Amazon CEO Jeff Bezos is the world's richest man and recently at a conference he gave out certain tips and advice about being successful. Bezos was speaking at the Mars conference in Las Vegas and was asked for simple business advice. As per a report by Fast Company, here’s what Bezos had to say about certain things:
Bringing real passion to business
Bezos said "You'll be competing against those who are passionate . . . You have to be a missionary, not a mercenary. And, paradoxically, the missionaries end up making more money."
Taking risks all the time
When asked about taking risks, the world’s richest man said, "If you have a business idea with no risk, it's probably already being done. You’ve got to have something that might not work. It will be, in many ways, an experiment. We take risks all the time, we talk about failure."
"You are going to fail a lot"
The CEO of Amazon had this to say about failures, "We need big failures in order to move the needle. If we don’t, we're not swinging enough. You really should be swinging hard, and you will fail, but that’s okay. When you swing hard in baseball, the maximum number of runs you can get is four. When you swing hard in business, you can get 100 runs. So you really should swing hard, and you are going to fail a lot, and you need a culture that supports that. When do you know when to stop? When the last champion is ready to throw in the towel, it’s time to stop. And usually, that last champion is me."
"People who are right a lot listen a lot, and they change their mind a lot. People who are right a lot change their mind without a lot of new data. They wake up and reanalyze things and change their mind. If you don’t change your mind frequently, you’re going to be wrong a lot. People who are right a lot want to disconfirm their fundamental biases."