RISK TOLERANCE One of the key entrepreneurshipskill is risk taking- Bezos made a riskymove into the embryonic world of e-commerce. He quit his stable job in 1994,moved to Seattle and targeted the unexploited prospective of the internetmarket by opening an online bookstore.getting things done with limited resources in the beginning an entrepreneur should be able to get more thingsdone with the little one has hence getting maximum things done with limitedresources- initially Bezos set up the office in his garage where,along with a few employees, he began developing software. From a garage heupdated to two-bedroom house, equipped with three Sun Microstations and thenfinally developed a test site. After inviting 300 friends to beta test thesite, Bezos opened an online site know as Amazon.
comDiversityDiversity is the key to advancement Ideas areconstantly being generated about new work schemes and improved efficiency andpotential new businesses. Bezos continued todiversify Amazon’s products with the sale of CDs and videos and then later includedclothes, electronics, toys and more to increase the diversity of products Open MindedEntrepreneursrealize that every situation is an opportunity. In2007, the company released the Kindle, a tablet-like digital book allowingusers to read, download, buy and store their book selections. That same year,Bezos announced another one of his investment in Blue Origin, a Seattle-basedaerospace company.Skillful enterpreneurs have the ability to look ateverything around them and focus it toward their goals and adding it to theirbigger pictureCompetitiveHealthy competition is alwaysgood it helps a person to strive and keep going and aiming for milestones Bezos unveiled the new Kindle Fire HD, to compete withapple and give Apple’s iPad a run for its money.
He even stated in one of hisinterviews with ABC news “We haven’t built the best tablet at a certainprice. We have built the best tablet at any price.” CreativityOnefacet of creativity is being able to make connections and using them between seemingly unrelated creations. Theywill repurpose different products in market to boost their business. In early December 2013, Bezos added a new, experimentalenterprise by Amazon, called “Amazon Prime Air,” using drones toprovide delivery services to customers DeterminationEntrepreneurs are not disenchantedby their defeats.
They look at every defeat as an opportunity for new successes.They are determined to make it and stay persistent. After the FirePhone being a flop Bezos scored a victory through Amazon Studios with thedevelopment of original content.Overcoming failureGetting a business from a glimmer in your mind toactually making money takes a kind of relentlessness; you have make effort tomove the thing forward and you face a lot of set backs along the way Bezos oversaw one of Amazon’s major slipupswhen the company launched the Fire Phone which was criticized in the marketresulting it was discontinued the following year. But this didn’t stop himand he returned back to success of amazon studios.