Hello Wednesday!
I hope you all having a wonderful afternoon. A couple of weeks ago we had to do a presentation about the business we got to pick. I ended up with Amazon. Today I will tell you what I have learned about Amazon and Jeff Bezos as I have to present it today for Business Enterprise.
Jeffrey Besos was born in 1964, his mother was only 17 at the time, his father was 18 and own a bike shop, his parent's marriage only lasted 17 months due to Jeffs fathers drinking problem. Jeff and his mother moved back to his grandparent's house, 3 years later his mother met Miguel Bezos, a Columbian immigrant that thought himself English, he ended up marrying his mother and adopting Jeff.
Jeff had a loving childhood, he was very happy growing up, he was a very smart boy, had a lot of interest in science. His grandparents converted the garage into a studio, where Jeff was doing science experiments. During school years Jeff showed a lot of intelligence, he got multiple awards and recognition for his work. Jeff ended up with two degrees in computer science and electrical engineering. He then got a job D.E. Shwan where they were making computer parts, Jeff was doing really well, soon to be vice president, when one day he learned that web had grown 2300% in one day. He then just knew that he had to "do something with this internet". Jeff made a list of 20 possible products to sell online and decided that books were the best option. This when amazon was born. He borrowed about 300,000 dollars from his parents and invested in the company, there were no other investors, there was a 70% chance that the company will go bankrupt.
Amazon was originally to be an online book store, however, Bezos knew he wanted to expand to other products. 3 years after finding Amazon publicly. There was a lot of criticism because no one believed that Amazon will do well because so little people knew about the internet and so many big Book shops such as Barnes & Noble.
2 Years later shares in Amazon were greater than 2 competitor retails combined. By the end of the decade, 6% of Amazons investors were billionaires. For 7 years shares in the company were Bezos family.
In 1998 Amazon diversified into online sale music and video by the end of the year it expanded into a variety of consumer goods. Bezos used 54 million raised during companies' equity offer to finance companies' smaller competitors.
In 2002 Amazon launched Amazon web services which combined date of website traffic and weather channels.
In the early 2000s Bezos borrowed 2 billion dollars from various banks, due to this Amazon went almost bankrupt, Amazon let 14% of their staff go.
In 2003 Amazon rebounded and turned 400 million dollar profit.
In the early days, Bezos had a very bad temper so he hired people to help him with his leadership skills. Bezos is extremely strict when it comes to hiring people, he also bared powerpoint presentation, instead, he asks his staff to give papers on their proposal.
He also has an email for customers jeff@amazon.com, he doesn't respond to them, but if there is a legit query he transfers the emails to his staff.
From day one its been clear that the main focus is a customer. Amazon's perspective of a customer coming up with an idea that would legitimately generate value.
For example, in 2005 Amazon prime was created, Amazon understood that customers want to buy a quality product with less money and customer wanted to receive the product as fast as possible. Bezos's strategy was to invest Amazons capital back to Amazon this led to Amazon worth of 1 trillion dollars and shows of now sing of slowing down. To this, today Bezos is worth 150 billion dollars making him the richest man on earth.
Picture below is of Jeff Bezos.
I hope you all having a wonderful afternoon. A couple of weeks ago we had to do a presentation about the business we got to pick. I ended up with Amazon. Today I will tell you what I have learned about Amazon and Jeff Bezos as I have to present it today for Business Enterprise.
Jeffrey Besos was born in 1964, his mother was only 17 at the time, his father was 18 and own a bike shop, his parent's marriage only lasted 17 months due to Jeffs fathers drinking problem. Jeff and his mother moved back to his grandparent's house, 3 years later his mother met Miguel Bezos, a Columbian immigrant that thought himself English, he ended up marrying his mother and adopting Jeff.
Jeff had a loving childhood, he was very happy growing up, he was a very smart boy, had a lot of interest in science. His grandparents converted the garage into a studio, where Jeff was doing science experiments. During school years Jeff showed a lot of intelligence, he got multiple awards and recognition for his work. Jeff ended up with two degrees in computer science and electrical engineering. He then got a job D.E. Shwan where they were making computer parts, Jeff was doing really well, soon to be vice president, when one day he learned that web had grown 2300% in one day. He then just knew that he had to "do something with this internet". Jeff made a list of 20 possible products to sell online and decided that books were the best option. This when amazon was born. He borrowed about 300,000 dollars from his parents and invested in the company, there were no other investors, there was a 70% chance that the company will go bankrupt.
Amazon was originally to be an online book store, however, Bezos knew he wanted to expand to other products. 3 years after finding Amazon publicly. There was a lot of criticism because no one believed that Amazon will do well because so little people knew about the internet and so many big Book shops such as Barnes & Noble.
2 Years later shares in Amazon were greater than 2 competitor retails combined. By the end of the decade, 6% of Amazons investors were billionaires. For 7 years shares in the company were Bezos family.
In 1998 Amazon diversified into online sale music and video by the end of the year it expanded into a variety of consumer goods. Bezos used 54 million raised during companies' equity offer to finance companies' smaller competitors.
In 2002 Amazon launched Amazon web services which combined date of website traffic and weather channels.
In the early 2000s Bezos borrowed 2 billion dollars from various banks, due to this Amazon went almost bankrupt, Amazon let 14% of their staff go.
In 2003 Amazon rebounded and turned 400 million dollar profit.
In the early days, Bezos had a very bad temper so he hired people to help him with his leadership skills. Bezos is extremely strict when it comes to hiring people, he also bared powerpoint presentation, instead, he asks his staff to give papers on their proposal.
He also has an email for customers jeff@amazon.com, he doesn't respond to them, but if there is a legit query he transfers the emails to his staff.
From day one its been clear that the main focus is a customer. Amazon's perspective of a customer coming up with an idea that would legitimately generate value.
For example, in 2005 Amazon prime was created, Amazon understood that customers want to buy a quality product with less money and customer wanted to receive the product as fast as possible. Bezos's strategy was to invest Amazons capital back to Amazon this led to Amazon worth of 1 trillion dollars and shows of now sing of slowing down. To this, today Bezos is worth 150 billion dollars making him the richest man on earth.
Picture below is of Jeff Bezos.
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