you are just as committed and dedicated to your success as much as the world’s richest man is.
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