By Mark Wright Anybody that knows anything about eCommerce knows that Jeff Bezos is the famous founder of Amazon.com, which he started in his garage in 1994. Twenty-eight years later, Amazon is a global eCommerce empire with a market capitalization of $675 billion. So how did Jeff Bezos get rich?
Here’s a look at how he built one of the world’s most successful companies.
He founded Amazon, one of the most successful companies in the world
Born in Albuquerque, New Mexico, on January 12, 1964, Jeff Bezos showed an early interest in technology. He famously rigged up an electric fence to keep his younger siblings out of his bedroom and built a computer from scratch to play video games. After attending Princeton University, he worked on Wall Street before quitting his job to launch Amazon in 1994.
With no experience in online retail, Bezos founded Amazon as an online bookstore. He quickly expanded the site to sell various items, including CDs, DVDs, toys, and electronics. In 1998, Amazon introduced Prime, a membership program that offers free two-day shipping for eligible purchases. Presently, there are over 100 million Prime members worldwide.
Amazon has diversified into other businesses, such as cloud computing, streaming video, and grocery delivery. In 2017, the company bought Whole Foods Market for $13.7 billion.
Bezos has also diversified his investments. He founded Blue Origin, an aerospace company that is working on developing reusable rockets, in 2000. He paid $250 million for The Washington Post in 2013.
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Innovative and creative thinker
Jeff Bezos is known for his innovative and creative thinking. He basically pioneered online shopping, and he has continued to push Amazon forward with new ideas and initiatives.
In 2015, he launched the Amazon Prime Air drone delivery service, which promises to deliver packages within 30 minutes using uncrewed aerial vehicles. And in 2017, he announced that Amazon was working on a new grocery store concept that would allow customers to shop without waiting in line or checkout.
Bezos has also been an early investor in many tech startups, including Google, Airbnb, and Twitter. His investment firm, Bezos Expeditions, has invested in more than 30 companies since its inception in 1998.
He is a risk taker
Jeff Bezos is not afraid to take risks. He has bet big on Amazon repeatedly, making daring moves that have paid off handsomely.
In 2000, he shocked the business world by pivoting Amazon from an online bookstore to a general retail site. Today, Amazon is the largest online retailer in the world, with annual sales of more than $100 billion.
Bezos has also been willing to invest heavily in new and unproven technologies. In 2006, he launched Amazon Web Services, a cloud computing platform that now generates billions of dollars in revenue for the company.
Visionary leader
Jeff Bezos is a visionary leader who has been instrumental in Amazon’s success. He has a clear vision for the company’s future and has made bold bets that have paid off.
Under his leadership, Amazon has become a global eCommerce powerhouse with more than $100 billion annual sales. The company has also diversified into new businesses, such as cloud computing, streaming video, and grocery delivery. In 2017, Amazon acquired Whole Foods Market for $13.7 billion.
Bezos has also shown himself to be an adept CEO. He was named Businessperson of the Year by Fortune magazine in 2012, and he was ranked No. 1 on Glassdoor’s list of the 50 Highest Rated CEOs in 2019.
A passionate advocate for customer satisfaction
Jeff Bezos is a passionate advocate for customer satisfaction. He has always believed that the customer should be the focus of everything Amazon does, and he has instilled this belief in all his employees.
This commitment to customer satisfaction has paid off. Amazon regularly ranks at the top of customer satisfaction surveys, and its Prime membership program has in excess of 100 million members around the world.
Bezos has also been willing to make bold bets to improve the customer experience. In 2014, he announced that Amazon would start shipping products on Sundays in select markets. The move was designed to make Amazon even more convenient for customers and has succeeded.
Relentless worker
Jeff Bezos is a relentless worker. He is not scared of putting in extensive hours at the office, and he has said that he likes to work on “hard problems.”
This work ethic has paid off. Amazon has been one of the most successful companies of the past two decades.
Bezos’ commitment to his work has also impacted his personal life. He has been married twice and has four children, but he has said that his work is his top priority.
“I’ve been asked many times if I would rather be remembered as a great business leader or a great father,” Bezos told Time magazine in 1999. “I hope it will be both.”
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Conclusion
Jeff Bezos is a self-made billionaire who has been instrumental in the success of Amazon. He is a risk taker, a visionary leader, and a passionate advocate for customer satisfaction. He is also a relentless worker who has made bold bets that have paid off. Thanks to his vision and leadership, Amazon has become one of the most successful companies in the world, with annual sales of more than $100 billion. His hard work has paid off; see Jeff Bezos net worth.