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The Amazing Success Story of Jeff Bezos and Amazon

Jeff Bezos
Jeff Bezos (Picture credit: Steve Jurvetson from flickr

Hello, welcome to Youth Motivator. Today, I would like to share with you the story of Jeff Bezos and his company Amazon.

The world’s largest e-commerce platform-

Once people used to recognise the word Amazon for the world’s largest river, but now Amazon is used to refer to the world’s largest e-commerce site.
This motivational journey is all about how a small company which was started in a small garage rose to become the company which sells almost every product on earth. And learning what made amazon one of the biggest companies in world.
Let’s take a look on how Jeff Bezos changed the meaning of shopping.

Introduction-

Jeff Bezos was born in January 12, 1964 at New Mexico. Since his childhood, Jeff had interest in Science and Technology. Due to this interest, he organised science camps in summer and he started his first business at the age of 18.
During his holidays, he used to work in McDonald’s kitchens.
In the year 1986, Jeff Bezos graduated in Computer Science and Electrical engineering from Princeton University.
After which he joined as a vice president in DE Shaw and Co.

Leaving a well-paying job-

Even as Jeff Bezos was receiving a good pay check and was in a high position in the company, he was not satisfied with his life; he longed to start his own business.
He observed that during that time, internet and personal computers were rapidly gaining popularity among general public. He also noted that the yearly internet usage was growing by more than 2000 per cent.
So, after enough brainstorming, he decided to do an online business by selling various items.
Jeff Bezos basically wanted to establish an online store with limitless products.
So, he quickly implemented his decision, for which he left his job and founded an online book store. For which he took a loan from his parents and moved to Seattle.
Many people thought that he became crazy, when he resigned his well-paying job and started his own online book selling business.
Many humiliated Jeff by saying that his venture will fail, because no one will prefer to buy items without physically examining them and how can one buy by only looking at the image of the item.

Starting in a garage like many other successful companies-

But Jeff was very confident about his endeavor. So, he started his own website in the garage of his house, by employing some computer programmers.
During his initial days, because of lack of funds, he used old pieces of wood to make his own furniture for his office. 

Inspired by the world’s largest river-

Initially, Jeff Bezos thought to name his website cadabra, taken form Abracadabra. But cadabra rhymed with the word cadaver which means a corpse.
So, he dismissed that idea and named his company as Amazon in the year 1994, the name of the world’s largest river flowing in South America.
Jeff Bezos came across the amazon name in an English dictionary and was inspired to learn that it was the world’s largest river and named his company Amazon, hoping that one day his company would become the world’s largest company.

Search Engine Optimisation-

Also Amazon name was selected because it started with ‘A’ alphabet, that means at that time the internet search results displayed in alphabetic order, so naming his company Amazon made sense, as it will appear on the top of search results.
On November 1st, 1994, amazon.com was officially registered.
In its first month, Amazon received orders for books form 45 countries all around the world.
No one thought that Amazon will succeed but Jeff had great faith in his hard work and his perseverance.
This risk taking behaviour of Jeff rewarded him well as now became the world’s richest person surpassing even bill gates.

Beginning by selling books-

This journey was not that simple. Initially, due to limited funds he only sold books. Because books needed low investment and books can be sold and easily shipped to any part of the world.
In its initial days, Amazon faced huge lack of funds, so Jeff invested his every penny into Amazon.

Working day and night towards his dream-

Jeff became very busy, he used to develop Amazon’s website in morning and used to pack the books during the night times. And the next morning he used to post the books in the post office.
Initially, he had no room to accommodate all books, so he used to purchase books for which he received orders, for which he used to hunt for books in every book store tirelessly.
Slowly Amazon started to sell CDs, clothes, video games, computer software, toys and apparels online in addition to books.

IPO-

In the year 1997, Amazon was listed in the stock market. Amazon raised 54 million dollars and the company was valuated at 438 million dollars.

Surviving the .com bubble burst-

In a few days, the amazon share rose from 18 dollars to around 107 dollars. But, unfortunately in the year 2001, .com bubble burst.
As a result, around 1,300 employees were fired and its distribution facility came to a halt.

Understanding the .com bubble-

.com bubble burst refers to the period in between 1995 to 2000. During this period, thousands of internet based companies were born. Many people invested huge amount of money in these internet based companies, by which a huge boom occurred resulting in rapid increase of share value of these companies.
But many people feared about this rapid increase in shares, so a huge number of people withdraw their investments in a short span of time by which the share prices of many companies fell severely.
This resulted in the closure of many internet based companies.
By this .com bubble crash, the share value of Amazon fell drastically from 107 dollars to 7 dollars, which resulted in huge losses to amazon.

Having confidence in self-

But Jeff had great confidence in his company, so he added many new products and was focused on developing his website.
The first book sold on amazon was a computer modelling book; it was sold on April 3rd 1995.

Receiving a million dollars-

In the year 1995, amazon received 1 million dollars as investment, this immensely helped amazon to expand its products line-up and hire new staff.
Jeff estimated that his company would make about 140 million dollars sales by the year 2000, but the number of sales rocketed up to 1.6 billion.
Amazon began to receive huge orders when it was featured on the yahoo.

Tasting the first success-

In the year, 2002 Amazon recorded its first profit of 5 million dollars.
The credit for the huge success of Amazon belongs to Jeff, who ran the company without any profit for more than 7 long years. Jeff’s hard work and persistence has paid him well.
After tasting huge success, Amazon grew at a mind-boggling pace.

Gaining consumer trust-

Jeff Bezos worked tirelessly to gain the consumer trust, by which now many are paying the money well before receiving the product, by believing that they will definitely receive the desired product at the aforementioned time.
This resulted in the spike of orders for Amazon, now Amazon receives more than 400 orders per second.
Amazon has streamlined and perfected its management and delivery systems in such a manner that the delivery usually occurs in less than a day.             
This has made amazon the world’s largest e-commerce website.
Amazon sells more than 350 million products in more than 185 countries globally.

Losing millions in less than a second-

At one period of time, the Amazon’s website stopped working for 49 seconds, during which Amazon lost orders worth 5611476 US dollars.

Employing robots-

So, in order to not repeat such thing and to meet such huge demands, Amazon employs robots in ware houses.
Now, amazon employs more than half a million people worldwide.
Amazon is planning to deliver the goods by air by using drones and planes.

Long term thinking-

Because of his interest in science and technology, Jeff is carrying out many interesting projects, like  10,000 year clock.
This works for 10,000 years. This clock is being constructed in Texas, in between mountains. In this gigantic watch, one hand moves one time a year and another hand move once in 100 years.
This clock is built to symbolise the importance of long term thinking.

Extraterrestrial travel-

Another interesting project started by Jeff is Project Blue origin, which manufactures rockets to transport humans into space.
Once, Jeff was examining for appropriate place for launching rockets in a helicopter. Unfortunately, the helicopter crashed. Luckily, Jeff survived the accident with minor injuries.
Jeff is a good futuristic thinker and he constantly seeks new opportunities to grow even further.

Acquiring numerous companies-

He also brought several companies like IMDb, Zappos.com, Alexa, Audible, etc. which he integrated into Amazon to provide better experience to the consumers. . He brought the Washington Post for 250 million dollars.
Amazon has ventured into many businesses like web services, television services, kindle services, video streaming services, etc.

Understanding the logo-

Amazon logo has an arrow pointing from the alphabet A to Z, which signifies that everything is available on amazon, from A to Z.      
Also, this arrow looks like a smiley, which portrays that the consumer happiness and satisfaction is paramount for the company.

Becoming the world’s richest person-

Jeff Bezos has even surpassed Bill Gates of Microsoft in term of net worth. The net worth of Jeff is around 150 billion dollars compared to bill gates net worth of around 92.3 billion dollars.
According to an estimate by oxfam, Jeff would become the first trillionaire in a few years.

One of the world’s most favourite companies-

Now, the Amazon is the world’s most favourite company, followed by apple.
He says that getting ideas is very simple but implementing those ideas is a difficult task.
Everybody knows what to do but only some people know how to do it.
Amazon survived the stiff competition from very big companies like Alibaba, eBay and Wal-Mart, and now Jeff is inspiration to many entrepreneurs.

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