According to Business Insider, Jeff Bezos the richest man on earth and the founder of Amazon gave his best advice to people who want to start their own business. He says, be ready to take big risks and fail.
Bezos delivered the message at a conference last Thursday in Las Vegas. In an answer to a question about what advice he would like to give to young people with a business idea and want to start their own business, Bezos said;
“Take the risk. You have to be willing to take a risk. If you have a business idea with no risk, it’s probably already being done,”
You’ve got to have something that might not work. It will be, in many ways, an experiment.” Many of those experiments will fail, but “big failures” are a necessary part of the journey toward success.
We take risks all the time, we talk about failure,” he said. “We need big failures in order to move the needle. If we don’t, we’re not swinging enough. You really should be swinging hard, and you will fail, but that’s okay.
Jeff with his amazing risk-taking ability, wisdom and eye into the future has been able to upscale a 10 people company started in the mid 90s to thousands of employees with a market capitalization of nearly $850 billion.
Apart from the ability to take a risk and be mentally prepared to fail, Bezos emphasized the importance of being passionate and customer-obsessed.