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The success story of Jeff Bezos, founder of Amazon

The success story of Jeff Bezos, founder of Amazon

 Jeff Bezos, the richest person in the world, is the founder and CEO of the giant Amazon, one of the largest and most famous e-commerce companies in the world. He also owns the Washington Post and the airline.

Bezos started his business building Amazon out of a simple home-run online bookstore. Initial sales were very slow, but today he has made a huge fortune and has become the richest man in the world. He beat Bill Gates and made $124.3 billion in 2018. According to Forbes magazine, Jeff Bezos was the third billionaire in the world in 2017 and his fortune was $72.8 billion, but this year it increased to $124.3 billion after adding $40 billion. Fortunately.

All of this vaguely guides us, how did Jeff Bezos make all this wealth? I try to answer by telling the success story of Bezos and his company, Amazon.

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How did Jeff Bezos start his business?

After graduating from Princeton University and studying electronics and computer science, Bezos went to Wall Street, where computer science was in great demand to work in many companies. Initially, he worked for FITEL (a start-up company aiming to build an international trading network). Since then, Bezos' company, DE SHAW, has specialized in applying computer science to the stock market. And the show he was working on at DE when he came up with an idea that would change his life and make a huge difference in internet history. Bezos knew that products could be sold online, so he decided to leave the company and start working in his store.

Amazon.com

Bezos created an online bookstore and also created a list of products that could be sold online, such as CDs and software. However, due to the variety of titles, he eventually settled on the book. Bezos did not have a physical presence, so he did not have to pay product taxes. This was one of the benefits Bezos gained when he started his business. He initially chose several company names, including Cadabra, MakeItSo.com, and aard.com. Finally, Bezos decided to use the Amazon.com address after searching the dictionary for the A-word. He loved the sound of the name and it was one of the longest rivers on the planet and the name of the largest library.

The site was launched on July 16, 1995 after being tried by 300 users. In just one month, it has spread to all states in the United States and 45 other countries. By September 1995, sales had reached $200,000 per week.

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Bezos cared about his audience, believing it was important to build customer trust and even undermining other libraries that would soon start building their own sites. Amazon's biggest competitor was Burns & Noble. Sales in 1996 were estimated at $2 billion, but Amazon was $16 million behind in the same year. Attempts to collaborate between Amazon and Burns & Noble failed.

Amazon has built a system to upload customers' credit card information, shipping addresses, and make a one-button purchase. Through it, they obtained the patent used at Barnes & Noble and used it as a means of trying to eliminate the new competitor eBay.com, which hit the market in mid-1998.

Amazon and eBay

 eBay was one of Amazon's biggest competitors. In addition to the variety of products the company was looking for, eBay didn't even have to use inventory or warehouses. The seller was a real person trying to sell the product with the highest bid known as the auction mechanism. Bezos began working on a project to offer auction technology that launched in March 1999.

Amazon's rapid expansion

Amazon has partnered with hundreds of retailers to form a subsidiary called Amazon Services, allowing customers to order products from co-branded sites like Borders and Toys R Us. In 2003, in addition to opening an online sporting goods store, Amazon launched a commercial search engine focused on e-commerce sites, offering around 3,000 different brands. This will launch Amazon in Italy, France, Germany, the United Kingdom, Canada, and Japan within the next decade.

In 2006, Jeff Bezos launched Amazon Web Services. This includes a wide range of global computing, storage, database, analytics, application and publishing services. Another leap for Amazon is the technological innovation that introduced a series of Amazon Kindle e-readers in 2007. Kindle is currently a major factor in the creation of the international e-book market. This device helped secure 95% of the US book market when the iPad entered the market in 2010, until another challenge from Apple.

blue origin

In 2004, Bezos created an aerospace company called Blue Origin to develop new technologies for space flight with the goal of establishing a "permanent human presence in outer space." The company owns a special missile launch facility in West Texas. On November 24, 2015, Blue Origin sent a rocket into space and landed. I was testing a new spacecraft called the New Shepard. This is a spacecraft intended for space travel at a competitive price.

Washington Post

In 2013, the company bought The Washington Post for $250 million. Donald Graham, Chairman and CEO of the company said:

Bezos emphasized his reiteration, Post, Post, Post, value only by focusing more on the audience.

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