I am excited to introduce the world’s wealthiest person to you guys. Here is the life story of Jeff Bezos, he is an American technology entrepreneur, known to found the e-commerce company Amazon and the space exploration company Blue Origin. He is also the owner of The Washington Post. So who is “Bezos” that was able to start a company with very little, playing a key role in the development of e-commerce as the founder and chief executive officer of Amazon.com, Inc?
Jeff Bezos was born in Albuquerque, New Mexico on January 12, 1964. He saw the light of day as the son of seventeen-year-old high school student Jacklyn Gise and a bike shop-owner Ted. After his parents got divorced, her mother got married to Cuban immigrant Miguel Bezos, and then Jeff’s surname was changed to Bezos.
As a child, he spent his summers at his grandfather’s Texas ranch working on extremely varied tasks such as vaccinating cattle, laying pipe, fixing windmills. Jeff attended River Oaks Elementary School in Houston after they moved to Texas. After Bezos family moved in Florida, Jeff was transferred to Miami Palmetto Senior High School where he graduated as the school’s valedictorian. Since he was a little boy he was into computers but in his high school years, his interest in computers increased. Thus he studied computer science and electrical engineering at Princeton University where he graduated in 1986 with a 4.2-grade point average.
Jeff got a start in business in his earlier ages. He established “The Dream Institute” at school. It was an educational summer camp where the participations were required to read some books such as Dune novel by Frank Herbert, The Lord of the Rings novel by J. R. R. Tolkien, Gulliver’s Travels book by Jonathan Swift, Stranger in a Strange Land novel by Robert A. Heinlein, Watership Down novel by Richard Adams, The Once and Future King novel by T. H. White, Black Beauty novel by Anna Sewell.
After he graduated from Princeton University he was offered jobs at Intel and Bell Labs but he refused to work in neither of the companies. Instead, he chose to work in Wall Street where computer science was progressively in favor. Fitel was the first company he worked in, being tasked on building a network for international commerce.
In 1988, Bezos transitioned into the banking industry and started to work in Bankers Trust where he became a product manager. In 1990, He joined D. E. Shaw, the investment firm. Instead of working as a normal employee he stayed there for 4 years as Vice President of D.E. Shaw. Meanwhile, he joined dance courses to improve his communication skills with ladies. In 1933, he married to his research partner Mackenzie Tuttle who is also a Princeton graduate, she is a novelist today.
Even though Bezos had wonderful working conditions in D.E. Shaw for four years, he decided to quit. His career in finance was excessively profitable but he had another business plans which he wanted to play the leading role himself.
Bezos was bound and determined on starting his own business. He would rather fail than not try. Here is a piece of startup advice from Jeff Bezos: “Take risk. You have to be willing to take risk. If you have a business idea with no risk, it’s probably already being done.”
He founded Amazon in his garage located in Seattle on July 5, 1994. Because books could be potentially sold on the internet, he chose to sell the books. His parents supported him financially as well.
“The first initial start-up capital for Amazon.com came primarily from my parents, and they invested a large fraction of their life savings in what became Amazon.com. And you know, that was a very bold and trusting thing for them to do because they didn’t know. My dad’s first question was, “What’s the Internet?” Okay. So he wasn’t making a bet on this company or this concept. He was making a bet on his son, as was my mother. So, I told them that I thought there was a 70 percent chance that they would lose their whole investment, which was a few hundred thousand dollars, and they did it anyway.”
From the first month, Amazon achieved selling books to fifteen states and 45 countries. Within 30 Amazon made $20,000 per week in sales. It was developing day by day. In 1997 Amazon became public at $18 per share. Amazon made its first acquisition with PlanetAll, Junglee, Bookpages.co.uk (later became Amazon UK) in 1998. Currently, it has 44 notable company acquisitions. It has been calculated that Jeff Bezos makes $8.9 million in a year.