The previous blog explained the life history of Jeff Bezos and here, you are going to discover his business biography in detail.
On July 5, 1994, he launched Cadabra from his garage which was later changed to Amazon. His parents invested $300,000 in Amazon. By the end of the year 1998, Bezos expanded Amazon to other products, initially launched as an online bookstore.
In 2000, Bezos borrowed $2 billion from banks. In 2002, Amazon faced financial distress and in the year 2003, it rebounded from financial instability and gained a profit of $400 million.
Bezos continued to diversify Amazon’s offerings with the sale of CDs and videos in 1998, and later introduced one-click shopping, customer reviews, and e-mail order verification.
Furtherly, Expanded to other items including clothes, CDs, toys, jewelry, watches, electronics, and shoes. He has constantly been improving his website and introducing improved facilities for his customers.
The initial success of the company was meteoric. With no press promotion, Amazon.com sold books across the United States and in 45 foreign countries within 30 days.
In two months, sales reached $20,000 a week, growing faster than Bezos and his startup team had envisioned.
Amazon released the Kindle, a handheld digital book reader that allowed users to buy, download, read, and store their book selections, in 2007.
His childhood dream of space travel spurred the founding of Blue Origin, an aerospace company that is developing technologies to offer space travel to customers, in September 2000.
In November 2015, the company launched the New Shepard space vehicle which reached its planned test altitude and returned back to the launch site in West Texas.
“We are going to build a road to space. And then amazing things will happen,” Bezos said.
The main aim of Blue Origin is to preserve the natural resources of the Earth by making the human species multi-planetary. In July 2018, the company announced that Bezos had priced commercial spaceflight tickets from $200,000 to $300,000 per person.
READ NEXT ENTREPRENEURIAL JOURNEY OF BUSINESS FIGURES
In early December 2013, Bezos made headlines when he revealed a new, experimental initiative by Amazon, called “Amazon Prime Air,” using drones to provide delivery services to customers.
He said these drones would be able to carry items weighing up to five pounds and be capable of traveling within a 10-mile distance of the company’s distribution center.
THE WASHINGTON POST
On August 5, 2013, Jeff Bezos purchased The Washington Post for $250 million in cash.
In 2016, he reinvented the newspaper as a media and technology company by reconstructing its digital media, mobile platforms, and analytics software.
Initially, Bezos was accused of controlling the content of the newspaper unfairly which was later dismissed by Bezos and the editorial board of The Washington Post.
In 2016, for the first time since Bezos purchased the newspaper, the paper was profitable after a surge in online readership.
Thus, The nature of success requires ambition, a hard work ethic, inspiration, and motivation and he is the live example for many entrepreneurs and budding entrepreneurs. 🙂
Catch you all in next blog 😊
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