Inspiring Success Journey of Jeff Bezos
Jeff Bezos is one of the personalities who is known all over the globe, though he is popularly known for being the founder and CEO of Amazon, he is also the founder of Bezos Earth Fund, Blue Origin, and Bezos Expeditions. At the time of writing it, the current net worth of Jeff Bezos is 150.9 billion dollars, making him the third richest person in the world.
Most of Bezos’ wealth has been generated from his shares in Amazon, which was founded in the garage, in the year 1994. It is believed and said that it was the creativity, innovation, and hard work of Jeff Bezos that made amazon not only a successful brand but also a trillion-dollar company.
Here we thought why not just dive a bit deep into his life and know his journey, and learn a good few things about him? So, continue your reading and explore a bit about him, as ahead is the success story of Jeff Bezos!
Early Life of Jeff Bezos
Jeff Bezos, whose full name is Jeffery Preston Bezos, was born on January 12, 1964, in Mexico. His parents Jacklyn and Ted Jorgensen were teenagers and their marriage did not last long as they got separated and his mother did marry Miguel Bezos.
For most of his early years, he used to work at the ranch of his maternal grandparents in Texas, but he had a sharp interest in computer science. When he completed his graduation, Bell Labs and Intel offered him jobs but he refused to accept them and joined a startup named Fitel, but soon he did quit this as well to join Bankers Trust. When Jeff Bezos hit his 30, his salary also reached a six-figure, and people started calling him successful. But for Jeff, it was not enough as he had some bigger plans.
Eventually, he realized the stunning growth rate of the world of the web which was at that time 2300 percent, it made him quit his job giving him an attractive six-figure salary, and start a revolutionary company – Amazon!
So, How Amazon Was Established?
It all started with creating a list of 20 products having enough potential in them to get sold well. He found a great opportunity in the books, as he found and realized that the bookstores, no matter how large it is, could not stock more than a few hundred thousand books at one time, when there is an infinite number of books available.
In the year 1994, in Seattle, he managed to raise 1 million dollars from his family and friends and decided to rent a house in the city and established his online book business, from his garage. Jeff’s business started with just a team of five employees, who for almost one year, learned the ways to source books and to develop a computer system, which could make Amazon.com easily navigable. After stocking with more than 1 million titles for the readers or the customers to choose from, it called itself the biggest bookstore on Earth.
After two years of its establishment, there were now more than 100 employees working for Amazon.com, and in sales, it had made more than 15.7 million.
Seeing the growth of Amazon.com, Barnes & Nobles very soon launched its online presence and started its marketing campaigns offering as many books as Amazon, to compete with them. But by now, the product line of Amazon already has been expanded by Bezos.
37% of the online retail sales are believed to be being controlled by Amazon in July 2019. With a market cap of 1.30 trillion dollars, as of September 2022, Amazon is one of the top 5 (currently, in the 3rd position) most valuable companies on the globe.
Failures faced by Jeff Bezos
Failures are a must to succeed, one cannot succeed in anything without encountering failures. The same was true for Jeff Bezos also. Many of his ventures or initiatives flopped and failed in the market, even after many efforts are been put in by him to succeed them. But he could not.
His Fire phone can be taken as one of the experiments, which caused him a loss of 170 million dollars. An initiative was taken by Jeff Bezos to provide deals on daily basis, but it also turned out to be a failure for him. His other failures include Amazon WebPay, Endless.com (an eCommerce site exclusively for shoes), Test Drive, etc.
Reasons Why Amazon is Massively Successful
There are many reasons for Amazon being successful and so popular, but the primary reason for its success is believed to be its customer-centric philosophy while the other reasons include its wide product range, its innovative technologies, etc.
Here we have explored the success story of the founder of four companies, Jeff Bezos, which is certainly inspirational and interesting for all of us. It is so amazing to know how he started it all in a garage by opening an online bookstore and how he made it the third most valuable company, as of September 7, 2022.