Jeffrey Preston Bezos is a retail entrepreneur, investor, philanthropist, best known as the Founder, chairman, and CEO of Amazon.com, the online merchant of everything that has played a significant role in the upliftment of electronic Commerce as well. Today, with an estimated net worth of $ 104.4 Billion (2018), Jeff is listed as the wealthiest person in the world. Under his Leadership, Amazon.com has also risen up to a market cap of $292.6 Billion and has become the world’s largest online retailer and a model for web sales. Other than Amazon, Jeff is also the owner of privately-funded aerospace developer and manufacturer “Blue Origin” and had also purchased “The Washington Post” newspaper also.
| The Washington Post Logo |
“Blue Origin” is a human space travel start-up company that was founded in 2000! This was because of his love for space travel. Their plan was to commercialize space travel. the company was kept secret for a couple of years and only came to be notable in public in 2006 once it purchased a large piece of land in west Texas for the launch and test facility.In 2013, he also discussed commercial space travel opportunities with the founder of Virgin group and Chairman of Virgin Galactic – Richard Branson. But in November 2015, Blue Origin’s New Shepard space vehicle successfully flew to space and also reached its planned take a look at altitude before executing a historic vertical landing back at the launch website in West Texas.
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In 1998, Jeff also invested in Google.com and became an early investor. He invested $250,000 in against of roughly 3.3 million shares. These shares these days are worth roughly about $2.2 billion. Other than that, is a well-known philanthropist, Jeff has also made several not-for-profit organizations.
HIS EARLY LIFE
Jeff was born in New Mexico to Jacklyn and Ted Jorgensen. This marriage only lasted a bit over a year, post that she remarried to Miguel Bezos in April 1968. Jeff was four that point. After the marriage, the family moved to Texas, and Miguel became an engineer for Exxon Mobil. Jeff completed his early education at River Oaks elementary school in Houston and Miami Palmetto senior high school. Later, he then went on to finish his graduation with 2 Bachelor of Science degrees in electrical engineering and computer science from Princeton University. After finishing his graduation in 1986, Jeff turned down job offers from Intel and Bell Labs to join a start-up known as Fitel.
By 1994, Jeff was already the youngest-ever senior vice chairman at the Wall Street investment banker – D.E. Shaw & Co. He was simply 30-year-old and was already drawing a six-figure remuneration. He was, what several would call successful! however, Jeff had different plans.
Jeff Bezos and his wife (MacKenzie Tuttle)
In making an attempt to pursue his secret fancy for the electronic marketing, Jeff set to go away his high-paying job, that too, simply before a high bonus, and begin his own company on the web.
HOW HAS THE JOURNEY OF AMAZON BEEN?
Jeff had founded Amazon.com in 1994. He 1st got the concept to start an internet enterprise in 1994. He was surfing the web in search of new ventures for D.E. Shaw & Co. to speculate in. that's when he stumbled upon a statistic stating that World Wide Web usage was growing by 2,300% a month.
Amazon's First Office
This coincided with a then-new United States Supreme Court ruling holding that mail-order catalogs weren't required to collect sales taxes in states wherever they lack a physical presence. Bezos instantly recognized the expansive prospects of selling online and started exploring the chances of developing a web business around it.
He jotted down an inventory of twenty potential product that controls the potential to sell through the web. when reviewing the list, books turned out to become the plain choice! Primarily due to the number of titles that existed. Jeff noticed that even the biggest superstores may stock only a mere fraction of what the obtainable books and a “virtual” bookshop could provide a lot of titles.
And it had been decided! Jeff passed up a fat bonus, packed his wife, and their dog and headed for a cross-country drive from new york to Seattle. MacKenzie drove throughout the trip, while Jeff jotted down the business plan and began business prospective investors.And just like that – Amazon.com was formed.
THE INITIAL YEARS
Amazon was started with an initial seed investment of $1 Million from family and friends, in the garage of a house that they rented. He selected Seattle as the ideal city for his new venture because not only was it home to an incredible pool of hi-tech talent, but it was also in close proximity to Ingram Book Group’s Oregon warehouse. For the next one year, Jeff along with his initial team of 5 staff working on learning a way to supply books and setting up a computer system that would build Amazon.com simple to navigate. And finally in July 1995, with a choice of more than one million titles, Amazon.com opened its virtual doors and known as itself “Earth’s Biggest Book Store”. With simply word of mouth and emails, Amazon became a moment success. The orders had begun to pour in.
Amazon Books
In the next 3 years, Amazon.com grew on to become from an organization with one hundred employees that Drew sales of over $15.7 million, to a company, to a company of over 3,000 employees and over $610 million in sales, in barely 3 years.
THE GROWING YEARS...!
Their sales were growing at a rate of 3000% annually and by currently, they had become country’s third-largest bookseller: but they were yet to make money. In fact, the company lost about $30 million in 1997, followed by another $1.25 million in 1998. But Jeff belonged to a very totally different mindset, and all of these things didn’t affect him. He wanted to form Amazon the most customer-centric company in the world.
Keeping that in mind – running behind profitability or turning into profitable at that time would are a bad call, according to Jeff! This was being tired favor of establishing brand-name recognition, and to attain that, most of Amazon’s revenues were being poured into marketing and promotion. Soon, Amazon was seen to be increasing itself into different markets including music, gifts and pharmacy sections. To cash in on the growing quality of online auctions like eBay, Amazon also joined Sotheby’s Holdings INC in June 1999 to launch the online auction website sothebys.amazon.com, as well.
This strategy of the company worked well in their favor! though this irked a couple of investors, the strategy helped the company survive the dot-com bubble burst. And albeit the bubble burst cost them 1500 of their employees; unlike their competitors who got wiped off, Amazon managed to remain afloat. In fact, the company proclaimed their initial ever profit of $5 million on revenues of over $1 billion, or one penny per share, in the fourth quarter of 2001.
The re-valuation of the company also led Jeff to look for ways to diversify companies business model, that eventually led to Amazon Marketplace, that let their customers sell used books and other products alongside Amazon’s own offerings. Till date, Amazon’s used-items marketplace remains undefeated and remains the largest in the world.
THE DECADE...!
LIST OF PRODUCTS & SERVICES BY AMAZON
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THE DECADE...!
In 2004, roughly 60% of U.S. households had internet access, and Amazon was the #1 sensation on the web. From books and CDs to clothing, electronics, to nearly everything, Amazon was uniquely positioned to require advantage of the growing variety of American citizens who were shopping online. They were currently drawing revenues worth $6.9 billion, which more multiplied to $8.5 billion in 2005 as well.
Amazon Prime
Ten years back, once Amazon had simply begun, New York Times doubted that 20 million people used the internet on a daily basis, which their business model held any potential. They further went on to feature Amazon Prime program and free two-day shipping within the continental u. s. for a $79 annual fee. In 2007, they also introduced Amazon Kindle – a light-weight device for reading electronic books. This move, for the most part, became responsible for the creation of the eBook market within the U.S. and abroad.
Later, Amazon also entered the tablet market with the Kindle Fire, they're affordable different to the iPad.
Kindle Fire
By 2014, the company had more grown its revenues to 88.8 billion, that has currently more grown on to Revenue Increase $107 billion in 2016. Amazon's worth in 2017 was over $430 billion, according to CNBC.
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