Success story: Jeff Bezos is the richest man in the world (Amazon founder)
Jeff Bezos, the richest man in the world, is the founder of the giant Amazon, one of the largest and most famous e-commerce companies in the world, and he is also its CEO. He also owns the Washington Post and an airline.
Bezos started his Amazon business from a simple online bookstore that he ran from his home. Initial sales were very slow, but today he made an enormous fortune that made him the richest man in the world. He beat Bill Gates, as his fortune reached 124.3 billion dollars in 2018. According to Forbes, Jeff Bezos was the third billionaire in the world for the year 2017 with a fortune of 72.8 billion dollars, increasing to 124.3 billion dollars this year after adding the amount of 40 billion Dollars to his fortune.
All of this leads us to ask, how did Jeff Bezos achieve all that wealth? Which we will try to answer by telling the success story of Bezos and his company, Amazon.
How did Jeff Bezos start his business?
After graduating from Princeton University where he studied electronic engineering and computer science, Bezos went to Wall Street where computer science was in great demand, to work for several companies. He initially worked for FITEL (a startup aiming to build an international trade network). Bezos then worked for D.E. SHAW specializes in applying computer science within the stock market. He worked at D.E. Shaw. When he came up with an idea that would change his life and also make a big difference in the history of the Internet. Understanding the potential for selling products online, Bezos decided to leave the company and start working on his store.
Bezos has set up an online bookstore and has also put together a list of products that can be sold online, including CDs and software. But he eventually settled on books due to having a wide range of titles. Bezos did not have to pay taxes on his products because they were not physically present, and that was one of the advantages that Bezos got early in his career. Initially, he chose several names for his company, including Cadabra, MakeItSo.com and aard.com. Finally, Bezos decided to use the Amazon.com address after searching for the words beginning with the letter A in the dictionary. He liked the location of the name in addition to being one of the longest rivers on Earth and the name of the largest library as well.
The site opened on July 16, 1995, after being tried by 300 users. It achieved spread across all of the US states and 45 other countries in just a month. By September 1995, sales had reached $ 200,000 per week.
Bezos interested his audience, believing in the importance of this in cementing customer confidence, and even in weakening other libraries that will soon start creating their own websites. Amazon’s biggest competitor was Barnes & Noble. In 1996, their sales were estimated at $ 2 billion while Amazon was trailing by $ 16 million in the same year. There was an attempt to collaborate between Amazon and Barnes & Noble, but it failed.
Amazon has designed a system for downloading customer credit card information and shipping address, as well as executing a single-button purchase. They obtained a patent under which it was used against Barnes & Noble, and it was used as a way to try to eliminate the new competitor eBay.com that appeared on the market in mid-1998.
Amazon and eBay
eBay has been one of Amazon’s biggest competitors. In addition to the variety of products that the company was seeking, eBay did not need to use stocks or even warehouses, because the sellers were real people seeking to sell their products for the highest bid offered, which is known as the auction mechanism. Bezos began working on a project to introduce auction technology, which he launched in March 1999.
The rapid expansion of Amazon
Amazon partnered with hundreds of retailers and organized a subsidiary called Amazon Services that allowed customers to order goods from co-branded sites such as Borders and Toys R Us. In 2003, Amazon launched a commercial search engine with a focus on e-commerce sites, in addition to opening an online sporting goods store, offering about 3,000 different brands. This led to the launch of Amazon in Italy, France, Germany, the United Kingdom, Canada and Japan over the next ten years.
In 2006, Jeff Bezos launched Amazon Web Services that includes a wide range of global computing, storage, database, analytics, application, and publishing services. As for the other leap that Amazon made, it was an innovation in the field of technology development by introducing a series of e-readers, the Amazon Kindle in 2007, and Kindle is now the main factor in establishing the international e-book market. This device helped secure 95% of the American market for books until another challenge appeared by Apple when the iPad iPad entered the market in 2010.
In 2004, Bezos founded an aviation company called Blue Origin, which aims to develop new technology for spaceflight, with the aim of establishing “a permanent human presence in outer space.” The company owns a special missile launch facility in West Texas. On November 24, 2015, Blue Origin successfully sent a rocket into space and landed as they were testing a new spacecraft called New Shepard, a spacecraft designed to travel to space at competitive prices.
The Washington Post
In 2013, Business bought the Washington Post for $ 250 million. “Post could have stayed under the ownership of the company, but we wanted to do more than just survive,” said Donald Graham, the company’s chairman and chief executive. Bezos has emphasized that he will not seek to change the values of The Washington Post, but will only focus more on the audience.
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