Who is Jeff Bezos?
Jeff Bezos is an American business magnate, entrepreneur and the owner of the worlds largest online e-commerce company Amazon. Jeff is a strict boss, intelligent man and considers his family a priority. He was the first to become a center billionaire as of July 2017.
His net worth was recorded to be $130 Billion Dollars in USD.
Let’s take a look at his childhood and his life as an entrepreneur.
Jeff Bezos was born on January 12, 1964, in Albuquerque, New Mexico, to a teenage mother, Jacklyn Gise Jorgensen, and his biological father, Ted Jorgensen. His biological father left his mother when Jeff was 18 months old. When Bezos was 4 years old his mother re-married, to Cuban immigrant Mike Bezos.
As a kid, Jeff was curious and smart. He always wanted to do something different, learn something new and discovering how things work. He was a science geek from the start and spent most of his time in his room. He worked on new projects and made new things which became an issue for his parents as the whole room was messed up. Instead of stopping him they moved his workstation to the garage which eventually was turned into a laboratory by Bezos.
Soon the family moved to Miami Florida. Where he developed the love for computers and graduated high school. There he started his first business the Dream Institute, an educational summer camp for fourth, fifth and sixth graders. It was pretty successful and the kids loved it.
After high school, he planned to pursue physics at Princeton University as a major. But after a few months he realized that studying about planets, quantum mechanics wasn`t his thing. He loved computers and making software. So he graduated with two bachelor degree in computer science and electrical engineering from Princeton University.
After graduating from Princeton Jeff went to Wall Street in search of a job. There he joined Fitel a new aspiring startup with goals to make international trade easier. But this job was a headache for Bezos that had him flying from New York to London. Bezos realized it was not the best use of his time and abilities.
He soon left the job and Joined another company the Bankers Trust. Here Bezos learned a lot about finance and got experienced with the trade market. With his hard work and determination, he rose to the post of vice resident at a young age.
Then he moved to an investment firm D.E.Shaw, where he worked to develop software for the stock market. He became the youngest vice president in 1990
He met his future wife Mackenzie and married her in 1993. He was taking an interview with Mackenzie and saw her credential.
He always wanted to marry someone resourceful, Jeff says.
While surfing the internet at D.E.Shaw he came across a statistics about the 2300% increase in the number of internet users. He immediately realized the future potential of the internet. he thought of selling things on the internet and took the decision to leave his high paying job.
His boss tried really hard to convince him not to quit. But Bezos told him this
When I will be 80 yrs old and thinking back on this opportunity. I will regret more to not have tried than leaving this job.
With a firm decision and strong ambition, he moved to Seattle and founded the company in his garage. He invested his savings and asked his relatives to invest in Amazon.com. Which they did and became a shareholder of the company. The company was very small with 8 employees. Bezos was trying to minimize the expenses so badly that he built the benches out of doors.
Jeff wanted Amazon to become the internet marketplace where you can buy anything and everything you want. He had to start selling something on the website. Taking inspiration from history, he decided to sell books online.
The young company began to rise and people were buying books from the website.
The business model was simple you place an order for any book on the website and the company will ship it for you. When Jeff would receive an order he would search the book do some packaging and send it by post. It was simple and convenient as he didn`t have to store every single book in the warehouse. He could just list lots of books on the website and buy books from other bookstores if it was unavailable with the company.
The company began to generate revenue of 20,000$ a week and brought customers from around 45 countries in the world.
The Dot Com Bubble.
During the 2000s there was a Dot Com crash that led to the bankruptcy of many internet-based companies and Amazon was one of the few that survived.
Bezos had a strategy in mind. He wanted to use this crash to obtain more loyal customers. Fortunately, the new harry potter book Goblet Of Fire was launched at the time.
So he began to sell the book at a discount. It was a really risky decision and the shareholders were very skeptical about the survival of the company.
But this strategy proved to be a success. People began to buy the latest Harry Potter series at a discount and the 700 blog posts written on the customer service of Amazon led to more customer acquisitions.
More and more people became aware of the company and became loyal customers. This saved the company from going bankrupt.
After this crash Amazon began to diversify its products. It began to sell clothes, electronics, toys online. Which lead to its rise in the early 2000s.
During the company`s glory years Bezos realized that people had the most advanced technology in their hand the computer and people were buying the digitalized version of the books
i.e the ebooks. So Bezos launched a new company called kindle which manufactured ebook readers for the people. It soon became a hit and sold many units making the company the most valued of the year.
Acquisitions And Diversification
Over the years Amazon has diversified itself in many fields. It has become a tech giant by acquiring companies at a ridiculous rate. Some of the companies are
Becoming the RICHEST MAN ON THE PLANET
As of July 2017, Bezos became the worlds richest man because of a sudden increase in the shares of the company. The black Friday sale resulted in an increase in the share prize
And the wealth of Bezos jumped from 90 to 109 BIllion dollars. He became the first to not only reach 100 billion dollar wealth but also to beat Bill Gates as the richest man alive.
There’s a saying that
Time changes for everyone.
So it did for Jeff. After the exposure of a secret affair of the worlds richest man by the National Enquirer. It revealed that Jeff was dating former tv anchor, Lauren Sanchez.
This led to the divorce of Mackenzie and Jeff after 25 years of happy marriage. Jeff also started an investigation with goals to uncover the person behind the leak
This drama was like the scene from 90s spy movies. He even suspected the involvement of Donald Trump or Saudi Arabia.
But due to this, The richest man in the world may not be on the top because of the divorce settlement.
This is it for Jeff Bezos`s Success Story.