Shaw, the investment firm, when he heard that internet use was growing at an annual rate of 2, percent. His math, in fact, was grossly incorrect. The internet was growing by a factor of 2,, meaning it was actually growing at a rate of , percent.
That math worked too. Bezos was not especially fond of books, but books seemed like the best bet to take advantage of the internet's explosive growth. In , the year Amazon launched, the catalog of available books in print was effectively infinite, with more than three million titles--a long-tail business well suited to e-tailing. Shipping books was also relatively easy and not terribly expensive. As a place to start, the idea just made sense.
Many companies preach the gospel of customer focus. Bezos lived it. He wasn't talking about feel-good service. It was more about creating a company people couldn't live without. One often-cited example was Bezos's insistence that for every new product, the team write a six-page memo and include a sample press release. We silently read one at the beginning of each meeting in a kind of 'study hall. Bezos believes that the narrative style of the format clarifies the strategy, and that by writing the press release at the outset, the team was forced to think about whatever they were doing through the lens of the customer's first encounter with the product.
In the early days of e-tailing, ordering anything online was a terrible experience for both sellers and buyers. Only about one-third of households had computers, and they were slow. Even fewer of those households had internet access. The websites that existed were just bad. If you were going to persuade someone to get on a computer, dial up an internet connection, and buy, you had better offer something they couldn't get anywhere else.
The experience had to create enough value--by offering low prices, limitless selection, and flawless fulfillment--that it would overcome the early barriers of buying online. Even as the web became easier to access, the question remained: Does your site make your customers' lives easier or better in some tangible way? If so, they'll probably buy just about anything from you. In Amazon's case, that's almost exactly what happened.
Don't be afraid of our competitors, because they're never going to send us money, Bezos once told his team. Although primarily conceived as an online bookstore during its early stages, Bezos considered the business capable of diversifying its offering further down the line. Receiving support from early investors, Bezos continued to develop Amazon for several years before taking the business public. During this time, the company also launched its own cloud computing arm — Amazon Web Services.
Following a period of financial turbulence, Amazon was able to beat the odds and continue its work as a major player in the e-Commerce sector. Aside from his work with Amazon, Bezos is noted for his involvement in many other entrepreneurial ventures.
His work as the founder of space exploration company Blue Origin — which has announced its intention to begin transporting humans into space by the end of — is undoubtedly one of the most adventurous. Involving the likes of Virgin Galactic founder Sir Richard Branson and SpaceX founder Elon Musk , the race is characterised by an intense rivalry aimed at pioneering the industry of private space travel.
Bezos is also involved with venture capital firm Bezos Expeditions, investing in numerous sectors including healthcare and technology. He also acquired iconic American newspaper The Washington Post back in , which saw him transform the paper's previous business model. Under Bezos' leadership, the paper returned to profit in If you would like to book an entrepreneur speaker for your corporate event, function or conference, simply contact the Champions Speakers agency by filling in our online contact form or by calling a booking agent directly on She has since brokered deals with international clients and won the services of globally-renowned speakers including former Ap Read more.
Champions does not speak for or claim to represent all the individuals listed on this website as the exclusive booking agent or agency unless specifically stated. Acts listed on this site are for informational purposes only. Responsive Menu. Find a speaker. In the end, he chose books because there were millions of titles he recognized that he would have a competitive edge over fixed bookstores who could only store a few hundred at a time.
Since , after checking the successful sales of books, he began selling other products. Today, Amazon sells almost everything, from books to clothes, toys to electronics.
They even sell their own TV shows online. They have mastered the buying process for their customers, who prefer a quick, easy and informative platform. The online retailer was practically an innovation introduced by Amazon. Very few companies were selling on the Internet, and none were doing it like Amazon. Innovation has always been a part of his business career, from site development to the excellent service that Amazon offers.
As an entrepreneur, Bezos knew that results were not immediate, but a process. Nothing comes overnight. In fact, in the early stages of Amazon , Bezos had to borrow from family and friends to move to Seattle and start the company from his garage. But he remained patient and determined. Bezos has said many times that part of the success of Amazon was due to hard work and team collaboration. A capable team of people who study, discuss, generate ideas and solutions is how Amazon came to be today.
In addition, Bezos is an investor in several companies and start-ups, such as Uber and Business Insider. He has invested in aerospace, robotics and science. A great entrepreneur is fueled by their passion. Bezos has been passionate about everything he has done.
You can see his passion in his work ethic, confidence and the way he handles himself. This article was written by Eser Hangul from TinoShare.
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