How Jeff become billionare

Whenever we talk about online shopping, the first name which hits in our brain is Amazon.com because it is the largest online shopping site in the world. Amazon.com is one of the biggest companies in the world and his Ceo and founder Mr. Jeff Bezos is the richest man on the planet. There are many ups and downs come in the way of the success of Amazon.com.  Under the guidance of Jeff Bezos, his company amazon is not only limited to only shopping but it has also spread in many other sectors like E-services, cloud computing, recharge facilities, and many other services. Today in this article we are going to discuss how Jeff and Amazon come to this level where it is very difficult to beat them.

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The success story of Amazon and Jeff Bezos

Amazon founder Jeff Bezos

Jeff born in Mexico on the 12th of August in 1964 his mother’s name is Jacklyn and his father’s name was Ted Jorgensen. Jacklyn was a teenage mother when she gave birth to Jeff and his marriage with Ted Jorgensen did not stay for a long time after one year and some days they got separated and married to Miguel Bezos who migrated from Cuban to the United States at the only age of 15 years. Later Miguel got a job as Engineer in Exxon Mobil. Jeff Studied at River Oaks Elementary School which is in Houston and completed his studies early studies from there. Later he completed his High School studies from Miami Palmetto Senior High School and to complete his graduation he took admission to Princeton University and pursued Bachelor of Science degree computer science and electrical engineering. Jeff completed his graduation in the year 1986. Companies like Intel and Bell labs offered him a job but he chose to join a start-up called Fitel. After some time he quit Fitel and joined Bankers Trust and then he worked at D.E. Shaw and Company which was  internet based company. When Jeff was of only 30 years he becomes the vice president at the wall street investment Bank, from that he is getting a high salary as compared to others at the age of thirty. He was the youngest vice president of Wall Street investment Bank

Jeff is getting 6 figure salary and he become successful but still quit the job because he has some other plans in his mind. After quitting the job he decided to start his own company and he started Amazon.com in 1994 because while working in the bank he found that worldwide web usage is growing at an exponential rate. He stated the company with investments from family and friends. He abled to raise a seed funding of 1 million dollars. He started the company in a garage Jeff started selling books on amazon.com and with his team members started learning how to automate work to reduce there work and to easily navigate their clients. Jeff started in Seattle city because Ingram book Group’s Oregon warehouse was very near to it which make very easy to get the book and sell to their customers. And because of Amazon’s good service and team’s hard work, it started getting grow at a very high rate even in 1995 it becomes the world’s largest Bookselling store. Amazon was making more than 15 million dollars only three years after it started. But in 1997 Amazon lost 30 million dollars and in the next year, it lost 1.25 million dollars although companies sales are increasing at a very high rate. Jeff has something different idea in his mind and he didn’t lose hope and focused on customer service. Jeff’s plan was to make Amazon a brand and increasing its brand value at that time this method was looking at failure. Amazon’s most revenue is getting in marketing and promotions that is why Amazon sales were increasing but it is getting in the loss.

After setting a good brand name Amazon was ready to move ahead so Jeff started expanding in other fields also like medicines, electronic items, music. To attract more attention to customers Amazon also started online auction like eBay and uBID . So in 1999 Amazon joined Sotheby’s Holdings Inc. and launched sothebys.amazon.com which was its online auction site. This site helped him a lot although it attracted very few investors but it helped the company to survive in rough conditions. After the dot-com bubble burst, all the competitors of Amazon go a very bad effect on them but Amazon still survived along with this it announced that it had made a profit of 5 million dollars. About 60% of uncommercial peoples had internet access in the year of 2014 and amazon was the number one site to buy things like books and many other items. Later Amazon began its Amazon prime service which provides 2 days delivery in only 79 dollars a year. Amazon also introduced a lightweight reading device which is named as Amazon kindle. On Amazon Kindle, if you are a publisher then you can sell your books or if you love books then you can but eBooks at a low rate as compared to physical books. In 2014 its revenue was grown to  88 billion dollars and in future amazon’s revenue keep increasing. Jeff purchased The Washington Post newspaper at 250 million dollars and changed its name to Nash  Holdings LLC which was owned by the Graham family for a very long time of about 140 years. Jeff made a significant change to the newspaper by adding an online payment banner for some of the number of subscribers of US local newspapers. Jeff also invested in many other companies like stack Exchange, Twitter, Uber, Bussiness Insider, and many others.

Now in 2020, Jeff is the richest person in the world, there was a time when jeff invested in Google.com and now amazon is one of the biggest companies in the world. Jeff is now married to MacKenzie and has four children.

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