By Andrew Lisa
WWR Article Summary (tl;dr) Here are seven valuable business insights from Amazon CEO Jeff Bezos who took a big chance in launching the e-commerce giant in 1994. Originally just an online bookstore, Amazon became the fastest company ever to hit annual sales of $100 billion in 2015.
Last week, Jeff Bezos briefly surged past Microsoft founder Bill Gates to become the richest person in the world, according to Forbes.
With the help of a recent stock surge, the CEO and founder of Amazon, had a net worth of at least $90 billion.
Although his time in the No. 1 spot was short, he remains one of the richest people in the world.
Bezos owns 80 million shares, or 17 percent, of Amazon, a company that’s experiencing massive growth thanks in part to its cloud-computing sector. However, Amazon wasn’t always a tech behemoth. Bezos took a big chance in launching the e-commerce giant, leaving behind a high-powered hedge fund job in 1994. Originally just an online bookstore, Amazon became the fastest company ever to hit annual sales of $100 billion in 2015.
ALIGN YOUR SKILLS TO THE MARKET’S NEEDS, NOT THE OTHER WAY AROUND
In 2009, Bezos described the corporate philosophy that led to the creation of the wildly successful Kindle. At the time, it was the company’s best-selling product.
He explained that one strategy for entrepreneurs to succeed is to determine what they’re good at and seek out a segment of the market that needs that skill. The other option, Bezos said, is to find out what customers need and hone your skills accordingly.
Amazon, which had never previously been in the tech business, took the second route with Kindle. E-books required e-readers, so Amazon developed one that customers loved.