Success! We all define it differently. We all seek it. And, we all look for perspectives on how to achieve it.
Amazon, as well as other online shopping companies and their fast delivery services, has grown and provided an expanded service during our COVID-19 environment. Irrespective of how you feel about Jeff Bezos and Amazon, how does a company of its size continue to function and to grow at such a mind-blowing pace?
In this interview at the George W. Bush Presidential Center’s Forum on Leadership, Jeff Bezos credits four principles within Amazon’s core values (or company DNA) that have vaulted its success. “We go back to them over and over again,” he says. “And if you look through each thing that we do, you will see them run straight through everything.”
Check out this recent INC article for a full explanation.
1. Customer Obsession
“The first and by far the most important one is customer obsession as opposed to competitor obsession,” he says. “I have seen over and over again companies talk about being customer focused, but really when I pay close attention to them, I believe they are competitor focused, and it’s a completely different mentality, by the way.”
2. Eagerness To Invent
According to Bezos, Amazon loves to pioneer. “Whenever we have tried to do something in the me-too fashion, we have failed at it,” he says. “We need to have something that is differentiated and unique–something that customers are going to like.”
3. Long-Term Thinking
“We are willing to take some time and be patient with the business initiatives that run through everything we do,” Bezos says. Compared to many competitors, which might have 2-3 year time frames, Bezos estimates that his company will have more of a 5-7 time frame before an idea is fully evaluated and implemented.
4. Operational Excellence
“Amazon’s standards are high, and systems are well thought out, tested, and updated as necessary. Bezos says such systems will identify defects at the root and correct them before a major problem emerges. Systemization saves time, money, and in many cases, your reputation.”
Your Call to Action
In your next Leadership Team Meeting (you do have one, don’t you?), discuss these success principles. How do they fit with your company? Are they part of your DNA? Create, debate, talk with current clients, and decide. Then put your ideas into action!
You can download an infographic of Amazon’s 4 Keys to Success here.
To your success,
David
© 2019-2020 David Paul Carter. All rights reserved.
Also published on Medium.com.
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FAQs
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's most customer-centric company, Earth's best employer, and Earth's safest place to work.
What are the 4 principles of Amazon? ›
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's most customer-centric company, Earth's best employer, and Earth's safest place to work.
What was Amazon's key to success? ›
Amazon is Customer-Centric
From the very beginning, Amazon has been focused on putting the customer first. Jeff Bezos, Amazon's founder and CEO, has said, “If we focus on the customer, the money will follow.” Amazon has continued to focus on the customer over the years, and it has paid off.
What does Jeff Bezos say is the key to success? ›
The Importance of Customer-Centricity in Jeff Bezos' Strategy. One of the central tenets of Jeff Bezos' strategy is customer-centricity. He believes that the key to business success is to focus on the customer and to constantly innovate to meet their needs.
What is the key to Amazon's future success? ›
Amazon is well positioned to rapidly expand this transformative innovation through its cloud business. Generative artificial intelligence is getting all of the hype but cloud computing is the technology that has truly transformed businesses and the broader economy over the past decade.
What are core 4 principles? ›
CORE 4 represents something unique about your life. Power (body). Passion (relationship). Purpose (mind). Production (business).
What are the four pillars of Amazon's culture of innovation? ›
Uncovering Amazon's culture of innovation
Working backwards and innovating on behalf of customers is in Amazon's DNA. Learn more about our unique culture and how we innovate through four distinct elements: Culture, Mechanisms, Architecture, and Organization.
What are the lessons from the success story of Amazon? ›
According to Bezos, one of the lessons he'd learned building Amazon was “that success can come through iteration: invent, launch, reinvent, relaunch, start over, rinse, repeat, again and again,” he wrote, adding that “the path to success is anything but straight.”
What are 5 facts about Amazon? ›
But there are also many under-the-radar fun facts about Amazon's current ventures—such as its cashier-less stores and drone delivery.
- Amazon Held Its Meetings at Barnes and Noble. ...
- Amazon Launched as an Auction Site. ...
- It Was Also an Early Competitor of Yahoo! ...
- Amazon Users Can Donate to Charities When they Buy.
1. “Choosing to work hard is the key to being successful.” Growing up, Bezos says that his motto was "nil sine labore," which means “nothing without hard work.” He firmly believed that hard work has no replacement.
Amazon founder and CEO Jeff Bezos is very proud, in fact he is 'particularly proud' of a unique benefit that the company provides to its employees: the chance to go back to school and learn some in-demand skills for the workplace.
How old was Jeff Bezos when he became a billionaire? ›
Jeff Bezos: 35
Amazon's founder and CEO became a self-made billionaire in 1999 at 35, when the value in Bezos' Amazon shares catapulted him from millionaire to billionaire status.
What is Amazon's main goal? ›
Amazon's mission is to be Earth's most customer-centric company. This is what unites Amazonians across teams and geographies as we are all striving to delight our customers and make their lives easier, one innovative product, service, and idea at a time.
What is Amazon's future goal? ›
We use our scale and culture of innovation to help create a more sustainable future for all, with a focus on five impact areas: Driving Climate Solutions, Reducing Packaging and Waste, Protecting Natural Resources, Advancing Human Rights, and Innovating Products and Services.
What are Jeff Bezos' principles? ›
Jeff Bezos expects leaders to challenge decisions as long as they do so respectfully and with cause. Leaders should commit wholly to their convictions when challenges arise. However, once they agree to a decision, they're supposed to give everything they have to it.
What are the four factors of production for Amazon? ›
The Four Factors of Production are Land, Labor, Capital, and Entrepreneurship.
What is Amazon's principle? ›
For example, some of the principles including “insist on the highest standards”; “bias for action”; “dive deep”, speak to how Amazon is one of the world's most innovative and successful companies. On the other hand, these principles may imply that Amazon has a worse work life balance than other companies.
What do the Amazon leadership principles mean? ›
Leaders have conviction and are tenacious. They do not compromise for the sake of social cohesion. Once a decision is determined, they commit wholly. Deliver Results. Leaders focus on the key inputs for their business and deliver them with the right quality and in a timely fashion.
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