Born on the 12th of 1964, Jeff Bezos Founder of Amazon, chairman and CEO of Amazon.com. Today, with an estimated net worth of $66.7 Billion, Jeff is listed as the 3rd wealthiest person in the world (August 2016). Under his guidance, 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 Internet sales. Other than Amazon, Jeff is also the proud owner of privately-funded aerospace developer and manufacturer “Blue Origin” and had also purchased “The Washington Post” newspaper as well.
But the path to reach this stage was not simple at all, Jeff completed his early education at River Oaks Elementary School in Houston and Miami Palmetto Senior High School. Later, he then went on to complete his graduation with two Bachelor of Science degrees in electrical engineering and computer science from Princeton University. Upon graduation, he turned down job offers from Intel and Bell Labs to join a startup called Fitel. After Fitel, he got a job at Bankers Trust, and eventually at hedge fund firm D.E. Shaw. He became a senior vice president after only four years. At this time his life was simple and steady he was earning enough money to run the house.
1994 was the year that going to change his life forever, he Read an article that internet traffic has grown 2300% in just 1 year. This number amazed him, and he decided he needed to find some way to take advantage of its rapid growth. He made a list of possible product categories to sell online and decided that books were the best option. He decided to quit his job to start his new online business. 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 during the trip, while Jeff jotted down the business plan and started calling prospective investors. And just like that – Amazon.com was formed!
The company was started with an initial investment of $1 Million from family and friends, in the garage of a house that he rented. For the next year, Jeff along with his initial team of five employees worked on learning how to source books and setting up a computer system that would make Amazon.com easy to navigate.
And finally in July 1995, with an option of more than 1 million titles, Amazon.com opened its virtual doors. interesting to note that, even though their sales were growing at a rate of 3000% annually and by now, 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 different mindset, and all of these things didn’t affect him. He wanted to make Amazon the most customer-centric company in the world. During this time many new internet companies was wiped out by dot com bubble Amazon managed to stay afloat. By 2004, roughly 60% (and growing) of US households had Internet access, and Amazon was he #1 sensation on the internet. From books and CDs to clothing, electronics, to almost everything, Amazon was uniquely positioned to take advantage of the growing number of Americans who were shopping online. They were now drawing revenues worth $6.9 billion, which further increased to $8.5 billion in 2005 as well Ten years back, when Amazon had just begun, New York Times doubted that 20 million people used the Internet on a regular basis, and that their business model held any potential. But there is no doubt that, any such doubts existed in its head.
Amazon further went on to add Amazon Prime program and free two-day shipping within the continental United States for a $79 annual fee. In 2007, they also introduced Amazon Kindle – a lightweight device for reading electronic books. This move largely became responsible for the creation of the eBook market in the U.S. and abroad. Later, Amazon also entered the tablet market with the Kindle Fire, their low-cost alternative to the iPad. By 2014, the company had further grown its revenues to 88.8 billion, which has now further grown on to Revenue Increase $107 billion in 2016. They now hold a market cap of $292 Billion as well.
Jeff becomes the third richest person in the world Today, Bezos is worth about $73 billion. The story of Jeff bozos is an inspiration for those who not only dream to become successful but chase their dream with passion.