GR Diary
8 success lessons for entrepreneurs from Jeff Bezos, world’s richest man
A self-made multibillionaire, Jeff Bezos is the man who launched an online bookstore and turned it into the largest online retailer of all time.
His success story began in 1994, when he launched Amazon.com from his garage, according to this article by the Entrepreneur.
It was the dawn of the digital age, and Bezos was a man with a vision — he knew from the start that his online store would focus on more than just books. He set out to create an online retail empire that sold anything and everything, at a low cost, with products reaching customers within days.
Amazon.com has forever changed the online retail environment and fundamentally changed the way millions of people shop. Along the way, Bezos has become the richest man in the world, worth approximately $108 billion.
So what are the secrets behind Bezos’ wild success?
Here are the 8 most important lessons you can learn about achieving success from the richest person on the planet.
1. Embrace a “Day 1” philosophy.
Bezos came up with the Day 1 concept in the early days of Amazon. The concept means that Amazon will always strive to keep a startup mentality — it will always guard against the contentment that sweeping success can bring. Bezos defines Day 2 as stasis, followed by irrelevance, followed by decline and death, which is why he believes it’s paramount his company always stays in Day 1 mode.
Bezos discussed the Day 1 concept in his 1997 letter to shareholders. He began by listing all the milestones the company had passed that year, such as serving 1.5 million customers (Amazon now serves more than 310 million active customers), yielding a revenue of $147.8 million (it reported a revenue of $178 billion in 2017). He went on to talk about how the company must continue to look for opportunities to evolve in the competitive market.
2. Being customer-centric.
From the very beginning, Bezos has been obsessed with innovating according to customer needs and wants. He believes in focusing on customers, not competitors. Don’t waste time one-upping your rivals; instead, focus on getting ahead of the market. Find ways to make your customers excited and clamor for more.
3. What would your 80-year-old self say?
In the fast-paced, cutthroat world of business, it’s hard to know which opportunities are the right ones and which ones to leave behind. How do you determine which way to go?
This was the situation Bezos faced when he came up with the idea of launching an online retail store. He already had a great job working at a hedge fund, but he saw how fast the internet was growing and knew his idea had real potential. So how did he summon the courage to leave a stable, well-paying job to launch a startup?
4. Build the best team for your business.
The success of your business largely depends on the people you hire to help build it. Bezos takes team building seriously. His philosophy is to focus on bringing the right people on board, and then give them a stake in the success of the company, so they’re motivated to see it succeed.
In his 2017 shareholder letter, Bezos wrote: “We know our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like, and therefore must actually be, an owner.” In keeping with this, Amazon offers compensation heavy in stock options. This increases employee involvement in the company’s overall success.
Amazon has even taken the step of offering to pay employees who don’t want to work there anymore up to $5,000 to quit. This allows the company to weed out the employees who are unengaged or disgruntled, thus saving it more money in the long run. And those employees who stay will be more committed to their jobs.
5. Be bold and innovate where it counts most.
Bezos has said that Amazon’s goal is to be “Earth’s most customer-centric company,” so nearly everything that goes on inside the company is driven with that goal in mind.
Each step of the way in building his online “everything store,” Bezos has added features and functions that were initially considered unwarranted, but were beneficial to the customer. That’s why Amazon is constantly working on optimizing its logistic and delivery systems, to make its services run as smoothly and efficiently as possible. Amazon has poured huge amounts of resources into developing its infrastructure. These investments have paid off, as the company now holds the title of largest online retailer in the world.
6. Be frugal and efficient — put revenue back into your company.
Frugality is one of Amazon’s foundational principles. Being low-cost, efficient and extremely competitive has made Amazon billions. Bezos has a laser focus on keeping productivity high and ensuring thriftiness at all levels — from the leadership on down. The company’s own website lists frugality as a core principle, stating, “Accomplish more with less. Constraints breed resourcefulness, self-sufficiency and invention.”
7. Risk failure for success.
One of the key strategies to Bezos’ success is his approach to failure. Bezos believes in trying out a plethora of ideas, knowing that some projects will flop. He constantly advocates for the need to take calculated risks. Without taking that leap, he believes, you’ll never know what will or won’t work. In fact, accepting the possibility of failure helped give him the courage to launch his business in the first place.
When Bezos launched Amazon, he gave himself a 30 percent chance of success. “That’s actually a very liberating expectation, expecting to fail,” Bezos says in the book One Click: Jeff Bezos and the Rise of Amazon.com. He built his business by embracing risk and accepting that sometimes doing so may mean losing money to learn lessons. Bezos himself jokes about making “billions of dollars of failures.”
But in the long run, all that experimentation has paid off. In the end, a few big successes will outweigh dozens of defeats.
8. Always look toward tomorrow and beyond.
Bezos has always been focused on long-term thinking and strategizing when it comes to Amazon. But he is also hoping to inspire others to think beyond the here and now. This is reflected in many of the other projects he takes on.
In 2000, Bezos founded Blue Origin, an aerospace manufacturer and spaceflight company, which is developing technologies to make affordable space flight for the average human. It’s part of his long-term dream to find a way for humans to live in space permanently.
He is also working with the Long Now Foundation on constructing a clock that will keep time for 10,000 years. It’s designed to be an icon for long-term thinking. As Bezos wrote on the clock website: “As I see it, humans are now technologically advanced enough that we can create not only extraordinary wonders but also civilization-scale problems. We’re likely to need more long-term thinking.”
Copyright: This article was first published by the Entrepreneur.
The stage is set, the anticipation is palpable, and the excitement is already building as SIFAX Group unveils its lineup of top gospel artists for the much-anticipated 2024 SIFAX Group Thanksgiving and Night of Praise celebration.
The event is set to hold on Thursday, December 12, 2024, at the Lagos Marriott Hotel, Ikeja, Lagos.
The night’s lineup features an array of celebrated gospel stars, including Bidemi Olaoba, Laolu Gbenjo, Beejay Sax, Adeyinka Alaseyori and Chigozie Wisdom.
The event will also feature performances from Woli Agba, Titilayo Eyinjujesu, Abosede Akande, Nonny Chorale and Daminator Dance Group.
Themed I will Rejoice, the event, which is in its second year, promises an uplifting atmosphere filled with soulful melodies, heartfelt prayers, and vibrant expressions of gratitude for the milestones and blessings of the year.
Dr. Taiwo Afolabi, Group Chairman, SIFAX Group, said the event was an avenue to appreciate God for his faithfulness in the outgoing year:
“We are thrilled to bring together our board, management, staff, clients and other stakeholders to celebrate the goodness of God we have enjoyed in 2024.
It has been an interesting year laced with a lot of challenges and accomplishments.
This Night of Praise reflects our commitment to showing gratitude to God for His divine support for our businesses and our people.”
Attendees can expect electrifying live performances, a vibrant choir, and opportunities for communal worship, all within a beautifully curated setting designed to uplift and inspire. The event will also feature special segments for praise, worship, and words of encouragement from renowned speakers.
The event will be livestreamed on all the company’s official social media channels to extend the experience to the company’s online community.
Events
Speakers to Discuss How to Restore Nigerians’ Confidence in the Judiciary
…A collection of eminently qualified personalities will on Friday November 29 engage in the discourse on how to bring back the confidence of Nigerians in the nation’s judiciary.
The event, the Gavel International Annual Lecture with the theme: “The Judiciary as the last hope of the common man, media and legal perspectives” will be hosting Prof Hope Eghagha, Mr. Richard Akinnola, Mr. Ebun-Olu Adegboruwa SAN, Mrs. Joke Layi-Babatunde, and Mrs. Asabe Waziri as the panel discussants.
The panel will be coordinated by Chief Anthony George-Ikoli SAN.
At the event, the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi will deliver the Keynote Address while Nigeria’s top business lawyer, Mr. Gbenga Oyebode MFR will serve as chairman Former General Secretary of the Nigerian Bar Association (NBA), Mr. Dele Adesina SAN will deliver the main lecture.
George-Ikoli is a former Attorney-General of Bayelsa State and the first Senior Advocate from the state. A passionate advocate of the Justice system, George-Ikoli will bring his wealth of experience to bear on the discussions.
Prof Eghagha, is a highly experienced teacher of English Literature and Literary Analysis at the Faculty of Arts, University of Lagos and researcher of dramatic theory and criticism.
He is a playwright, poet, novelist, biographer, columnist and member of The Guardian newspaper’s editorial board. Through his weekly newspaper opinion articles, he explores the complex challenges facing Nigeria.
Prof. Eghagha also served as the Commissioner for Higher Education in Delta State from 2009 to 2014. In 1999, he was named Honorary Colonel of the Commonwealth of Kentucky United States, and Honorary Captain of the Belle of Louisville.
A distinguished academic Eghagha was made appointed professor in 2010. He was also Acting Dean of the Faculty of Arts, University of Lagos in 2015 and Head of the Department of English, University of Lagos from 2016 to 2019. In December 2023, he was appointed Education Consultant to the Delta State Government.
Richard Akinnola is a legal affairs journalist, legal historian, media law specialist, media trainer, and author of 18 books on law, media, human rights and politics.
A respected law columnist, at various times, he was a pioneer staff of The Guardian, Vanguard, and Judicial Editor of the Concord Group. One of the founders of Civil Liberties Organisation (CLO), the first Human Rights body in Nigeria, established in 1987, he is currently Director, Centre for Media Law and Advocacy, member of the Board of Partnership for Justice and founder of Richard Akinnola Foundation and NGO that takes care of widows of journalists and activists. Akinnola is the publisher/Editor-in-Chief of COURTROOM; Publisher/Editor-in-Chief of MEDIA LAW and Publisher/Editor-in-Chief of CORRUPTION CASES JOURNAL.
Ebun-Olu Adegboruwa, Senior Advocate of Nigeria (SAN), is a well regarded rights advocate and legal luminary. Adegboruwa attended the Obafemi Awolowo University, Ile-Ife, the Nigerian Law School, Lagos, and was called to the Nigerian Bar in 1995. He served as counsel at Gani Fawehinmi Chambers from 1995 to 2000 and later founded his law firm, Ebun-Olu Adegboruwa & Co.
He has been an activist and rights crusader for most part of his life. He was the Public Relations Officer of the Student’s Union of Obafemi Awolowo University, and later the Union’s President.
He was a member of the Senate of the National Association of Nigerian Students and member of the Committee for the Defence of Human Rights, Civil Liberties Organization, Campaign for Democracy, President, GSM Subscribers and other Phone users Association of Nigeria and founder of Law and Justice Forum and Millennium Legal Support Services.
He is also a Pastor at the Redeemed Christian Church of God.
Mrs. Adejoke Layi-Babatunde is an alumnus of Obafemi Awolowo University, Ile Ife and the Nigerian Law School, Lagos. She is a results-driven and accomplished law publisher with an exceptional talent for developing and launching new publications. With a keen eye for detail and exceptional interpersonal and communication skills, Layi-Babatunde easily stands out and is well known for her collaborative approach to leadership.
She is an author and life coach and sits on several boards. She has featured as a keynote speaker in several national and international conferences. Her editorial board position at a legal entity covering Africa reflects her deep industry involvement.
She has spearheaded pivotal roles, including being Deputy CEO at Lawbreed Limited, driving publication of Supreme Court judgments and publications aimed at equipping lawyers for greater success as well as overseeing corporate social relations. Her blend of experience, skills, and commitment positions her as a valuable asset to organizations at various phases of growth and this has earned her several awards one of which is the ESQ Nigeria Legal awards Amazon of the Year 2021.
Mrs. Layi-Babatunde started her career at the Legal Department of Nigeria Industrial Development Bank (now Bank of Industry. She is a life member of WIMBIZ (Women in Business and Management), Lagos Chamber of Commerce & industry, Chairperson, Mentoring Committee of FIDA Lagos chapter and FIDA International Editorial Board and the vice-chairperson of the Professional Development Committee of the Ikeja chapter of the Nigerian Bar Association.
Asabe Waziri is a petroleum engineer and a respected professional in the oil and gas industry, with nearly three decades of experience. She is also the founder of the Asabe Waziri Justice Advocacy Initiative (AWJAI), an organization inspired by her profound encounter with injustice. Driven to help others navigate the complex Nigerian justice system, Asabe established AWJAI to address critical issues faced by vulnerable communities.
In just over a year, AWJAI has made significant strides in combating illegal evictions, gender-based violence, monitoring compliance with the Administration of Criminal Justice Act (ACJA), addressing professional misconduct, and tackling prison overcrowding.
The Publisher of Gavel International, Mustapha Ogunsakin explained that the 2024 annual lecture is designed to kick off conversations on the restoration of confidence of the Nigerian people in the nation’s judiciary which appears to be at an all time low.
“During the #Endsars protests in 2020, a very major court building, the Lagos High Court, Igbosere was razed by a mob. We saw the horrendous pictures of the burnt court, particularly one of the arsonists in a lawyer’s garb of wig and gown, with a machete in his hand. For me, that is very scary imagery. We must begin to restore the hope of the common man, if not in other organs of government, but in the judiciary. The other alternative is anarchy,” he said.
Ogunsakin posited that legal and media professions saddled with direct constitutional roles in the judicial system are best positioned to restore confidence in the judiciary. “While the role of the legal profession is statutory, the media has the responsibility to represent the people by covering and reporting court proceedings, except it has to do with national security or cases involving minors. That is why the constitution made provision for a public gallery in every court where journalists occupy to report cases and disseminate to the public,” he noted.
Gavel International has over the years hosted lectures and conferences in pursuit of its guiding principle — Rule of Law. In 2015, Gavel International presented a book, “For the love of their Nation, Lawyers as Agents of Change in Nigeria’’ authored by the publisher, Mustapha Ogunsakin.
The public presentation of this book was done by the then Vice President, Prof Yemi Osinbajo SAN. Others in attendance at the event include Mr. Eyitayo Jegede SAN, then the Attorney General of Ondo State, Chief Anthony George-Ikoli SAN, the first SAN from Bayelsa State and a former Attorney General of the State, Mr. Ade Ipaye and a host of others.
In 2020 when the COVID-19 pandemic raged, it managed to host a stellar webinar conference, bringing together some of the most brilliant minds across the country to discuss on the topic: “Media Coverage of Virtual Court Proceedings: Prospects and Challenges. Prof. Osinbajo delivered the Keynote Address and was joined by others like human rights activist, Femi Falana SAN, Bode Olanipekun SAN, Prof Chidi Odinkalu, Dr Reuben Abati to discuss the topic.
Events
Hamzat, Abiru To Speak on Impactful Empowerment For Nigerians At TheGazelleNews Annual Public Lecture
TheGazelleNews, a leading online newspaper, is set to host its much-anticipated annual public lecture on Thursday, December 5, 2024, at the Radisson Blu Hotel, Isaac John Street, GRA, Ikeja, Lagos.
This year’s lecture will focus on a topic of crucial national importance: “Poverty Alleviation: Fantasies, Expectations, and Realities of People’s Empowerment.”
The event will convene distinguished speakers, thought leaders, and government officials to address the challenges and practical solutions surrounding poverty reduction and empowerment in Nigeria.
It will feature Dr. Kadri Obafemi Hamzat, Deputy Governor of Lagos State, as the Guest Speaker, who is expected to bring a wealth of experience in governance and infrastructure development to the discourse. As the Keynote Speaker, Senator Mukhail Adetokunbo Abiru, a renowned legislator and financial expert, will share valuable insights into policy-driven approaches for sustainable poverty alleviation.
A dynamic panel discussion will follow, featuring prominent personalities: Engineer (Dr.) Adekunle Olayinka, FNSE – Special Adviser on Works to the Lagos State Government; Ms. Abisola Olusanya – Commissioner for Agriculture and Food Systems, Lagos State, who will provide perspectives on the agricultural sector’s role in empowering communities; Comrade Tosin Adeyanju – Executive Secretary of the National Lottery Trust Fund (NLTF), focusing on community development through structured funding and Honorable Rasaq Ajala – Executive Chairman, Odi-Olowo/Ojuwoye LCDA, who will be contributing insights on local government initiatives.
Goodwill messages will be delivered by: the Senate Leader, Senator Micheal Opeyemi Bamidele; the Chairman of the Senate Committee on Environment, Senator Yunus Abiodun Akintunde; the Chairman of Winners Golden Group, Honourable Idowu Osuolale Obasa; and the Special Adviser to the President on Public Communications and National Orientation, Chief Sunday Dare.
The event will be graced by prominent personalities in government and public service, with Nigeria First Lady, Senator Oluremi Tinubu, CON, serving as the Special Guest of Honour; Senate President, Senator Godswill Akpabio as the Chairman of the occasion and the Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, will be the Chief Host.
The Father of the Day is seasoned politician noted for his connection with the people especially at the grassroots level, Senator Ganiyu Olanrewaju Solomon (GOS), and Mother of the Day, Her Excellency Princess Adejoke Orelope-Adefulire, reflecting her longstanding commitment to social empowerment and women’s issues and of course her role as the Senior Special Assistant to the President on Sustainable Development Goals.
In a celebration of excellence and dedication to public service, TheGazelleNews will present its prestigious Lifetime Achievement Award to Prince Tajudeen Oluyole Olusi, Chairman of the Lagos State Governance Advisory Council (GAC).
A highly respected political figure and royal prince from the Akinsemoyin ruling house of Lagos, Prince Olusi has made impactful contributions as a former Lagos City Councilor, House of Representatives member in the Second Republic, and Commissioner in Lagos State. His award highlights a career marked by unwavering dedication to Lagos and its citizens.
The day’s proceedings will be hosted by the dynamic compère duo, Gbenga Adeyinka and Feyikemi Niyi-Olayinka, who promise to guide the audience through an engaging and memorable event.
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