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The richest man in the world gives advice to aspiring entrepreneurs: never forget the customer and feel at ease.
On June 6, Jeff Bezos, founder and CEO of Amazon.com Inc., spoke at the company's re: MARS conference in Las Vegas, where he was invited to give advice to people wishing to create a business.
"The most important thing is to be obsessed with the customer," Bezos told the audience. "Discover how to absolutely delight them."
Amazon has always seduced its customers by historically offering the lowest price on a product, even if it involves a loss of money. The company now also has 100 million paid subscribers to its Premium membership offer.
Bezos also said entrepreneurs had to prepare for failure, insinuating that bold steps needed to be taken to move forward. "You have to accept the fact that your business is going to be in many ways an experiment, and it could fail," he said. "That's good, that's the risk.
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The CEO of Amazon has referred to the metaphor that if you fight for baseball, you will hit circuits, but you will also hit a lot.
The difference, he says, between baseball and business, is that the maximum number of strokes you can get at the bat is four, and sometimes, in business, a success will yield 1,000 points.
He said, "As for the probability distribution, you should swing hard. You're going to fail a lot, and that's good, and you have to have a culture that supports that. "
It's not a good idea to get involved in a business unless you really believe in the project, otherwise it will be difficult to compete with rivals, according to Bezos. "You must have a certain passion for the arena in which you will develop and work," he said.
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