Jeff Bezos, an entrepreneur, and e-commerce pioneer is the founder and CEO of Amazon, an American e-commerce corporation. Success in the business field has made him one of the world's wealthiest people. He is the richest individual on the planet, with a net worth of $148.6 billion.
Early Life:
He was born in Albuquerque, New Mexico, on January 12, 1964, to a teenage mother and his biological father. The couple had been married for a year when Ted Jorgensen abruptly left them. When he was 4 years old, his mother remarried to Cuban immigrant Mike Bezos. After marriage, the couple moved with their families to Houston, Texas, where Mike Bezos became an engineer at Exxon, an American oil and gas company.
Jeff Bezos’s Education:
As a teenager, he moved with his family to Miami, where he developed a passion for computers. He graduated valedictorian from Palmetto Senior School and it was during this time that he started his first business, the Dream Institute, which organized an educational summer camp for fourth, fifth, and sixth graders.
Jeff Bezos' Career Begins:
Jeff Bezos worked at several Wall Street firms after graduating from Princeton University, including Fitel, Bankers Trust, and the investment firm D. E. Shaw. In D. E. Shaw he met his wife Mackenzie Bezos, who was also a Princeton graduate. He married Mackenzie Bezos in 1993. In 1990, he was the youngest senior vice president of D.E. Shaw.
While surfing the web looking for new ventures for D. E. Shaw, Jeff discovers the World Wide Web is growing at a rate of 2,300 percent a month. He immediately understood the potential of selling products online and, despite his financial career being extremely lucrative, chose to take a risky step into the nascent world of e-commerce.
Amazon Founder and CEO:
Jeff Bezos quit his job in 1994 and moved to Seattle. Where he thought of targeting the untapped potential of the Internet market by starting the company Cadabra on July 5, 1994. Jeff began developing the software from his home garage with a few employees, raising a $1 million initial investment from his family and friends;
Where he had three Sun micro stations. He asked 300 of his friends to test the site and, after a successful trial, launched an online book store called Amazon on July 16, 1995.
The initial success of the company was stunning. With no press publicity, Amazon sold the books in the US and 45 foreign countries within 30 days. Bezos had no idea that sales would surpass $20,000 a week within two months.
Rapid Expansion of Amazon:
When the company launched its IPO in 1997, many market analysts raised the question that if traditional sellers had not launched their own e-commerce site even after having their own stores, how would Amazon survive the competition? But two years later, this start-up not only survived but also surpassed the competitors to become the e-commerce leader.
Bezos also began selling clothing, electronics, and toys through partnerships with major retailers in 1998, selling CDs and videos. Amazon's sales climbed from $510,000 in 1995 to grow with $17 billion in 2011.
In Amazon's 2018 annual shareholder letter, Jeff Bezos said the company has passed 100 million paid subscribers for Amazon Prime. As of September 2018, Amazon was valued at over $1 trillion, making it the second company to hit that record just a few weeks after Apple.
Jeff Bezos founded Blue Origin Company in the year 2000, an aerospace company developing technology to reduce the cost of space travel for customers. Amazon released the Kindle, a handheld digital book reader, in 2007 that allowed users to buy, download, read and store the book of their choice.
Let's see what Jeff has given to the world off inspiration:
