Jeff Bezos

Jeff Bezos Amazon CEO  was one of the first entrepreneurs to realize the potential of selling products on the internet, this Bloomberg Profile looks into how Bezos built Amazon inside his garage and now has his sights set well beyond online commerce. He has always believed that the growth of the Internet would overtake the brick and mortar industry.

If you’re interested in running your own business, there’s so much you can learn from him. Here are his top 10 marketing and business strategies:

• Dream BIG

When you’re setting your goals, think big and picture how you see yourself in the next few years. Having big dreams will give you the energy and excitement to keep chasing. Even if you don’t end up achieving that goal, you’ll be occupied with activities every day that will make you an improved person.

• Hiring is Key

The employees are the backbone of the company. They’re what keeps the engines running. Depending on your style of leadership and principles, always try to hire the best out there. You don’t want to end up with someone that doesn’t want to work towards your goals and vision.

• Dare to experiment when trying to create or market new products

This is a great quote by Bezos:

“If you double the number of experiments you do per year you’re going to double your inventiveness.”

Through experimentation, new innovations are born. It’s how companies stay competitive in the market. You have to keep finding ways to improve your product or introduce a new one into the market.

• You should invent… not the customer

As an entrepreneur, you should always be passionate about coming up with something new. It’s your responsibility and not the customers. If you ask your customers for their opinion, they will just tell you what they don’t like. They won’t exactly tell you how to do something in a different way.

No matter what field you’re in, you need to be brainstorming and experimenting. According to Bezos, inventing is one of the most important factors for him and his team at Amazon.

• Regret minimization framework

Living life as an entrepreneur or startup founder poses its many challenges. You’re going to be faced with choices and life-changing decisions. There isn’t a single method that works for everyone as we are all unique individuals. However, if you’re stuck and contemplating certain decisions, you could try out this mental framework.

• Put the magnifying glass on your customers

When you can identify the customer’s needs and problems, you’ll be able to build what is best for them. In turn, that will be what’s best for the company as well.

• The limitless potential of eCommerce

The eCommerce industry has been booming with the help of the Internet. Scalability, reach, and convenience has turned many shoppers into online shoppers. You can find just about anything on the Internet these days.

• Be frugal and thrifty

Especially when you’re just starting out, you have to be smart with money. You can’t be forking out cash on things that aren’t important. Every cent counts and must be used properly. And even when you’ve earned a good amount, always try to spend less than you make.

Here are some examples of Bezos being thrifty:

• His employees are not allowed to fly business class
• During business trips, his employees are put up in the Holiday Inn (2 people per room)
• He created an employee loyalty program to save money
• Lower margins, higher turnover

If you’re new to the business world and haven’t heard the term “margin”, it is the difference in price between the product cost and selling price. Depending on the way you want to model your business, you could either go for high or low margins. Many businesses prefer high margins because it means having to do less work.

Lower margins can result in having a higher turnover. A huge sales volume with small profits accumulates into a lot of money.

• Be on the frontlines with your employees

There are many leadership styles out there. Frontline leaders are doers. They’re able to do what their employees do. It is inspiring for many to see that their leader is willing to actively participate in daily work activities.

As a leader, your role is to create an environment that reflects your vision, mission, and values of the organization. You are setting an example that others will follow.