1. Decentralization in decision making
Decentralization is not only the tool for successful governance. But it’s a panacea to foster innovation in decision making as well as in businesses. The division of and flexibility in decision-making powers in businesses generates new ideas and thus innovation. And innovations excel businesses.
As Jeff Bezos quoted
“If you double the number of experiments you do per year you’re going to double your inventiveness.”
All businesses abide by the law of experiment. The more you foster new ideas and experiments the more innovations you incorporate in your business.
On this Jeff Bezos stated that- “great innovations, large and small, are happening every day on behalf of customers, and at all levels throughout the company. This decentralized distribution of invention- not limited to the company’s senior leaders- is the only way to get robust, high- throughput innovation.”
So the key to robust and faster innovative growth is valuing ideas of each and every employee along with the consideration of customer’s feedback.
2. Resourceful surroundings matter in life and business as well
Surround yourself with optimism and people who add value to your lives and businesses. This is perhaps the prerequisite to a meaningful and successful business.
“Life is too short to hang out with people who aren’t resourceful.”
This life lesson from Jeff Bezos pertains to business as well. Resourceful surroundings instigate the generation of resourceful ideas.
3. Accepting criticism is an art.
One evolves as a better human through criticism. If you can handle the criticism, you can establish yourself as a distinguished personality. Criticism ignites perseverance and new ideas.
Bezos quoted-
“If you can’t tolerate critics, don’t do anything new or interesting.”
A critical appraisal should be considered as feedback to progress further. Every celebrated idea today was criticized in history. Thus for a business to be successful one should welcome criticism positively. It takes time for a new idea to become ubiquitous.
4. There is no limit to growth.
Every conquered limit was once the desired goal. There should be a spontaneous and incessant approach to the growth of the business. Jeff Bezos always prioritized inputs over outputs. Better the inputs better will be output. He said-
“Move fast and focus on outcomes”.
If your eyes are on outcomes then you must prioritize what your input should be. Refraining from procrastination is the key to achieve the desired outcome.
5. Always focus on advancement and think out of the box
The key to a progressive approach is to admire and incorporate new technology beyond textbooks.
Jeff Bezos said that-
“our architects and engineers have had to advance research in all directions that no academic had yet taken. Many of the problems we face have no textbook solutions, and so we- happily – invent new approaches.”
So research and development pertaining to each and every sphere of life and business. And the advancement in R&D should be never-ending.
6. Stubborn and flexible approach
According to Jeff Bezos, the two traits of a good entrepreneur are- stubbornness and flexibility. He said that-
“We are stubborn on vision. We are flexible on details.”
He added – if you are not stubborn, you will give up on experiments too soon. And if you are not flexible, you will pound your head against the wall and you won’t see a different solution to a problem you are trying to solve.”
Innate qualities of being stubborn and flexible direct towards a range of solutions.
7. Set a long term goal
On this, Jeff Bezos said-
“If we think long term, we can accomplish things that we couldn’t otherwise accomplish.”
Focusing on long term goals is a priori for a flourishing business. Setting short term goals might not signify progressive growth of the business.
8. Invent before you have to.
For the business to flourish there should be an internally driven approach to improve the product and services.
Jeff Bezos said that –
“When we are at our best, we don’t wait for external pressures. We are internally driven to improve our services, adding benefits and features, before we have to. We lower prices and increases value for customers before we have to. We invent before we have to.”
9. Customers are GOD
It is the customer that makes a business. If you can satisfy your customer, you have sailed through the ordeal. Amazon has always given prime significance to its customers and their feedback.
Jeff Bezos quoted-
“We are not competitor obsessed, we are customer-obsessed. We start with what customer needs and we work backward.” “Focusing on the customer makes a accompany more resilient.”
10. Two pizza rule
This is one of the productivity tips given by Jeff Bezos.
“If a team couldn’t be fed with two pizzas, it was too big.”
The rule is based on the idea that small teams work more productively. For successful business teams with a small number of employees should be made. Larger teams are less efficient and less productive.