Hustle Wednesday: Meet Jeff Bezos, the Richest Man in the World!

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Hello MTB Family,

I hope your week is going well. I came across this picture of Jeff Bezos who is now the richest man in the world and just thought about humble beginnings.

That led me to introduce the new segment that you will see on Thursday. For now, if you haven’t heard of Jeff Bezos, here is a chance to know something about this Internet Mogul who is giving Bill Gates a run for his money.

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Jeff Bezos is an American online retail pioneer and tycoon, with a net worth of $58.8 billion as of November 2015, according to Forbes.

As founder and CEO of Amazon.com Inc. (AMZN ), he changed the way Americans buy books, which quickly expanded to the way they purchase all manner of consumer goods.

He has won awards such as Time magazine’s Person of the Year (1999), Fortune’s 2012 Business Person of the Year, 2014 Best CEO in the World Harvard Business Review, Forbes’ #2 Richest in Tech, and 14 th on their Powerful People list.

A graduate of Princeton University, Bezos founded Amazon in 1994, at the age of 30, when worldwide internet use was still in its infancy, and online shoppers were even rarer. Bezos had become convinced of the internet’s immense mercantile potential during his stints at Bankers Trust and D. E. Shaw & Co.

Amazon began by selling books online, and implemented some of its longstanding features within the first few years, including One-Click Shopping, and its Amazon Associates Program. It went public in 1996, and was listed on the Nasdaq. Since then, the company has grown exponentially through aggressive acquisitions and canny innovations to become the top online retailer in the United States.

Along the way, Amazon has expanded beyond simple retail, essentially creating the market for e-books and e-readers, developing a smartphone and tablet business, and either playing a major role or experimenting in almost every consumer market, from fashion to electronics to groceries to streaming music and movies, to producing its own television series. It has also outstripped nearly all of its competitors with fast order-fulfillment times, and it is even working on a drone-operated package delivery service.

While not every experiment has been a success, many of them have paid off handsomely. Between its initial public offering (IPO) and April 2015, the value of its stock has grown more than 500-fold.

Bezos, who owns 18% of the company, has used his wealth to expand into a number of areas. In 2013, he purchased The Washington Post newspaper for $250 million. Having seen the impact the internet has had on a number of traditional businesses, he is also known to have invested in a number of disruptive online startups, such as Airbnb, MakerBot Industries, Uber and Zocdoc.

Source: www.investopedia.com

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Like every other achiever, he has a number of quotes under his belt that I got from everydaypowerblog.com

On what made Amazon successful, Jeff Bezos says:

“There are a lot of entrepreneurs and people pursuing dreams and passions…. The whole point of moving things forward is you run into problems, you run into failures, things don’t work. You have to back up and try again. Each one of those times when you have to step back, back up, and try again. You’re using resourcefulness, you’re using self-reliance. You’re trying to invent your way out of a box, and we have tons of examples at Amazon where we have had to do this. We failed so many times. I always think of us as a great place to fail because we’re good at it. We have so much practice.”

“If you decide that you’re going to do only the things you know are going to work, you’re going to leave a lot of opportunity on the table.”

Life’s too short to hang out with people who aren’t resourceful.”

One of the huge mistakes people make is that they try to force an interest on themselves. You don’t choose your passion; your passion chooses you.

“You have to be willing to be misunderstood if you’re going to innovate.”

 

That’s it for today.See you tomorrow.

 

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