Jeff Bezos Biography – How He Started Amazon and More


Opinions expressed by Entrepreneur the collaborators are his.

Jeff Bezos


Amazon

Jeff Bezos, CEO of Amazon

The king of e-commerce

Founder of Amazon.com

Foundation: 1995

“Our vision is to be the most consumer-focused company in the world, where customers can find anything they want to buy online.” Jeff Bezos

Amazon founder Jeff Bezos is the second richest person in the world, behind Tesla founder Elon Musk. While Amazon and Bezos are familiar names with their other business endeavors, including sending William Shatner and Michael Strahan into space in their suborbital space flight service, Blue Origin, Amazon’s former CEO be of humble beginnings.

In fact, Bezos’ father, Miguel Bezos, emigrated to the United States from Cuba, which had a profound impact on his son’s entrepreneurial drive. Working with the Ellis Island Statue of Liberty Foundation, Bezos honored his father at the 2022 Statue of Liberty-Ellis Island Awards by explaining, “I didn’t speak English, I had to make my way,” at the event. “He had these difficult experiences. I think in every immigrant you will find deep optimism and deep resilience as well.”

As the son of an immigrant, Bezos’ success is a true American dream. Keep scrolling for more details on how Bezos made Amazon what it is today.

How did Jeff Bezos start Amazon?

In 1994, Amazon’s former CEO Jeff Bezos was already very successful by the standards of most people. The youngest senior vice president in the history of Wall Street Investment Bank DE Shaw & Co. the ranks of the company. But Bezos had other plans.

Driven by a secret passion for the children’s e-retail business, Bezos dreamed of starting his own business in the vast wilderness, then virtually unknown, of the World Wide Web. It was a risky move, but it quickly paid off. Just four years after Bezos created Amazon.com, the virtual bookstore became the template for how to manage e-commerce businesses, with sales of more than $ 610 million and more than 13 million customers in all the world.

Bezos had the idea to start an Internet company in 1994. While browsing the Internet looking for new companies to invest in DE Shaw, he came across the statistic that the use of the World Wide Web grew by 2,300 percent a month. Bezos immediately recognized the expansive possibilities of selling online and began exploring the entrepreneurial possibilities of developing an Internet business.

He compiled a list of 20 potential products that he thought could be sold well over the Internet, including software, CDs, and books. After reviewing the list, books were the obvious choice, mainly due to the large number of existing titles. Bezos realized that while even the largest department stores could only store a few hundred thousand books, a mere fraction of what is available, a “virtual” bookstore could offer millions of titles. The dice were rolled. Bezos passed on a big bonus, packed up his wife, MacKenzie Bezos, and his dog, Kamala (named after an obscure “Star Trek” character), and headed to Seattle.

For Bezos, Seattle was the perfect city for his new business. Not only was it home to a lot of high-tech talent, but it was also very close to Ingram Book Group’s Oregon store. While MacKenzie was driving, Jeff spent the trip making a business plan on a laptop and calling potential investors with a cell phone. With $ 1 million raised from family and friends, Bezos rented a home in Seattle and set up his business in the garage.

For nearly a year, Bezos and a crew of five employees worked outside the garage, learning how to obtain books and setting up a computer system to make browsing Amazon.com easier. A true visionary of marketing, in addition to creating an easy-to-use interface that streamlined the “needle in a haystack” process that often involves shopping at the bookstore, Bezos wanted to establish a “virtual community” where visitors could “spend the time “. To achieve this goal, he and his team created a number of innovative programs, including one that would allow customers to add their own book reviews to the site and a feature that recommends books based on a customer’s previous purchases.

In July 1995, Amazon.com opened its virtual doors, calling itself “the largest bookstore on Earth,” with more than 1 million titles to choose from. Powered by word of mouth, or more accurately, by email, Amazon.com came out of the line as a nitro-burning dragster. Enchanted by the huge selection of books, superior customer service, and easy-to-use site design, Internet users ecstatically connected Amazon.com to Internet newsgroups and mailing lists.

Orders arrived and by September 1996, Amazon.com had become a 100-employee company and had amassed more than $ 15.7 million in sales. Three years later, those figures would reach more than 3,000 employees (including some in Britain and Germany) and more than $ 610 million in sales.

Amazon’s success didn’t go unnoticed by bookstore giant Barnes & Noble, which quickly created its own website. To counter Amazon’s claim to be “the largest bookstore on Earth,” Barnes & Noble embarked on an aggressive marketing campaign proclaiming that they offered twice as many books as Amazon. But it was a doomed strategy. Avant-garde Bezos had already expanded Amazon’s product line to include CDs and replaced “Earth’s Biggest Book Store” with the motto “Books, Music, and More,” leaving Barnes & Noble, as one writer put it, “surrounding the fingers around the neck of a ghost “.

While Amazon has left its nearest competitor in the dust, the company set out to conquer all online retail. In 2019, Amazon was believed to control 37% of all online retail sales, thanks to the company’s relentless expansion and acquisition strategy. In late January 1999, Amazon pursued a $ 150 billion U.S. pharmaceutical market by buying a stake in Drugstore.com, a company that sells everything from mind blowing to Viagra Online. Since then, they have deepened their mark on the world of health. In 2018, Amazon acquired PillPack, a full-service online pharmacy. In addition to Amazon’s continued expansion, Bezos also launched Amazon Web Services, which offers cloud computing platforms on demand, and owns The Washington Post, among many other business endeavors.

How much Amazon does Jeff Bezos have?

Formerly owned 16 percent of the company, the Amazon employee sold $ 8.8 billion worth of its Amazon shares after retiring as CEO of Amazon to become executive chairman in July 2021. Despite owning less than 10 percent of the company today, its net worth is estimated to be a whopping $ 171 billion, according to Forbes.

Before leaving his position as CEO, Bezos went through a very public divorce with his now ex-wife MacKenzie Scott in 2019. After 25 years of marriage, MacKenzie received 4 percent of Amazon in the valued deal at $ 38 billion. Since their separation, MacKenzie has been married to Seattle School teacher Dan Jewett in March 2021, while Amazon founder has been dating girlfriend Lauren Sanchez since 2019.

What is Jeff Bezos doing now?

Now, with more time on his hands, Bezos is, of course, philanthropic thanks to his Bezos Family Foundation, but he is still heavily involved in criticism of wealthy corporations such as his collection on corporate tax issues. .

In fact, President Joe Biden has criticized organizations like his via Twitter as tensions around inflation increase. “Do you want to reduce inflation? Let’s make sure the richest corporations pay their fair share,” President Biden tweeted on May 13, 2022, to which Bezos responded, “Raising corporate taxes is okay. “To argue. Taming inflation is key to arguing. Putting it together is just the wrong direction.”

Although Amazon did not pay federal income tax in 2017 and 2018, Bezos does not believe that large corporations are to blame for inflation. “He knows that inflation hurts the most needy. But unions are not causing inflation and neither are rich people,” Bezos added in response to the White House and Biden administration.

Selection of entrepreneurial publishers

Zooey Deschanel adopts the word “curious” and believes that companies should do the same

A simple (but not easy) guide to achieving just about any dream

Making time “useless” is a vital part of creating anything valuable

A billionaire who operates more than 2,400 franchises knows that these types of franchisees make more money

How relentless optimism fuels the success of Shutterfly CEO Hilary Schneider

The paradox of the famous tequila

I was running out of social media, so I gave up. My business has never been stronger.

Free Guide: How to Buy the Right Franchise for You

Discover tips and advice directly from professionals to find your ideal franchise that matches your interests, goals and financial needs in our Entrepreneur Insights guide. Download your free copy now!

The most popular

“What a shame”: a generation cries when Apple announces it will stop manufacturing its beloved device

Emily Rella

A billionaire who operates more than 2,400 franchises knows that these types of franchisees make more money

Dan Rowe

Elon Musk’s rival quickly clears his Twitter account: “I don’t want my freedom of speech to be actively managed”

Emily Rella

  • Cookies policy
  • Support contacts
  • To advertise

Subscribe to our newsletter

The latest news, articles, and resources sent to your inbox.

I understand that the data I am sending will be used to provide me with the products and / or services described above and communications related to them.

Copyright © 2022 Media Entrepreneur, Inc. All rights reserved.

Entrepreneur® and its related trademarks are registered trademarks of Entrepreneur Media Inc.





Source link

Leave a Reply