When you think about Amazon, it is about experiments, innovation, invention, creativity, and customer satisfaction. Jeff Bezos, the founder, and CEO of Amazon, is the third wealthiest man on earth. Jeff Bezos has a net worth of $66.7 billion. Furthermore, he also possesses a rocket firm’Blue Origin’ and ‘Washington Post’ paper.
But the road to success for Jeff Bezos never been so easy.
The early life of Jeff Bezos
Jeff Bezos was born on 12th January 1964 in the city of Albuquerque, New Mexico.
His biological father, Ted Jorgenson, was among Albuquerque’s top unicyclists and part of an area troupe that the Unicycle Wranglers who placed on functionality at county fairs and circuses while Jeff was a baby.
Jeff’s mum, Jacklyn Bezos, was in her teens when she wed Ted, and their relationship lasted for a little over one year.
Jeff’s stepfather, Mike Bezos, was from Cuba. He escaped into the United States alone in Age 15 and worked at the University of Albuquerque. When he wed Jeff’s mother, the family moved to Houston, Texas, in which Mike became an engineer for Exxon — American, an oil and gas firm which prospered from the mid-1940s into the 1970s.
Jeff exhibited remarkable mechanical ability from a young age, which matches nicely with his diverse scientific pursuits. As a toddler, he’d managed to dismantle his bicycle using a screwdriver, and as a teenager. He’d developed an electrical alert to keep younger sisters from his space. Jeff’s parents finally asked him to transfer all his stuff into their garage, that he converted to a lab for his scientific work.
Jeff Bezos’s Education
Jeff Bezos attended River Oaks Elementary School at Houston from fourth to sixth grade. He’d spend summers in the ranch operating on hugely diverse tasks like planting pipe, repairing windmills, vaccinating cattle, and other farm work.
The family moved to Florida, and Jeff has been moved to Miami Palmetto Senior High School, where he excelled in his studies and attained that his love for computers.
He was invited to participate in the Student Science Training Program at the University of Florida, in which he won a Silver Knight Award in 1982 and was a National Merit Scholar. Bezos graduated as the school’s valedictorian, and also a National Merit Scholar, securing his place in Princeton University.
Bezos intended to study physics at Princeton University, but he soon decided to go back to his love of computers.
He graduated with two Bachelor of Science degrees in computer science and electrical engineering from Princeton University.
Early Career of Jeff Bezos
In 1986 after graduation, Jeff begins working at a fin-tech telecommunications startup, Fitel, in which he had been given the job to construct a network for global commerce. Afterward, he unites the banking sector when he became a product director at Bankers Trust, and he worked from 1988 to 1990.
Back in 1990, he joined a recently based hedge fund, D. E. Shaw & Co, and worked there till 1994 and became D. E. Shaw’s senior vice-president at age 30. In 1994 Jeff Bezos quit his lucrative job from the investment company to open Amazon.com, an online bookstore that became among the Internet’s greatest success stories of all time.
The Jeff Bezos’ s Amazon Story
Back in 1993, Bezos abandoned his job in D. E. Shaw and chose to begin an internet bookstore.
Jeff Bezos called his new firm Amazon since the title starts with the letter A, which will be at the start of the alphabet and following the Amazon River in South America. He uttered. $300,000 out of his parents invested in Amazon.
In the first couple of months after beginning his new enterprise, Bezos believed there is a 70 percent likelihood that Amazon would neglect or move bankrupt. The first success of this business was rapid. With hardly any promotional action, Amazon.com sold novels across the USA and in 45 other nations within the initial 30 days.
In the initial two weeks, earnings reached $20,000 per week, growing quicker than Bezos and staff had expected.
Initially, Amazon was an internet bookstore. However, Jeff Bezos had always intended to expand to additional goods.
Shortly, Amazon has been regarded as expanding into other markets such as music, gifts, and pharmacy segments. To cash in on the rising popularity of internet auctions like eBay and uBID, Amazon also united Sotheby’s Holdings Inc from June 1999 to establish the internet auction website sothebys.amazon.com, too.
This strategy of this firm worked nicely in their favor! And the bubble burst them 1500 of the workers; unlike their opponents who got ignored, Amazon was able to remain afloat.
Today is 2020, the value of Amazon as a company is over US$225 billion.
Kindle & Blue Origin Launching
In 2007, Amazon published a handheld digital book reader, Kindle, that enabled users to purchase, read, or download and save their book collections.
At precisely the same year, Jeff Bezos declared he has spent in a Seattle-based aerospace company, Blue Origin, that develops technology to give distance travel to paying clients.
Acquisition of Washington Post
About 5th August 2013, Bezos made headlines worldwide when he declared he bought The Washington Post along with other books correlated with its own parent company for $250 million. This iconic deal marked the conclusion of this four-generation predominates over The Post Co. from the Graham family.
Some of Jeff Bezos failures
There are lots of ventures which Jeff surfaced and initiated that failed horribly. But that is the culture of expansion. If you are not failing and making mistakes, then you are not doing anything significant.
Fire phone is just one such instance of Bezos’s experiment. This led to a huge loss of $170 million. Despite all attempts, the flame phone could not compete with Android and iPhone. Another significant collapse was Amazon Local. This is an initiative to offer a daily bargain that didn’t come off nicely.
Experiments that do work out, for example, Amazon Kindle,” Amazon Prime, AWS, and many others are so successful that they cover for failures.