With his smart thinking and innovative approach, Jeff Bezos has made Amazon a brand to reckon with. From its humble beginnings in 1994, the company today is the largest Internet retailer across the globe in terms of market capitalization and revenue.
While you can learn a lot from Bezos, here we’ll focus on what you can grasp from this successful entrepreneur on decision making. After all, the decisions we take today dictate what we become tomorrow.
Take a Note of Strange Things
When Bezos started his company, the Internet and its penetration were nowhere close to what it is today. However, the thing that caught Bezos’s attention was the fact that the usage of the Internet was picking up a drastic pace. To cash in on the opportunity, he started with shipping books. From just books in 1994 to every possible thing you can imagine today, Amazon has come a long way in the last 24 years.
What if Bezos had not taken a note of the strange phenomena back then. Well, who knows; the story could have been much different. The decision made by him back then shows that it’s essential to take note of the strange things around you and find out if you can encash it to enhance your riches.
Take Decisions Based on the Impact
Most of us are influenced by our surroundings and tend to make decisions based on timings and not on impact. In this process, what happens is that you prioritize those decisions that can wait over those which need immediate attention. Bezos classifies decisions as Type 1 and Type 2.
While type 1 is a mission-critical irreversible decision, type 2 is a decision that can be reversed. As an individual, you need to focus more on type 1 decisions and take help of your closed ones, if required. Gauge the impact of a decision in your life and categorize them as type 1 or type 2. Spent more time on type 1 decisions as these can’t be reversed.
Understand the Context
As an individual, it’s important for you to understand the context and then make a decision. Just because what has worked for others, doesn’t mean it will work for you. Today, Amazon has all the tools required to gather information and automate decisions. However, Bezos says that this can result in overlooking the context and subsequently the outcomes.
Hence, while it is vital to gather knowledge, it is equally important to know the situation and the context where you can apply this knowledge. A good decision becomes a better decision only when it’s implemented by understanding the context.
Make Decisions With 70% Information
In a fast-paced world, it is essential for you to make decisions and make them fast. Waiting for the entire information and then making a decision might result in missing the opportunity. Bezos believes in high-velocity decision making, where he says that most decisions can be made with just 70% information.
Following Bezos and his tips on decision-making can help you make crucial decisions fast and develop into a leader.
Smart thinking made Bezos a global leader in E-commerce
As seen in the above article, Jeff Bezos followed his curiosity and made decisions taking many parameters into consideration. In the Maxplore Club sessions, students learn to explore their curiosity, think critically based on evidence and logic and accordingly take decisions.
