5 Important Lessons Young People Should Learn From Jeff Bezos
Jeffrey Preston Bezos, known simply as Jeff Bezos, Amazon's Founder, Chairman, CEO, and
President, was born on 12 January 1964 in Albuquerque, New Mexico.
A little over 54 years later, he goes on to become the wealthiest person in the world,
according to Forbes' billionaire evaluation, with a net worth of $112 billion as at 6 March
2018.
Bezos became the "richest man in modern history" when his net worth hit $150 billion
in July 2018.
So how did Jeff Bezosbecome so wealthyand what can young people learn from him?
In this video, we'll share with you; 5 important lessons young people should learn from Jeff
Bezos. If you're new here, consider subscribing
so that you won't miss other interesting videos like this
Lesson 1 Know, Align and Apply Yourself
Jeff was born to a teenage mother, Jacklyn Gise Jorgensen and his biological father,
Ted Jorgensen, a poor man, and an alcoholic. Jeff's mother re-married Cuban immigrant
Mike Bezos when Jeff was just 4 years old. Jeff showed interest and proficiency in the
technicalities of how things work, even as a child; he helped fix windmills, vaccinate
cattle and when his family moved to Miami, Florida when he was a teenager; he found there
his love for computers and his drive to succeed.
Jeffgraduated a valedictorian in high school and was a National Merit Scholar and Silver
Knight Award winner in 1982.
Jeff graduated from Princeton University, New Jersey, with Electrical Engineering and
Computer Science degrees in 1986.
After his graduation, he went on to work at a financial telecommunications start-up called
Fitel from 1986 to 1988, then at Bankers Trust in the banking industry from 1988 to 1990,
then D. E. Shaw & Co. a newly founded hedge fund at the time from 1990 to 1994. Jeff became
the fourth senior vice-president at D. E. Shaw at the age of 30.
The lesson for young people While you may not be Valedictorian or award
winneror degree holder, know yourself first! What are you good at? What are you interested
in that gives you passion? Know these things. Find productive value in them.
Align yourself with activities, people and materials that would help you develop your
talent-based skills and awareness.
Apply yourself. Give it your best. Adopt a "regret-minimization framework" as Jeff
called it while he worked at D. E. Shaw and during the early years of Amazon. Don't
give yourself a reason to regret not giving your 120% effort later because that is how
wealth is made.
Lesson 2 Don't Fear Failure. Just Start!
Jeff had a very lucrative career going for him in finance, particularly as senior VP
of D. E. Shaw. Yet, he chose to risk the untapped potential of the Internet and e-commerce market.
In July 1994, he quit his job, moved to Seattle and set up the office for his new company
in his garage where he developed a test site!
Jeff invited friends to beta test the site and on 16 July 1995, he opened Amazon, named
after the South American river. Amazon started as an online bookstore.The company was so
successful that even without press promotion, Amazon sold books in 45 different countries
and across the United States within 30 days. Two months in and sales were reaching $20,000
a week, growing faster than Jeff and his team had foreseen.
The lesson forYoung People
There's no way Jeff could have known that Amazon would be successful right off the bat.
He took a risk. A calculated and informed risk, but a risk nonetheless. In addition,
just as Jeff didn't know, you cannot know the future with absolute certainty. Nevertheless,
what you do know is that if you don't start, nothing will change.
We often have big dreams and great ideas. What separates great people from others is
their ability to follow through. Turn your great idea into greatness. Just start! It
may fail, but what if it succeeds? Do all you can to increase the chance of success,
but get started, and be committed.
Lesson 3 Learn to be a Good Leader
As Amazon took off,Jeffhoned skills that would make him a great leader. He washighly intense,
innovative and exhilarating.
Jeff once said, "For every leader in the company, not just for me, there are decisions
that can be made by analysis. These are the best kinds of decisions!"
In 2017, he stated his "Day 1" Management Philosophy.
Day 1: startup Day 2: stasis
Day 3: irrelevance Day 4: "excruciating, painful decline"
Day 5: death
According to Jeff when he describes his leadership mindset, "it is always Day 1"
Journalist, Walt Mossberg, dubbed the statement, "If you absolutely can't tolerate critics,
then don't do anything new or interesting," The Bezos Principle.
The lesson for Young People
To achieve greatness, you need a goal. You cannot lead without a goal because common
purpose unites people under leadership.
Be intense, be consistent, and be committed. If you maintain the fervor and thoroughness
every day going forward as you had at the beginning, then you have added a key ingredient
to the recipe for success.
Lesson 4 Don't Accept Defeat
In 1999, Amazon's board hired Joseph Galli Jr. as President and Chief Operating Officer
because while they acknowledged Jeff's brilliance, they didn't think he was suited to running
a business.
The new COO lasted only 13 months before leaving Amazon for a relatively smaller company. After
his departure, the title of President fell on Jeff, and the company continued without
a COO.
Late in 2002, Amazon's revenues stagnatedafter Amazon's cash balances dropped to $350 million
in 2000, causing Jeff to borrow $2 billion from banks. The company nearly went bankrupt
and he had to close distribution centers and lay off 14% of the Amazon workforce. However,
in 2003, after extreme effort, Amazon turned a profit of $400 million, rebounding from
its financial distress.
A New York Times publication dated 7th October 2005 reads; "Mr. Bezos has every right to
laugh. He proved wrong legions of critics who had predicted Amazon's demise, just as
he defied those who had declared that Amazon would never turn a profit. Satisfaction surveys
show that Amazon enjoys a golden reputation among most of its 49 million active customers,
and last year it booked $588 million in profit on $6.9 billion in revenue."
The lesson for Young People
Don't listen to people telling you that you will fail. So what if you fail? Jeff failed
by Wall Street's standards, but that didn't stop him.
Even if you fail, learn quickly from failure and bounce back.
Lesson 5 Extravagance Does Not Become Success
In the 1990s, Jeff's public image was one of frugality with his own resources and that
of Amazon. Before the late 2010s, Jeff was usually reluctant
to spend money on non-business-related expenses. In his early years as a billionaire, Jeff
drove a 1996 Honda Accord and continued a lifestyle far beneath his means.
Alan Deutsch man described Jeff as always "talking in lists" and "enumerating
the criteria, in order of importance, for every decision he made."
The lesson for Young People
You're not what you buy. You're not what you drive. You're not what you wear. You're
who you are. Cultivate a habit of financial responsibility.
Be disciplined and track your finances. Don't let financial irresponsibility be
the reason you don't succeed. You won't be able to fund your goals if you never hold
on to funds, and you won't be able to hold on to funds if you always spend it all.
In conclusion, if you're a young person and you want to be successful and wealthy
in life; • Know your strengths and give it your all
in developing them to give you financial value. • Don't let the fear of failure stop you
from taking the first crucial step in achieving success.Jeff said, "I took the less safe
path to follow my passions, and I'm proud of that choice."
• Be innovative and think outside the box. These are elements of a successful leader.
• There may be people in your life telling you that you won't succeed. Ignore them
and move forward. • Lastly, be financially responsible. Don't
be lavish. Don't waste money on things you can do without. It's only by appreciating
the value of money that you can learn to make more money.
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