As you might know, Jeff Bezos founder and CEO are Jeff Bezos. Jeff Bezos Net Worth of $177 billion, making him the world’s richest person.
Amazon is one of my favorite companies.
I have benefited so much from Amazon, being so convenient, stress-free, and able to do more creative work.
I recently read a book on Jeff Bezos: “The Everything Store” – and was struck by how he applied certain life lessons to his business and personal life.
7 Best Life Lessons To Learn From Jeff Bezos
In the following, I share some lessons he taught me, which are applicable to any area of life:
1. The “Regret Minimization Framework”
Bezos applies a “regret minimization framework” to his life as one of the lessons I learned from him.
This is the idea: Imagine yourself at the age of 80 and ask yourself, “What regret have I had in my life? He then worked backwards.
He was working at a high-powered finance job at the time when this “Jeff Bezos” thing came about, as well as in the middle of his bonus season.
If he quit his job, he wouldn’t receive his massive bonus. Therefore, he wanted to quit his job and start an internet company.
“Would it bother me if I were 80 years old if I hadn’t tried the internet?” He left his job to join Amazon (to the chagrin of everyone around him).
It’s history from there.
2. Avoid The Narrative Fallacy
A journalist asked Jeff Bezos about his personal history and Bezos pointed out that this would not be an accurate picture of that history since, at some point in time, we usually tell a narrative about our past successes – such a narrative is felt to be easy to understand.
Unfortunately, the “narrative fallacy” fails to take into account the fact that our personal histories are more complicated, messy, and confusing than we think they are.
Instead, we present them in a neat and tidy way.
Studying successful people presents this problem.
It is common for these individuals to tell us about their successes while underplaying (or ignoring) their failures.
3. It Is Easier To Invent The Future Than To Predict It
The quotation is attributed to Alan Kay and says, “It is easier to invent the future than to predict it.”
Amazon was founded on the same principle by Jeff Bezos.
In the beginning, Amazon was the only place to sell books online – and purchasing things with a credit card was considered strange.
However, rather than predicting the future, he invented it.
His first innovation with Amazon was booked, then he made it the place to buy everything. Bezos did the unthinkable with Amazon Prime: he offered 2-day shipping for free on almost all items (with an Amazon Prime subscription).
In addition to the Kindle e-reader, he created the Kindle publishing platform (that enables anyone to publish).
In addition, the company has pursued a number of risky ventures- into the manufacture of mobile devices, tablets, voice assistants, TV/Music/Movie streaming, grocery delivery, fashion, and numerous other innovations I am unaware of.
4. How To Make Money?
Jeff Bezos is confusing to many people – some of them believe Amazon is only about selling things.
It is instead Amazon’s recommendation engine, as well as its review system, which makes the site so successful. Bezos states: Selling things doesn’t make us money. Our income comes from helping customers make informed purchases.
It’s not hard to add value to other people’s lives in today’s world.
There is a huge untapped market for helping others make decisions.
5. The Customer Always Comes First
Jeff Bezos’ belief in always serving the customer first is one of the reasons Amazon has become so successful.
Seeing that customers wanted low prices and faster shipping, he made those priorities a priority (which caused Amazon to lose money).
Yet Bezos is involved in a long-term game with Amazon.
He knew that if you focus on the customer, you’ll hook customers (like myself) and build long-term value.
6. It Is Better To Cannibalize Yourself; Than Let Others Cannibalize You
As with Apple, it is better to cannibalize yourself (hurt yourself) rather than let others do so.
Dogs eat dogs in the world. Your spot will be taken by someone else if you don’t keep pushing yourself to innovate.
Kodak was a pioneer of 35mm film photography, and they made one of the first digital cameras.
But they did not invest more into digital photography due to the fear of cannibalizing their film sales. Where are they now? Insolvent, largely irrelevant.
7. Be Stubborn On Your Vision; Flexible On Details
Our lives are filled with great visions. Creating lasting art and empowering others is our vision.
The importance of having a big and great vision cannot be overstated.
We get stuck in the details when we become too stubborn.
When we become inflexible on details, we will miss out on potentially better options. For that to happen, we need to stay true to our big vision, but be flexible in the details.
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Conclusion: Jeff Bezos Net Worth In 2023
Even if you disagree with Amazon, I believe many of Jeff Bezos’ beliefs and ethics can be applied to us in our daily lives.
Make a bold move. Dare to be different. Be brave. Create the future instead of waiting for it to happen.
Make others’ lives better by improving value. Invest for the future. Be patient and never regret your actions.