Expansion is the goal for business owners. If they could, they’d open a store in the Amazon Rainforest to boost sales and maximize profits. Growth doesn’t come easily. Out of every ten startups which have dreams of being the next big thing, only two of them stay open. Yep, 80% of small businesses fail at some point. To make $1 billion, you have to think and act like the men and women who have come before. And, who better to look to than the wealthiest man on the planet, Jeff Bezos?
You can adopt his finances by assuming his attitude. These are the four essentials to keep in mind.
The Three-Quarter Rule
Common logic says that entrepreneurs need to be sure before they make a decision. That way, the risks are fewer and there’s less chance of making errors. Bezos disagrees, saying “most decisions should be made with around 70% of the information.” Why? It’s because when you wait around for the extra 25% to 30%, you’re probably going to miss an opportunity. Three-quarters is about the perfect amount to negate the risks which will kill the company. Other than that, you will need to deal with the road bumps and react when they appear.
Ignore The Distractions
The amazing thing about billionaires is their ability to work harder, faster and longer than anyone else. The total minutes they clock aren’t as important as their efficiency. Bezos ignores the distractions and zones in on the things which require his time and expertise. Everything else is delegated to his trusty team. Small businesses might not have employees yet, but they can still offload the interruptions. www.arksolvers.com is an IT firm which will deal with bugs, glitches, and offline periods. www.jellyfish.net takes care of marketing so the message sticks and boosts lead generation. A lawyer will deal with the legal stuff. Your to-do list should focus on your priorities.
Forget The Competition
In many ways, the company’s rivals are essential as they influence decisions. When the competition invests in new tech or brings out a new service, you take notice and react. However, obsessing over what they are doing and why and it isn’t a wise move according to Bezos. Too many organizations get caught up and end up stealing ideas. What makes Amazon unique is that it came up with a service no one knew they wanted yet they sought it all the same. “Even when they don’t know it, customers want something better.”
Don’t Be A Victim Of Success
The website starts to get lots of traffic and the bricks and mortar store is doing well, too. The company is expanding at a rate the likes of which you never imagined in your wildest dreams. Then, things begin to drop off and plateau. Why? It’s because success breeds laziness. One thing Amazon never did was to stop pushing the envelope. When Prime became huge, the business added same-day delivery as well as Prime Video and Day. Recently, they bought the rights to English soccer matches for the next Premier League season.
Can anyone say the firm is resting on its laurels?
