Over the course of the last two decades, Amazon has risen as one of the biggest tech giants to look out for, taking over the eCommerce and retail space like no other online retailer before it. And Jeff Bezos, the company’s founder and CEO, has undoubtedly been a pivotal part of that success.
For those who are looking to successfully build business for financial gain, Bezos is a pioneer in the field. As of July 27, 2017, he became the world’s wealthiest living person, with a net worth of over $ 90 billion. But that just turned out to be a momentary blip in his personal fortunes. Bezos is now estimated to be worth $ 119.4 billion, and he is on track to being the richest man in history.
So, what’s the secret of the richest man in the world? How do you create a business that leaves the competition far behind? Here’s the secret that Bezos imparted in an interview:
“I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very interesting question; it’s a very common one. I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two — because you can build a business strategy around the things that are stable in time.”
Rather than focusing on immediate trends or always attempting to innovate completely new products, Bezos instead gears a significant portion of his business model toward improving what people already know they love and want, only making it better.
“[I]n our retail business, we know that customers want low prices, and I know that’s going to be true 10 years from now. They want fast delivery; they want vast selection. It’s impossible to imagine a future 10 years from now where a customer comes up and says, ‘Jeff I love Amazon; I just wish the prices were a little higher,’ [or] ‘I love Amazon; I just wish you’d deliver a little more slowly.’ Impossible,” Bezos explains. “And so the effort we put into those things, spinning those things up, we know the energy we put into it today will still be paying off dividends for our customers 10 years from now. When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it.”
So, there you have it. The answer to success is not necessarily finding something new. Rather, it’s doing what already exists — only better than ever before.