Jeff Bezos, the world’s second-richest man, reveals the simple secret to building a successful business like Amazon – Amazon.com (NASDAQ:AMZN)

amazon.com Amazon Founder Jeff Bezos Shares his insights on success and what it takes to achieve great success.

What happened: Earlier this week, during an interview at the New York Times DealBook Summit, Bezos was asked about his thoughts on building Amazon and blue origin.

Bezos is currently the second-richest person in the world, according to the Bloomberg Billionaires Index. His net worth currently stands at $240 billion, having increased by $63.4 billion so far in 2024.

In response, he explained that it is common for people to overestimate risks and underestimate opportunities.

Bezos advises entrepreneurs to counteract this tendency by recognizing that perceived risks may not be as significant as they appear, while opportunities may be greater than anticipated.

He continued, “You call it confidence, but maybe I just accepted human bias and tried to compensate for it.”

See also: Trump’s AI czar plan, Alibaba’s new model, Cathie Wood on Tesla’s AI, and Musk’s fight to transform: This week in artificial intelligence

The Amazon founder also made another point, saying: “The second thing I want to point out is that thinking small is a self-fulfilling prophecy.”

Simply put, what he means is that if a person believes they can only accomplish small things, they will take actions to make that belief a reality.

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Why it’s important: Bezos also expressed optimism in the interview Donald Trump’s The second term highlighted the potential for less regulation. “We do have too much regulation in this country,” he said, offering help to simplify the rules.

He also talked about the U.S. national debt crisis and advocated a growth-oriented approach to spending cuts. Bezos talked about the need to increase GDP growth to 3-5% per year while maintaining slower debt growth.

In the interview, Bezos also revealed that he is investing a lot of time to ensure that Amazon remains a leader in the field of artificial intelligence.

“My heart is in the Amazon, my curiosity is in the Amazon, my fear is there, my love is there,” he added. “I will never forget Amazon. I will always be there to help, and now, I put in a lot of time. I can help, and it’s so much fun, so why not?

Price Action: Amazon shares rose 2.94% to close at $227.03 on Friday before falling 0.29% in after-hours trading. According to data from Benzinga Pro, Amazon’s stock price has soared 51.42% so far this year, outperforming the Nasdaq 100 Index’s 30.7% gain during the same period.

Amazon’s consensus price target is $238.16, based on estimates from 38 analysts, with the highest target assigned by JMP Securities on Nov. 1 being $285, implying a 7.8% upside.

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Disclaimer: This content was generated in part with the help of artificial intelligence tools, and is reviewed and published by Benzinga editors.

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