Jeff Bezos is a role model for many people when it comes to entrepreneurship and wealth building. From starting Amazon in a garage to becoming one of the wealthiest individuals in the world, Bezos’ journey offers helpful lessons for anyone looking to become wealthy.
Millennials, a generation facing unique financial challenges and opportunities, can glean much from his insights. Here is some of Bezos’ advice for young people who want to get rich.
Long-Term Vision is Key
One of the keys to Bezos’ success with Amazon is his unwavering long-term vision. Instead of getting bogged down by short-term hiccups or quarterly pressures, Bezos consistently emphasizes thinking several years into the future.
For millennials, this means having patience. Wealth rarely comes overnight. Whether you’re starting a business, investing, or climbing the corporate ladder, focus on where you want to be in 10, 15, or even 20 years. Then, backtrack to create a roadmap to get there. It’s a marathon, not a sprint.
Embrace Risks and Failures
In a letter to Amazon shareholders, Bezos once wrote, “If you know in advance that it’s going to work, it’s not an experiment.” He credits many of Amazon’s successes to his willingness to experiment, even if that means failing now and then.
Millennials should follow this advice by stepping outside their comfort zones. Risk is an inherent part of growth, whether it’s trying a new business idea, switching careers, or making an unconventional investment. Every failure is a stepping stone to success.
Follow Your Passion
Bezos advises young people to choose careers they’re passionate about. He believes this is one of the secrets to success. “Do what you’re very passionate about and don’t try to chase what is the hot passion of the day,” he said during a news interview.
Work Hard and Make Good Choices
In 2017, during a speech Bezos gave at The Museum of Flight’s Apollo exhibit, he highlights the importance of working hard and making good life choices. “We all have adversity in our lives,” said Bezos. “That’s good because it teaches us to get back up. You fall down, and you get back up.”
“You get certain gifts in life, and you want to take advantage of those,” Bezos continued. “My advice on adversity and success [is] to be proud not of your gifts, but of your hard work and your choices.”
Bezos says it’s important to make the most of your gifts. He advises young people to use their talents to make a difference. This can only happen, he says, through hard work.
“[For example], you might be really good at math; it might be easy for you. That’s a kind of gift,” said Bezos. “But practicing that math and taking it to the next step, that could be challenging and hard, and take a lot of sweat. You can’t really be proud of your gifts because they were given to you. You can be grateful for them and thankful for them, but your choices [matter]. You choose to work hard. You choose to do hard things. Those are choices you can be proud of.”
Choose Customer Obsession Instead of Competitor Focus
While many businesses fixate on outdoing competitors, Bezos champions a relentless focus on the customer. Amazon’s growth can largely be attributed to its ability to anticipate and meet customer needs efficiently.
For the millennial aiming to build wealth, replace the word “customer” with “value.” Whether in business or personal endeavors, concentrate on providing immense value, be it to employers, clients, or the market at large. When you consistently deliver value, financial growth follows.
Learn to Adapt
The tech landscape is constantly evolving. Bezos’ ability to pivot and adapt to market changes has been crucial. From being an online bookstore to becoming a global e-commerce and cloud computing giant, Amazon’s journey is a testament to adaptability.
The world is changing rapidly for millennials, especially with technological advancements and global events reshaping economies. Flexibility, continually learning, and staying updated are necessities in pursuing wealth.
Bezos says it’s crucial to invest in yourself. While he was fortunate to have access to resources, he continually invested in his learning, skills, and personal growth.
Build a Solid Team
Behind Amazon’s success is not just Bezos but a team of dedicated individuals sharing his vision. Recognizing, nurturing, and retaining talent is integral to the company’s growth.
Teamwork and networking are vital. Surrounding yourself with motivated, skilled, and positive individuals can exponentially increase your chances of success. As the adage goes, “If you want to go fast, go alone. If you want to go far, go together.”
Applying Jeff Bezos’ Wealth Lessons
Bezos’ journey from a startup in a garage to leading one of the most influential companies in the world is filled with lessons. While his advice can resonate with anyone, millennials are in a unique position to harness these insights.
In a world filled with trendy advice from financial influencers, the principles of vision, value, adaptability, and humility remain timeless. Embrace them, and you’re already on a promising path to financial success.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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