With a net worth of over 95.5 billion, Amazon CEO, Jeff Bezos is the world’s richest person. London-based event marketing experts, Live Innovations have been examining the three principles Bezos attributes his success to.
2015 was the year that saw Amazon cross the $100 billion mark in annual revenues. And as the company continues to grow at such a rapid rate, analysts have projected that it will become the first-ever $1 trillion company.
Founded in 1994 by retail entrepreneur Jeff Bezos, the Amazon business plan was written up on a cross-country drive from New York to Seattle. Bezos left a well-paying New York City hedge fund job when he learned about the rapid growth in internet use, which coincided with a new U.S. Supreme Court ruling that exempted mail order companies from collecting taxes from sales made in states where they didn’t have a physical presence. Bezos is well-known for his attention to business detail and on 27th October 2017, Jeff Bezos surpassed Bill Gates on the Forbes list as the world’s richest person.
Sales and event marketing firm, Live innovations are interested in successful entrepreneurs and the practices they follow that makes them a success. Because of the behemoth size and rapid growth rate of Amazon, its founder and CEO Jeff Bezos is admired and watched by entrepreneurs from all around the globe, including MD of Live Innovations, Tom Harris, who learns from his principles and take insights into what makes him so successful.
The first principle that Bezos teaches is to accept occasional failures as the price of innovating and moving a business forward. Entrepreneurs and companies tend to avoid failure like the plague, but instead, Bezos teaches that entrepreneurs need to understand the importance of innovating to stay relevant and that sometimes innovation does fail. Experimenting must be part of a business’s culture, and entrepreneurs should take any failures as an opportunity to learn.
The second principle teaches entrepreneurs to work every day like it’s their first day in business and that for mature companies who work at a slower pace, to change their operations to mimic a hungry start-up. Having a sense of urgency in business will have a significant impact on success.
And thirdly, entrepreneurs should give their customers what they want before they realise that they want it. This innovation will add value to the business and retain a loyal customer base.
‘Entrepreneurship is exciting because you can combine a great idea with a smart strategy, that follows the same principles of successful companies, to build your own business and future’ explained Tom Harris, MD of Live Innovations.
Live Innovations is a London-based event marketing firm that creates unique marketing campaigns, enables them to connect with consumers in-person, to showcase their client’s products and services at specific events. This face-to-face tried and tested marketing strategy results in a high customer retention rate for their client’s business.