In success stories we take a look at some of the most successful people in history and breakdown their lives and tips to success. In this post we’re taking a look at Jeff Bezos the creator of Amazon.


 

Profile

NAME: Jeffrey Preston Bezos

DOB: January 12 1964

NET WORTH: 55 billion USD

INITIAL AGE OF SUCCESS: 37

MENTORS: Hired many post success mentors


 

Early Life

  • Born in Albuquerque, New Mexico in 1964
  • Jeff’s Mother got re-married to Miguel Bezos after only a year of marriage with Jeff’s real Father
  • Received a Silver Knight award when in high school, which is awarded as a  record of services to school or community
  • Jeff was his high school valedictorian and obtained a national merit scholar award (An academic scholarship)
  • Attended Princeton University intending to study physics. However Jeff soon rekindled his love for computers and graduated with highest honor in 1986
  • Jeff worked on Wall Street in the computer science field for many businesses, gaining valuable internet experience that would pay-off later in life
  • Got married in 1993

 

Growth

  • Founded Amazon in 1994 under the name Cadabra. However Jeff quickly changed it when a lawyer couldn’t understand what the name was during a phone call. Jeff changed the name to Amazon due to alphabetical reasons, and the fact that the river Amazon was the largest in the world. An omen for Amazon’s future intentions
  • The business plan for Amazon was put together during Jeff’s drive from New York to Seattle
  • Jeff left a high paid job on Wall Street, with an annual salary of around $200,000 a year. His decision to leave was based on what is called inverted risk. Instead of thinking about the dangers of leaving his job, Jeff thought about the dangers of future regret and decided that this was a much bigger risk. Jeff also claims that seeing the internet boom was a major contributor to him starting Amazon
  • Jeff first started Amazon in his garage like so many of the world’s most iconic entrepreneurs have
  • Jeff decided to focus on individual products for Amazon. After much debate he settle upon becoming an online book store
  • In 1996 Amazon moved to bigger offices due to rapid expansion
  • Amazon began capturing deals to sell other products, most notably toys and music. Amazon’s ability to price skim allowed them to take a hold of multiple markets
  • In 1997 Amazon went public, making Bezos personally over $100 million
  • In 2000 Amazon updated their logo to the one we’re all familiar with today
  • Later than year Bezos founded a company called Space Venture, with the aim of space/planetary exploration, much like Elon Musk’s company SpaceX
  • Bezos, like Zuckerberg, Gates and Jobs, prided his company on user experience
  • In 2001 Amazon made it’s first quarterly profit and it’s first yearly profit in 2003
  • 2003: Jeff survived a helicopter crash
  • In 2009 Amazon bought Zappos shoe company
  • 2010 brought another move for Amazon, a new state of the art HQ that matched the companies profits
  • 2011 the release of the Kindle Fire

 

Current Life

  • Jeff/Amazon are competing with Netflix for online movie/TV dominance
  • Jeff has dreams of building hotels and amusement parks on other planets through Blue Origin. Jeff is extremely keen on being able to evacuate earth just like Elon Musk. They both believe that we have an advantage that the dinosaurs didn’t, technology!
  • Bought the Washington Post for $250 million in cash
  • Is currently working on/overseeing multiple other businesses in areas such as software, charity and more
  • Gives millions to worldwide causes
  • One of the richest people in the world and voted the 2nd best CEO in the world by Harvard Business Review

 

Top Traits

  • Brave
  • Stubborn towards his end goals
  • Customer orientated
  • Strong and bold
  • Relentless
  • A forward thinker
  • Ability to invert risk and then overcome it

 

Top Tips For Success

  • Sleep well
  • Be stubborn about your vision, but flexible on details
  • Keep teams small
  • Never stop experimenting
  • Be willing to invent new things
  • Think long term
  • Avoid slideshows and discuss instead
  • Obsess about customers
  • Don’t pick what is currently hot/trending as a business, the curve has already gone
  • Start with the customer and work backwards
  • Base strategy on things that aren’t going to change/go obsolete
  • Identify and remove risk
  • Start now to avoid regret later on

 

Best Quote

I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying