This is part of the entrepreneurship lesson that the story of founding the largest e-commerce company in the world taught us.
Amazon founder Jeff Bezos has been the richest person in the world for the past three years. In fact, his fortune has grown by an average of $13 billion a day to $189 billion.
Before Amazon became the largest e-commerce company in the world, Bezos was an American teenager who grew up in the middle income district of Houston, Texas.
He grew up with curiosity and a vision for the future from an early age. While in college, I developed the Dream Institute, a center that encourages students to think creatively.
He graduated with honors in Electrical Engineering and Computer Science from Princeton University in 1986 and did some work before joining DE Shaw & Co, a New York investment firm.
At that company, Bezos stood up fast and was named Senior Vice President of the company, becoming the youngest person to hold that position in the company.
Amazon started as a small online library
By 1993, Bezos realized that the Internet was growing at 2,300% annually and began to share the idea of selling books online with his boss and colleagues. However, this idea was considered crazy at the time and was ignored.
In 1994, Jeff Bezos decided to leave the company and fulfill his dream of "creating the largest online bookstore in the world". He made the decision and took a risk when he got out of his comfort zone and found a need in the market that no one had yet met.
Bezos moved to Seattle, Washington, to open a virtual library. He worked in the garage with some helpers and began developing software for the site. He named his company Amazon after the famous Amazon River and sold his first book in July 1995.
Amazon quickly became a leader in e-commerce. The site is open 24 hours a day, easy to use, encourages users to write reviews for their books, offers discounts, individual recommendations, and the ability to search for books.
Additions of new products and pioneering services
In June 1998, Amazon began selling CDs and other video formats. In 1999, Bezos added an auction to the site and invested in other virtual stores. Amazon's success has encouraged other retailers, including major book chains, to create online stores.
As the online business grew, Bezos recognized the need to diversify, and by 2005, Amazon offered a wide range of products, including electronics, apparel, and consumer products. Amazon became more diversified in 2006 with the introduction of Amazon Web Services (AWS), a cloud computing service that became the largest cloud computing service in the world.
In late 2007, the company launched a portable reading device called the Kindle, a digital book reader with wireless Internet access. This allows customers to purchase, download, browse and save a variety of books.
In 2010, Amazon announced that Kindle books sell more than books worldwide, and in the same year Amazon began producing its own TV shows and movies through its Amazon Studios division. Amazon's annual net sales ranged from $510,000 in 1995 to $233 billion in 2018.
Amazon culture of innovation
Amazon's success has not been limited to being a pioneer in e-commerce. In addition, Jeff Bezos founded a company that broke the model.
Amazon transformed the publishing industry, creating new formats that allow unknown authors to publish at their own expense, changing the way they read Kindle and e-books, and creating streaming, music and video services.
How did Amazon become the queen of e-commerce?
Jeff Bezos realized that the key to Amazon's success lies in market size and expansion. As a result, Jeff Bezos made new changes.
In 2002, a manager's problem was a great new opportunity for Bezos. To store and protect large amounts of data and protect and protect user information, Amazon founded Amazon Web Services, the largest cloud computing service with $5.49 billion in the first quarter of 2018. From Amazon's total revenue.
Not satisfied with this success, Bezos launched his own Amazon Prime subscription program in 2005, with the premise that it focuses on customers and ships products purchased from online stores in a short period of time. Up to 48 hours for free. Since then, Amazon Prime has evolved to include offering online TV channels, as well as previous subscription services and an extensive library of exclusive music and movies.
In addition to all this, Amazon entered the world of fashion, competing with more than 70 brands of clothing for children, babies, men and women.
Lessons from Jeff Bezos
Jeff Bezos' story leaves us with some lessons about entrepreneurship:
Be curious and see what's going on in the community. Go above and beyond to investigate the needs of potential customers and create new ones.
Earn money from your passion, find something that makes you happy, and work hard to achieve it. If that's what you want, you'll definitely work harder.
Don't be afraid of failure or rejection. Just because no one cares about your idea doesn't mean it's a bad idea. you think so.
Be creative and stay ahead.
Once you develop your core products, you diversify. Listening to customers and markets, learning about new needs and meeting those needs.
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