Hey There! This Jay from CodeSquad and I will be giving a brief about Jeff Bezos success story and how he made it big!
Jeff Bezos was born on January 12, 1964 in New Mexico. He graduated from the Princeton University in 1986 with a degree in computer science and electrical engineering. While his career in finance was extremely lucrative, Bezos chose to make a risky move into the inert world of online selling. He quit his job in 1994, moved to Seattle and targeted the untried high-potential of the internet market by opening an online bookstore. Little did he know, his company called Amazon would make billions.
Similar to Gates, Jeff Bezos set up the office for his dot-com company in his garage where, along with few employees. They expanded operations into a two-bedroom house, equipped with three Sun Microstations, and eventually developed a test site. After inviting 300 friends to beta test the site, Bezos opened Amazon.com, named after the meandering South American River, on July 16, 1995.
The initial success of the company was not stable. With no press promotion, Amazon sold books across the USA and in 45 other foreign countries within 30 days. In two months, sales reached INR 1283100 a week, growing faster than Bezos and his crew had hoped for.
Bezos first hit the Forbes rich list in the year of 1998 – a year after Amazon went into shares – with a fortune of a gigantic $1.8 billion. Bezos continued to diversify Amazon’s offerings with the sale of CDs and videos in 1998, and later clothes, electronics, toys and more through major retail partnerships. While many dot.coms of the early ’90s went bust, Amazon flourished with yearly sales that jumped from $510,000 in 1995 to over $17 billion in 2011.
In July 2017, Bezos briefly surpassed Microsoft founder Bill Gates to become the richest person in the world. Gates, who was the richest person in the world since 2013, made $90.7 billion, shy of Bezos’ worth of $90.9 billion, which rose with a surge in Amazon.com Inc. shares. However, by the close of the market, Gates’ net worth climbed to $90 billion while Bezos’ had a net worth of over $89 billion.
Unlike Bill Gates, Bezos believed more in philanthropic works and donations. He made several donations when the US based giant started its rise in the e-commerce market. Bezos is well known for donations to orphanages and NGOs not only in USA, but in several countries. It is rightly said that Karma has its take in all types of works!
Quotes By Jeff Bezos