Jeff Bezos Success Story
Today we are going read about Jeff Bezos Success Story its life lesson & rules for success. We are going to explain to you Jeff Bezos Success in story form which short and sweet.
People want to know the success story of Amazon because of its CEO Jeff Bezos the world’s richest person with the highest net worth and CEO of the world’s biggest company.
The success story of Amazon world’s largest retail store and how it was built, How Jeff Bezos Started Amazon, the strategy he used, the struggle they had to overcome, what are the barriers faced by the Jeff Bezos to build an Amazon.
|Jeff Bezos Sucess Story of Amazon – Business Insane
Jeff Bezos the big picture comes to your eyes when your net worth is one hundred and fifty-two point nine billion dollars people pay attention to what you do that’s another day in the life for Jeff Bezos the founder of Amazon.
Amazon is the largest retailer and the world’s largest company by market value Amazon with its six hundred and forty- seven thousand five hundred employees generate approximately two hundred and thirty-three billion dollars in revenue and if you think you get those figures by merely selling retail items think again.
Amazon has 40 subsidiaries spanning across multiple industries such as gaming robotics clothing and food due to its involvement in multiple industries Amazon is standing off from Alibaba, Walmart, Microsoft, and Google just to name a few but how does Jeff Bezos made the such company, that question we need to look but before we need to know how it all began.
The beginning born in the 1960s Jeff Bezos from a young age always showed an interest in science and technology at one time creating an alarm system to keep his siblings out of his room during his high school.
When his family moved to Florida, he was part of the University of Florida student science training program where he excelled to become the high school valedictorian Silver Knight Award Winner and National Merit Scholar all while working as the short-order line cook at McDonald’s the later moved on to Princeton University where he graduated with two degrees in electrical engineering and computer science right after Princeton University.
Related: Daily Habits of Entrepreneurs.
Jeff Bezos found himself sought after by numerous firms from telecommunications startups to banks and by the age of 30 he was the Senior Vice –President for DE Shaw & Co a hedge fund company Jeff Bezos was in high demand but it wasn’t until the early 90s when Jeff Bezos Decided to start an online Book Store a year later he resigned from the hedge fund and founded amazon right out of his garage.
He said that he wrote his business plan for Amazon on a trip from New York to Seattle with approximately $300000 from his parent he committed himself to build Amazoninspired by the Amazon River he knew he wanted to be the largest company in the world he also knew he would have to expand into other products to grow, similar to the ways, the stream flowed into the larger Amazon River after three years in business Jeff Bezos took Amazon public raising approximately 54 million dollars and used it to begin his expansion he diversified into consumer goods and online music and video sales.
The struggle of Jeff Bezos / The barriers faced by Jeff Bezos before making an Amazon as a giant multi-vendor store:
Starting an online business during a time when hundreds of companies were learning the full potential of what the internet could do came with its own set of problems. Amazon had to survive through the dot-com bubble which it did due to its business structure.
Amazon simply sold retail to consumers that paid with credit or debit cards which mean payments was instant there was no gap between paying its suppliers and receiving payments from customers a lot of other businesses suffered during that time and went out of business in the early the 2000s at the peak of the dot-com bubble sales slopped, it affected Amazon’s revenue causing them to lay off workers almost go bankrupt.
The barriers faced by Jeff Bezos before making an Amazon as a giant multi-vendor store. However with a loan from banks by the following year, Amazon recovered and it was back to generating profits what also made it difficult in the beginning was the fact that Amazon did not own any of the books they sold or had inventory after an order was made Jeff Bezos would search for the item from old bookstores himself before shipping it.
The strategy of Jeff Bezos Behind Amazon Success:
|Jeff Bezos Sucess Story of Amazon – Business Insane
| “GO BIG AND GO FAST ” was Jeff Bezos mindset from the onset of taking his company public in the late 90’s Jeff Bezos began acquiring smaller competitors and diversifying the business to appeal to a wider demographic.
He soon launched his first subsidiary and product Amazon Web Services (AWS) compiled data from weather channels and website traffic then he launched the Amazon Kindle which transformed the way we read books.
The Kindle gave us the ability to have digital versions of our favorite novels, however through every step, they were common threads throughout all that Jeff Bezos did he did not focus on competitors or the technology he focused on what consumers wanted which was basically a wide selection of items at low prices that they could receive quickly when ordered their consumer desires that Jeff Bezos believes would never change so instead of trying to engage his competitors his goal was to always stay ahead of their customers.
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If your competitor focused you always have to wait until there’s a competitor doing something being customer-focused allows you to be more pioneering.
The Defining Moment:
The first book that sold saw the launch of the online retail giant the defining moment came years later when they launched Amazon Web Service, it was the service that allowed people and the company to see the potential of the internet its the earliest version was free and helped businesses develop applications that would allow them to incorporate Amazon’s service into their websites now of the world could not only shop on their websites but sell their products using Amazon as well this transformed not only online retail but also the IT industry in the name of cloud computing and positioned them as a leader.
The Value Created for Customer by Jeff Bezos:
Before the launch of Amazon everyone shopped at brick-and-mortar stores, so if we were to narrow down all to one thing that Amazon provides for its customers its convenience hence the reason why Amazon focuses on satisfying their customers over worrying about competitors Amazon Achieves this by providing a continuously growing selection of products combined with personalized experience and by keeping up with fast service not just in delivery but in response on their websites Amazon saw that even a 0.1-second delay causes a loss of Billion Dollar drop-in activity on they’re site so they have been optimizing their website to prevent such delays.
Related: How to create and deliver value to Customers.
|Success Story of Amazon
Amazon has kept to one of its pillars of keeping prices competitive Jeff Bezos has done numerous things to keep expenses low within the company so he can pass those savings on to customers from restricting salaries to keeping old Black & White printers to nobody in the company flying first-class frugality is one of Amazon’s official company values in the mindset of traditional retailers announcing closures Amazon has continuously seen growth over the past five years and with the growth of their prime one and two-day delivery services. They’re picking up customers that other retailers are losing in fact because of that service other online retailers are trying to do the same proving that Amazon has been correct in focusing on providing for their customers while the competition has been trying to catch up that.
From inception despite pioneering the online retail industry Amazon has attracted its fair share of controversy three years ago Apple filed a case against one of Amazon’s third-party sellers Mobile Star LLC for selling fake Apple products.
Apple purchased and identified 90% of the counterfeit items for themselves apparently Amazon wasn’t confirming the source of the items as genuine Mobile Star LLC settled with Apple for an undisclosed amount a coalition of civil rights groups opposed agreements by Amazon to supply facial recognition support and consultancy services to law enforcement especially as Amazon has publicly spoken against any secret surveillance being carried out by the company.
Amazon had offered to connect Washington Country with its government customers the civil rights group sees it as a service that can be abused in identifying and tracking anyone and most recently they ‘ve been in discussions with the National Labor Relations Board for implementing a system that track workers productivity and can fire them for failing to meet production targets. Even though Amazon states there are human supervisors that can override.
The system and those that don’t beat their targets are provided extra training it does not ease the mind of workers who are now concerned for their jobs and don’t even stop to use the bathroom.
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Jeff Bezos steered Amazon into the position it holds today by listening by being innovative by optimizing and by delivering. They continuously improve their processes so it could be more efficient for their customers what’s dangerous is not to evolve Jeff Bezos.
Amazon does not just sell to customers either they sell them things they didn’t even realize they wanted by observing customers purchase history they’ve implemented customer reviews which present items to the customer based on their past purchase searches and trends added to that when Amazon introduced the button. They increased the ease and convenience of shopping online for items you noticed you were running low on push the- button on the website and within seconds they confirm your order via email or text and it’s immediately shipped to you.
Over the past 15 years, Amazon has offered a wider product range through a marketplace recently Amazon gained one million twenty-nine thousands five hundred and twenty-eight new sellers whose product sales totaled approximately one hundred nineteen billion dollars.
Amazon is now a lot more than your average one-stop online shop it’s been a leader in cloud services and also artificial intelligence with its echo device and Alexa AI assistant Amazon continues to grow by acquiring more companies just 2 years ago they acquired ten startups including Harvest AL, Game Sparks, Blink and Souq which shows they are heading to develop more in AI. Focusing on virtual assistants voice processing and AI as a service and with its innovation in cloud computing Amazon can position itself as a platform company its largest acquisition has been that of Whole Foods for 13.7 billion dollars all part of their plan to increase its market share in physical retail spaces.
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They’ve already opened physical bookstores and launched a cashier-less convenience store Amazon Go currently there are 10 locations and we can definitely expect to begin to see more opening up nationwide so, what exactly does Jeff Bezos look for when acquiring a company a dreamy business the offering has at least four characteristics:
Customers love it can grow to a very large size it has strong returns on capital and it’s durable in time with the potential to endure for decades.
Bezos says, when you find one of those you don’t just swipe right you get married for the last three years Amazon has been working on improving customer service through their air drone delivery Amazon Air the first service launched in England but now Amazon also has their eyes set on disrupting the shipping industry.
They’ve been building a fleet of 50 Boeing 767s and increase their Airport Hub operations they’re currently building a hub at Cincinnati Northern Kentucky International Airport will help keep billions of dollars of business in house and away from FedEx, UPS and USP’S.
From humble beginnings starting in a garage selling one book at a time amazon has grown into an unstoppable conglomerate across multiple industries such as retail logistics customers technology, cloud computing and most recently media and the entertainment their founder and leader Jeff Bezos is known for his transformational and leadership style showcases his charisma and power to things that were needed to build the largest store in the world.
There was a shift among the top companies in the world in the month of June as of June 11thAmazon blew past Apple to become the most valuable global brand valued at 315.5 billion dollars what does this do to Jeff Bezos his net worth is increased from 132 billion to 155 billion.
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