“Valuable” business lessons from the world’s top CEOs

To reach the door of success, every CEO or entrepreneur has gone through a long and arduous journey. Each has their own story, but behind them are hard-won lessons and philosophies that have helped them achieve the success they have today. Join 1Office to learn “priceless” business lessons from the world’s top CEOs!

1. Business Lessons from Jeff Bezos – CEO of Amazon.com

Amazon’s brilliant success comes from its innovative business and e-commerce strategies, and the capabilities and vision of Jeff Bezos – Amazon’s founder, chairman, and CEO – also contributed significantly to that success.

Jeff Bezos has a very clear viewpoint: instead of obsessing over competitors, which manifests as waiting for them to launch a product first and then copying it to catch up with trends, he focuses on listening to customers.

Because customers are the ones who bring profit to the business; competitors are merely a premise for the business to strive. A business can only truly exist and grow if it has customers, so all of its products/services must meet customer needs.

Amazon’s brilliant success comes from Jeff Bezos’s business strategies

This viewpoint has been consistent throughout the company’s operations since it began in 1994 as an online bookstore. Amazon always seeks to understand what customers want and tries to serve their needs at the best possible price by creating its own business brand.

Another valuable lesson from this entrepreneur is to build the best team for the company. His philosophy is to focus on attracting the best people to the team, giving them company stock to motivate them to drive the company to success.

Amazon even pays underperforming or poorly-attituded employees $5,000 to quit. This allows the company to remove inefficient or dissatisfied personnel. As a result, the company can save more money in the long run.

See more: Digital transformation stories from major brands around the world

2. Business Lessons from Bill Gates – Founder of Microsoft

Bill Gates, full name William Henry Bill Gates, was born on October 28, 1955, in Washington, USA. From a young age, he showed talent and interest in computer software.

Thanks to his talent in technology and sound business strategies, Bill Gates and his partner Paul Allen built Microsoft, the world’s largest software company. He became one of the richest people in the world and achieved success despite not completing his university degree.

One of Bill Gates’s secrets to success is building a company of small units. Microsoft is not one large, single company but a collection of small, independent companies, each responsible for different tasks. Internally, the company is also frequently divided into small units and projects to maintain a dynamic business environment.

One of Bill Gates’s secrets to success is building a company of small units

Microsoft maintains the independence and dynamism of small companies while still leveraging the financial resources, marketing systems, and strategic direction of a large corporation. This helps increase internal competition while fully exploiting the strengths of the small companies.

In addition, he was always determined to find and recruit the smartest people in the computer industry. This was a deliberate strategy by Bill Gates to ensure the company could attract the industry’s best minds. Some criticized him for being too strict in insisting on hiring only the most talented people for the company. However, he was one of the first business leaders to understand the importance of intellectual capital.

See more: 14 golden principles of management by Henri Fayol

3. Business Lessons from Warren Buffett – The Greatest Investor of All Time

Warren Buffett – the world’s 4th richest billionaire, Chairman and CEO of Berkshire Hathaway, is considered the most successful investor in modern history.

The first lesson Warren Buffett wants to advise young people is to invest in yourself. According to him, no investment yields a greater return than investing in oneself. His investment in himself was buying books to self-study from a very young age.

Before the age of 18, he had read nearly 100 business books. Pursuing his passion, investing in himself to gain wisdom, and especially never stopping learning are the things that helped Buffett succeed.

Warren Buffett advises young people to invest in themselves

Additionally, Warren Buffett’s golden rule is to invest in businesses that the investor can understand. Buffett thoroughly researches each of his companies and ensures he can understand them before intending to invest.

When the economic situation is uncertain, stick with what you know. Investors must always be rational and follow established principles when researching businesses to invest in.

See more: Understanding the effective benefits of Cloud Computing for businesses!

4. Business lessons from Steve Jobs – Former CEO of Apple

The first lesson from Steve Jobs is to put the product first. When Jobs and a small team designed the first Macintosh in the early 1980s, his requirement was to create an “insanely great” product. He never talked about maximizing profits or cutting costs.

The Macintosh created was too expensive and led to Jobs being “ousted” from Apple. However, the Macintosh also “made a difference” by driving the personal computer revolution. In the long run, he was absolutely right: Focus on creating a great product, and the profits will follow.

The first lesson from Steve Jobs is to put the product first

The second lesson from him is to care deeply about the customer. When an employee asked Jobs if they should conduct some market research to find out what users wanted, he replied: “No, because people don’t know what they want until you show it to them.”

Caring deeply about what customers want is very different from constantly asking them what they want. This requires entrepreneurs to have an instinct for understanding customers.

See more: Building a standard and professional Customer Care process

5. Business lessons from the billionaire founder of Walmart – Sam Walton

Sam Walton was an American billionaire who grew up during the Great Depression. He founded and built Walmart into one of the most successful retail corporations in the world.

The first lesson from Sam Walton is to value hard work. He believed that everyone can learn to balance their own life, meaning enjoying their hobbies, pleasures, or passions while keeping spending at a moderate level.

Despite being a billionaire, Sam Walton was someone who appreciated the value of labor

Despite being a billionaire, Sam was a man who loved work and appreciated its value. The business philosophy he always aimed for was to bring the best value to customers; business people must know how to cut costs and spend money wisely. Therefore, he always acted with the goal that every dollar he saved was a dollar saved for the customer.

One of the decisive factors in Sam Walton’s success was that the billionaire was very diligent and eager to learn. He often reminded himself to learn everything related to the business and to spend time interacting with people who had more knowledge than him, regardless of who they were.

In reality, there are many other role models in the world with their own admirable success stories that we can learn from. 1Office hopes that through this article, you have gained more experience and understanding to realize your own dreams and success!

Additionally, if your business is facing difficulties in the digital transformation process, sign up for a trial to receive a consultation. 1Office will help you resolve your challenges quickly!

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