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Everyone wants to be rich but for this you have to work hard, be consistent and give a lot of time and it is not easy to do but if you do something with your heart then you can achieve anything in life. This is what Jeff Bezos sir has done who was the richest man in the world at one time and still his name is in the top rich in the world but it was not that easy to do this, he worked very hard for it. In today’s blog we will talk about how he built his empire.
Here’s how Jeff Bezos built his empire
Vision and Ideation
- Jeff Bezos had a very clear vision. He had realized early in the age of internet that in the future there would be many online stores, so he started his own store at that time.
- He first started his own store and started selling books because it was very easy for him to ship them, after which he sold many items at once and created a huge market for himself.
Quit a Stable Job
- While Jeff Bezos had a clear vision, he also took quick decisions when he wanted to start his own business. He left his high-paying job at a Wall Street hedge fund (D. E. Shaw) to pursue his dream.
- Jeff Bezos had a good knowledge of accounting due to which he was able to manage his risk in the market.
Launched Amazon (1994)
- Jeff Bezos created his own online store in 1994 which he started from his garage which was in Seattle.
- He made his website Amazon very user friendly so that people could easily browse through it. He had a large collection of books on his website.
- To expand his website, he spent all his own money and also that of his parents. He invested the money in Amazon’s website and marketing which helped the company grow.
Customer-Centric Approach
- To make Amazon better, the core principle rule of their company was that customers should get certification.
- They offered very good prices to attract customers due to which people started ordering from Amazon and they started fast delivery and a vast inventory.
- Amazon itself started customer reviews due to which people build trust on the website and people and the company remain transparent.
Relentless Focus on Growth
- He put a lot of effort into his website and added items like electronics, apparel, and more along with bouquets on his website.
- He built his own warehouses and also worked on logistics. He reinvented logistics with innovative fulfillment centers.
Data-Driven Decisions
- Jeff Bezos used data analysis to improve his website so that he could know the interest of people and he got only those feedbacks which were of interest to him and he kept improving his website because of which he maintained a good website as per the reviews given by the people.
Diversification
- Along with these businesses, they started many new services that helped them grow their life further like Amazon Prime, Amazon Pay, offering faster shipping and streaming benefits.
- Expanded globally, making Amazon a household name worldwide.
Innovation and Technology
- He made several new innovations that grew significantly and he invested in cutting-edge technology such as artificial intelligence, cloud computing (Amazon Web Services), and automation.
- A significant portion of Jeff Bezos’ net worth comes from the revenue he invested in AWS. AWS became a major revenue source, powering websites and apps worldwide.
Acquisitions and Partnerships
- Acquired companies like Zappos, Whole Foods, and Twitch to diversify Amazon’s portfolio.
- Partnered with businesses and individuals to sell products on the platform.
Global Domination
- He started many services and new businesses to dominate the world. Expanded Amazon’s ecosystem to include Kindle, Alexa, and other devices.
- He built Amazon and then grew it so much that today Amazon is the world’s largest e-commerce company.
Lessons for Entrepreneurs
You first have to identify your opportunity and then work on it.
You have to work on customer certification. If your work is getting customer certification, then your work will grow.
Invest in innovation and long-term goals.
Be willing to take calculated risks.
