Amazon’s founder is worth an estimated £94billion. Mr Bezos, 56, founded the company in 1994 as an online bookshop and built it up to become the world’s largest internet company. Forbes described him as being “far richer than anyone else on the planet” in 2018. But, remarkably, a man who worked with him believes there are three simple steps to replicating his success.
Mr Bezos drives down costs at all times, fosters innovation and chooses long-term value over short-term results.
The unnamed Amazon insider penned an article for Modest Money in 2018 and cast a detailed light on the American entrepeneur’s philosophy.
On driving down costs, he wrote: “For companies this means don’t overpay for input costs.
“If there are capable workers who are happy to do the job for £12-an-hour, don’t offer anything higher for this position.
“If nobody is willing to do it for less, consider investing in automation.
“For me this means I should cut my spending wherever I can, like on snacks. Find ways to save time such as combining my errands.
“Minimise redundancies like reducing the number of investment accounts I have. The more I save the faster my net worth will grow.”
The key to this philosophy is that it is applicable in all spheres, not just in a huge company like Amazon.
On fostering innovation, the insider continued: “Instead of thinking about what’s working right now, Jeff recommends thinking about what is likely to work in the future.
“I should consider how the economy might change. Ask myself which way is the job market moving?
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“Which skills do I need to develop to stay relevant in tomorrow’s art industry?
“By getting good at adapting to change I will be able to stay ahead of the curve.”
He then stressed the importance of longevity, noting that the easiest option is not always the most financially rewarding.
He added: “Similar to a grandmaster chess player Jeff believes thinking 5 or 6 moves ahead is the best way to win in business.
“This is true for personal finance, too.”
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