At first, it was the emperors. Then it was the oil barons. After that, came the tech billionaires. Now an ecommerce entrepreneur is the world’s richest man. He wasn’t expected to be in the top 100, let alone top 10 billionaires. The name is Jeff Bezos. In this post we will discuss on how he became the king of ecommerce.
In 1994, Bezos wasn’t clear about which way to go in his career. He did amass a small fortune by that time. Evidently, it came on the back of multiple lines of trades. He abandoned his fortunes to sell books. That decision alone led to the creation of Amazon and effected a major change in ecommerce. At first they dealt in publishing, film, TV and journals.
Never settle is the mantra of Jeff Bezos. That’s exactly how he took an idea to garage and built it as one of the largest marketplace in the world. Jeff Bezos was born on 1964 in Albuquerque, New Mexico. As a child, he turned his parent’s garage into his laboratory. He always had a big vision, which reflected in his schooling. In 1982, Valedictorian speech, he spoke about colonializing other planets. True to that dream, he builds spacecraft as a hobby.
Early to the scene
On 1986 he graduated from Princeton with a science degree. Rather than getting into tech, he entered the Wall Street. Even by that time, he wasn’t having an insatiable desire for wealth. He looked at things a lot differently than his peers at various levels. In the Wall Street, he quickly made a name for himself. He became the youngest Vice President at Bankers Trust by the age of 26. By 28, he was the youngest Senior Vice President at DE Shaw & Co. It was there he first experienced the awesomeness of Internet. It looked like a great untapped resource or opportunity at that time.
Taking the risks
It was here, Bezos wanted to start an online bookstore. DE Shaw didn’t share the optimism. That forced Bezos to leave Wall Street. He set up shop in his garage in 1994. Initially the store had names like Cadabra and Cadaver. The name hunt ultimately ended in Amazon. By 1995, he had a bell installed, which would ring every time a book is sold. In its first month, Amazon sold to all 50 U.S States and 45 different countries. The bell unfortunately had to go, owing to massive sales numbers.
Keeping the momentum
By 1997, Amazon IPO got a funding of $400 million. In just a couple of years, Jeff Bezos was worth $10 million. He was Times ‘Person of the Year’. When dot com bubble burst, Amazon sustained itself. Amazon strengthened its grip in the market. At that time its competitors were Lycos, eToys, WebVan and Pets.com. The company expanded beyond books. They launched Kindle, Alexa, Amazon Studios, Amazon prime and more. They create an entire Amazon ecosystem. People were more inclined to buy in a lot more. That’s how Jeff Bezos built his $150 billion empire.