Think Like Jeff Bezos

In this Article What does it take to make $100 billion? Ask Jeff Bezos. The entrepreneur became the richest man on the planet by turning Amazon into the world’s largest online retailer. This kind of success doesn’t happen by accident. It comes with the right mindset. It’s one you can adopt, too. Below, So what makes Jeff Bezos so unique.

1. Make Decisions With 70% Of The Information

It’s valuable to be informed. But as Bezos explains, “Most decisions should probably be made with somewhere around 70% of the information you wish you had. If you wait for 90%, in most cases, you’re probably being slow.” For example, Prime Now was launched 111 days after it was conceived. Were there bumps and turns along the way? Sure. But fast-decision making is how you get ahead of the competition. If you wait for perfect information, it’s too late.

2. Ignore The Competition

Many businesses get caught up in what others do. More often than not, this causes them to copy their competition. In reality, serving the customer should always come first. This is how you innovate and succeed. As Bezos explained, this is how Amazon Prime came to be. “Even when they don't yet know it, customers want something better, and your desire to delight customers will drive you to invent on their behalf. No customer ever asked Amazon to create the Prime membership program, but it sure turns out they wanted it.”

3. Take The 10% Chance

Bezos once said, “Given a 10% chance of a 100-times payout, you should take that bet every time.” Those aren’t impossible odds! You need to make bold business decisions to achieve big success. You won’t always succeed, but you can still learn things to help you achieve that big payout in the future. For example, Amazon Marketplace failed in its first two launch attempts. The third time, it worked. It has since grown to contribute to almost half of Amazon’s sales.

4. Become A Master Of Failure

Fear of making bad decisions often keeps companies from innovating. But as Bezos has said, “If you’re good at course correcting, being wrong may be less costly than you think.” Learn to fail fast and cheap, and correcting bad decisions won't be a problem. This will help you learn and achieve better results in the future. Felix Odigie, CEO and founder of Occasion Station adds, “Any failure is an opportunity to build toward bigger and better things. Why did that product fail? How could I have done better? Find answers to these questions and learn from them to set yourself up for success with your next endeavor.”

Jeff Bezos is Amazon's founder, CEO, chairman and top shareholder. MacKenzie Bezos is a novelist who helped Amazon grow during its early years but hasn't been significantly involved in the company since and has a much lower profile than her husband. The couple has four children.

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Jeff Bezos' $140 billion divorce: How it affects Amazon

Jeff Bezos' divorce announcement this month has been a boon for the gossip pages, with tabloids dishing on the couple's massive fortune of roughly $140 billion and on Bezos' reported steamy texts to his new girlfriend.

But beyond the world of TMZ and Page Six, Jeff and MacKenzie Bezos' divorce could have a big impact on Amazon's ownership and create new challenges for the company. And though it's unlikely, that turbulence could even harm consumers by slowing Amazon's rapid pace of growth and innovation.

Additionally, the divorce is expected to result in one of the most notable settlements in history, and likely the biggest, since Bezos is the world's richest person and runs one of the world's most valuable companies.

"Jeff remains very much focused on and engaged in Amazon," company spokesman Drew Herdener said Wednesday

Hours after the divorce announcement, the National Enquirer reported that Bezos has been dating Lauren Sanchez, the wife of WME talent agent Patrick Whitesell. It also published a series of texts Bezos allegedly sent Sanchez, including: "I love you, alive girl. I will show you with my body, and my lips and my eyes, very soon."