Jeff Bezos: A founder who revolutionized the E-commerce industry
“Success can come through iteration: invent, launch, reinvent, relaunch, start over, rinse, repeat, again and again,” “the path to success is anything but straight.” – Jeff Bezos
There are plenty of reasons why Amazon is the top leading E-commerce industry globally. The mind behind the successful business is of the man who is known as Jeff Bezos. The elite who has not left any stone unturned to make the company this bigger that his contemporaries need to work rigorously day & night for years to reach near it. Today, Jeff Bezos is the second wealthiest person on Earth with an estimated net worth of US$136 billion.
He was born in 1964 in Albuquerque, Mexico to a teenage couple Jacklyn and Ted Jorgensen. After divorce, Jacklyn married to Miguel Bezos after which Jeff adopted the surname -Bezos. From the very early age, he found himself passionate towards computer science because of helping and working his grandparent’s ranch.
He was a brilliant child in school and a National Merit Scholar and a Silver Knight Award winner. Having an interest in science and technologically proficient, Bezos did his graduation from Princeton University with bachelor degree in computer science and electrical engineering.
After completing his graduation in 1986, he was offered jobs in Intel, Fitel and Bell Labs. He opted Fitel, as a very first job where he was allotted a task of creating networks in international trade. Later, he joined banking sector and worked for Bankers Trust as a product manager. Then he switched himself to D.E Shaw & Co. where he soon positioned himself at the chair of Vice president allotted the responsibilities of look into the possibilities of investment in Internet.
it was the time of summers in 1994, Bezos realised the potential of Internet in coming years, and it read about the usage was keeps on growing with a pace of 2300% in a year. While noticing the huge capabilities and opportunities would flourish in future, Bezos clicked with an idea of a start-up. It was the moment, he quit his job in D.E Shaw & Co. and got himself ready to made history, the world would pronounce whenever the stories of success would have organised.
In 1994, he made a list of 20 products to sell virtually and Books were finalised. He set up an online bookstore. The vision of a bookstore came up when he realised the fact that even the ancient & largest bookstores cannot hold the stock more than few thousand books at one time. He moved to Seattle, known as a high tech today, soaked with immense young talents and got himself in closeness with Ingram Book’s Oregon Warehouse. He raised some wealth from his family & friends and organised a net of $1 million. With this amount, he geared up his new online book business straight from his garage.
Bezos gave his startup a name called Amazon. The name was coined after the Amazon River, world’s largest river which depicted the company’s vision of making Amazon, the largest bookstore in the world. The company had only 5 employees till a year of its establishment. They learnt how to source books and creating a computer software that would make people to navigate and reach out to Amazon.com
Amazon.com had over 1 million titles to choose by the customers. In September 1996, Amazon accounted more than $15.7 million in sales. The number of employees were also increased to 100. Once the Amazon grounded well Bezos made plans to expand its products line.
In 1998, amazon started to sell CD’s and then videos. Later, Bezos began auctions as well as invested in many virtual stores. Amazon’s success was a fuel of inspiration for others and many were started their own virtual stores. With the passage of times, Bezos kept on expanding the products availability and includes consumer electronics, hardware, apparel, grocery items, kitchenware health, beauty products and footwear. Bezos was not only been successful in growing their own venture but also gave a push to retailers and distributors in most positive manner.
Introduction of Amazon Web Services, Amazon Kindle, Amazon Studios reached the company to its newer heights. Amazon’s nearly sales were a rise of $19.1 billion in 2008 to $233 billion in 2018. Also there have been seen a high degree of online shopping during Covid 19.
Bezos another venture, Blue Origin has also largely been successful. Blue origin is a human spaceflight company founded by Bezos. In his graduation speech, Bezos talked about his interests of exploring space. In between all developments and failures till now, Bezos has always secured the vision behind Blue Origin that is to preserve the earth’s natural resources by making humans multi-planetary.
Talking about Bezos philanthropic efforts, he had made major donations directly or by Bezos Expedition. His donations include many beneficiaries such as- Innovation Center at the Seattle Museum of History and Industry, Bezos Center for Neural Circuit Dynamics, recovery of Satum V first stage Rocketdyne F-1 engines and many more.
Jeff Bezos is indeed an inspiration for generations to come. He is a perfect example of small steps often lead to great destinations. A good start from his garage to leading the company towards one of the biggest e-commerce companies, we must say, Jeff Bezos has come a long way.
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