Success Story of Jeff Bezos
Jeff Bezos was born on 12th January 1964 in Albuquerque, New Mexico. He was born as Jeffrey Preston Jorgensen. His parents were Jacklyn Gise Jorgensen and Ted Jorgensen. His father was an engineer.
Bezos studied at River Oaks Elementary School, located in Houston. He studied there from fourth grade to sixth. Afterwards, when he went to high school, he initiated his first business known as the “Dream Institute” which was an educational summer camp organized for fourth, fifth and sixth grades.
“I wanted to project myself forward to age 80 and say, ‘OK, I’m looking back on my life. I want to minimise the number of regrets I have.’ And I knew that when I was 80, I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed, I wouldn’t regret that. But I knew the one thing I might regret is not ever having tried. I knew that that would haunt me every day.”
― Jeff Bezos
In his childhood itself, Jeff Bezos started showing an interest in how things worked; for which he transformed his parents’ garage into a laboratory and furnishing electrical gadgets all over his house.
Then the family shifted to Miami, Florida. Here, Bezos started studying at Miami Palmetto High School. And meanwhile, he also worked at McDonald’s being a short-order line cook in the course of the breakfast shift.
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Bezos tailed his interest in computers at Princeton University, where he got a graduation degree with summa cum laude in 1986 along with a degree in computer science and electrical engineering.
After completing his graduation, he set up work at many firms on Wall Street, which included “Fitel“, “Bankers Trust” and the investment firm “D.E. Shaw“, and then at the age of 30, he became the fourth senior vice president of D.E. Shaw.
Later in 1993, Bezos decided to initiate an online bookstore. He got off his job at D. E. Shaw and established “Amazon” on 5th July 1994 in his garage itself. He did this after deciding his business plans on a trip from New York to Seattle.
He invited 300 of his companions to beta test the site and then afterward, he opened “Amazon.com” on 16th July 1995; which he named after the meandering river in South America.
The initial success of his company was ephemeral. Amazon.com sold numerous books across the United States and also in 45 foreign countries in 30 days, without any press promotion. By the second month, his sales reached 20,000 dollars per week. It was raising too faster than Bezos, and his startup team had visualized.
At first, Bezos named his new company as “Cadabra“, but later on, he changed the name to “Amazon“- naming it after the “Amazon River” located in South America.
After the foundation of Amazon
When three years passed after Bezos founded Amazon, he moved it on a public level with an “initial public offering” (IPO). Finally, in 1998, Bezos made his entry into the online sales world of music and video. By the end of that year, he also extended the company’s products by including a diverse variety of consumer goods. In 2002, Bezos advanced Amazon to launch “Amazon Web Services“, compiling data from the weather channels.
In 2000, Bezos had borrowed 2 billion dollars from the banks since its cash balances could dip only to 350 million dollars. Then his company went bankrupt. As a consequence, he shut down the distribution centres and turned off the 14 percent of the Amazon workforce.
But in 2003, Amazon regained from the financial instability and raised a profit of about 400 million dollars. Then in November 2007, Bezos pioneered the “Amazon Kindle“.
Amazon in India
Amazon advanced making from its yearly sales that potched from 510,000 dollars in 1995 to over 17 billion dollars in 2011.
On 1st February 2018, Amazon clocked in its highest ever profit with quarterly earnings of 2 billion dollars. Visualizing the growth of “Alibaba” in China, Bezos has often shown his interests in expanding Amazon in India. And so, in March 2018, he transmitted Amazon’s global senior vice president, i.e. Amit Agarwal to India with 5.5 billion dollars to confine operations all over the company’s supply chain avenues.
Bezos reported his investments in “Blue Origin” in 2007. It is a Seattle-based aerospace company that develops technologies, offering space travel to paying customers. Bezos initiated the headlines worldwide on 5th August 2013, when he endorsed “The Washington Post” and several other publications linked with its parent company, i.e. “The Washington Post Co.“, for 250 million dollars.
At the onset of December in 2013, Bezos launched the headlines after revealing a new and experimental initiative by Amazon known as “Amazon Prime Air“- which used drones to provide delivery services to customers.
When recruiting candidates for jobs at Amazon, he asserted his three considerate inquiries-
- If he can admire the person?
- If the person can raise the expected standard? And
- under what situations can the person become exemplary?
He does meeting with his Amazon investors only for a total of six hours in a year. Bezos wants high-level employees to present the pieces of information with six-page narratives.
Bezos retains the email address as- “firstname.lastname@example.org” as a route for his customers in reaching out to him or the company.
“If you’re not stubborn, you’ll give up on experiments too soon. And if you’re not flexible, you’ll pound your head against the wall and you won’t see a different solution to a problem you’re trying to solve.”
― Jeff Bezos
Ultimately, in October 2016, his wealth raised by16.2 billion dollars to about 66.5 billion dollars which (unofficially) ranks him with the third richest person in the world after Warren Buffett.
But on 6th March 2018, Bezos was officially declared to be the wealthiest person in the world having a registered net amount of 112 billion dollars. He surpassed Bill Gates (with 90 billion dollars) who was actually 6 billion dollars ahead of Warren Buffett (84 billion dollars) now ranked third. And also on 17th July 2018, he got designated as the “wealthiest person in modern history” by the Bloomberg Billionaires Index, Fortune, MarketWatch, The Wall Street Journal, and Forbes.
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