One of the world’s richest men, Jeff Bezos, is not a new name in the retail industry. This self-made man who revolutionized the world of online shopping with the launch of Amazon.com is known for his sharp business acumen and acute understanding of consumer demands.
Between 2017 and 2021, Bezos was listed as the third wealthiest person in the world and was estimated to be worth $128 billion. Poised to become the world's first trillionaire, he is estimated to reach $1.06 trillion by 2030.
A stark example of how one man followed his passion to change the way we shop for our daily essentials, Bezos’ words of wisdom are ardently followed by wannabe entrepreneurs and those looking to grow their businesses quickly.
Bezos’ words of wisdom dubbed as his investing lessons include:
Getting passionate about your business
You must be passionate about what you are doing. Unless you infuse passion into your daily work, you cannot hope to be successful. Others are doing business as you. So, what will keep you in good stead is the idea of being a missionary than a mercenary. Ironically, missionaries make more money than mercenaries do, thus, explaining Bezos’ distinct outlook towards his business.
Be willing to take risks always
If you are in a business that does not involve risks, it is quite likely that there are others who are in a similar line of business, has taken the necessary risks and eased out unwanted creases impeding the business. You must be willing to try what others feel will not work. You may treat your business like an experiment that you must experience. You have to take risks all the time and be willing to discuss your failures too.
Be ready to face failures
You must fail in order to succeed. Sometimes, big failures are a part of the game, especially, when you are trying to identify and weed out the needle hurting your business. If you have not failed, it is possible that you have not stretched yourself enough to witness what failure looks like. You need to swing fast and hard to get more work done within the stipulated period.
Let your mind do all the work
Being right does not equate to being static. A stagnant mind cannot do all the thinking. People who are more right than others also tend to change a lot. This is because of the new information that can cause people to change their minds. The new data prompts people to think and rethink again, which explains why they change their minds and decisions so frequently. They evaluate matters, reassess them with new data and then again change their mind. This also explains why most successful people do not root for the fundamental lines guiding their businesses, and therefore, choose the unconventional way to do their business.
Don’t deviate from your investment philosophy
A billionaire investor once said that to be a successful investor, you must have a clear philosophy and stick to it. Every investor is different from the next investor. While many people are attuned to trading aggressively in the market, others prefer to proceed at their own pace. Before investing, it’s important to understand your pace to avoid making unreasonable decisions. Emotions can easily distract investors from their personal vision, goals, and risk management. Panic in the market can quickly turn into chaos. To avoid this, it's important to stick to your personal investment philosophy. Do not run after what others do. Decide your investment style and adhere to it.
Plan for the long term
Before you invest, think of how your investments will pan out in the long term. This is not a new investment philosophy. In fact, some of the world’s top investors have always stressed on the need to focus on long-term investments. Long-term investments typically produce higher returns than short-term investments. However, the underlying philosophy of long-term investment remains the same. We conduct extensive research and analysis on the companies in which you wish to invest. Do your homework thoroughly and you will reap the benefits in the long run. Don’t succumb to market forces or abandon long-term investments, or else you would find yourself steeped in unprecedented losses.
It takes a lot of years to witness and experience the rise and fall of many businesses and the value of investments since their inception. People like Jeff Bezos have their own investing styles that are based on a set of principles. It is their style that explains their success. It’s their attitude that helps them stand out from the rest.
