Jeff Bezos became one of the richest people in the world
after he started his own online store Amazon.com in 1994. One of Jeff Bezos quotes for every entrepreneur, businessman –
A brand for a company is like a reputation of a person, you earn reputation by doing hard things well.”
Who is Jeff Bezos?
Jeff Bezos is the founder, Chief Executive Officer (CEO), and the President of the largest E-commerce company Amazon.com.
He is currently the richest man in the world with a net worth of $204.6 billion and also the only person to reach the $200 billion mark.
He also founded Blue Origin
, an aerospace manufacturer and a spaceflight company in the year 2000. But he kept it low profile until 2006, where he bought a large area of land for a testing facility and for launch in West Texas.
Jeff also purchased the Washington Post, an American newspaper company, for $250 million in 2013 and he manages all his investments through his Venture Capital firm, Bezos Expedition. He made investments through it on Google stocks, Unity Biotechnology, Grail, Juno Therapeutics, and ZocDoc.
Jeff got married to Mackenzie Scott in 1993 but the couple separated their ways in 2019 and as a divorce settlement Scott received 25% of Jeff’s Amazon shares which was estimated to be around $38 billion at that time, making her one of the richest men in the world. The couple has got four children, three sons and a daughter whom they adopted from China.
Jeff was born on 12th
January 1964 in Albuquerque, New Mexico. At the time of his birth, his mother was only 17 years old and his father was a bike shop owner and the couple later got divorced and Jeff’s mother later got married to Cuban immigrant Miguel Mike Bezos in 1968. Bezos lived with his mother and his new father and the family moved to Miami, Florida where he pursued his high school from Miami Palmetto High School near Pinecrest, Florida. While he was at school, he worked for McDonald’s’ as a short line cook.
Bezos was interested in scientific gadgets since childhood and there was a time where he once installed an alarm just to keep his younger siblings out of his room. He graduated with a BSE degree in Electrical Engineering and computer science and graduated summa cum laude with a 4.2 GPA from Princeton University in 1986.
After graduation, he worked for a Fintech Telecommunication’s start-up, where he was the director of customers service and the head of development. After working for almost two years, he moved to a Banking Industry in 1988 where he worked as the product manager at Bankers Trust until 1990. In 1990, he joined D.E Shaw & Co. which was a newly founded Hedge fund and he worked as the Senior Vice-President at D.E Shaw. But Bezos was not satisfied working for others. So in 1994, he finally decided to leave D.E Shaw and founded his online E-commerce business in his garage after planning its business plan.
Initially, he thought to name his website Cadabra.com but later he changed it to Amazon.com
which he named after the Amazon River in South America. The reason behind the name is because of the letter A which is at the beginning of the alphabet and that his site would appear at the beginning of the search.
He borrowed $300,000 from his parents to invest in his online bookstore and he even warned his investors that there’s a 70% chance that Amazon would fail.
But Amazon was a huge success and it started selling books to across 45 plus countries within 30 days of its launch. Amazon’s sales went up to $20,000 a week within a span of two months. In 1997 just after three years of its launch, Amazon went public and in 1998 he diversified his sales to music and videos and later in that year included a variety of consumer goods.
In 2002, he launched Amazon Web services which collected data from the website’s traffic and from weather channels. But because of his continuous spending Amazon almost went bankrupt and Bezos had to release off 14% of its employees. In 2003, Amazon finally showed some traction and turned a profit of more than $400 million.
In 2007, Bezos launched Amazon kindle which sold out within 5 ½ hours of its launch.
Top 50 Jeff Bezos Quotes for a life-changing business
Here are the top 50 best of Jeff Bezos quotes,
- If you don’t understand the details of your business, you’re going to fail”
- It’s not an experiment if you know it’s going to work.”
- I believe you have to be willing to be misunderstood if you’re going to innovate.”
- Obsess about customers, not competitors.”
- Your margin is my opportunity.”
- If you can’t tolerate critics, don’t do anything new or interesting.”
- I don’t want to use my creative energy on somebody else’s user interface.”
- One of the only ways to get out of a tight box is to invent your way out.”
- If you are going to do large scale invention, you have to be willing to do three things,
- You must be willing to fail, 2- You have to be able to thing long terms, and 3- you have to be willing to be misunderstood for a long period of time.
- The common question that gets asked in business is: “WHY?” that’s a good question but an equally valid question is: “WHY NOT?”
- One of the huge mistakes that people do is that they force an interest in themselves. You don’t choose your passions, your passion chooses you.”
- “What we need to do is always look into the future”.
- “To get something new done, you have to be stubborn and focused to the point that others might find it unreasonable”.
- “Life is too short to hang out with people who aren’t resourceful”.
- “If you decide you are going to do only the things you know are going to work, you are going to leave lot of opportunity on the table”.
- “All business needs to be forever”.
- “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful”.
- “A brand for a company is like a reputation of a person, you earn reputation by doing hard things well”.
- “If you never want to be criticized, for goodness sake don’t do anything new”.
- “Gifts are easy, they are given after all. Choices can be hard. You can seduce yourself with your gifts if you’re not careful, and if you do, it will probably be to the detriment of your choices.”
- “If you make customers unhappy in the physical world they might each tell 6 friends. If you make customers unhappy on the internet, they can each tell 6000.”
- “I knew if I failed I wouldn’t regret that, but I knew the thing that I might regret is not trying.”
- “Failure and inventions are inseparable twins.”
- “There are two kinds of companies: 1) Those that work to raise prices, and 2) Those that work to lower them.”
- “My own view is that every company requires a long term view.”
- “My view is that there’s no bad time to innovate.”
- “It’s hard to find things that won’t sell online.”
- “The thing that motivates me is a very common form of motivation. And that is, with other folks counting on me, it’s so easy to be motivated.”
- “Everything you are comes from your choices.”
- “If you only do things where you know the answer in advance, your company goes away.”
- “Branding is what people say about you when you are not in the room.”
- “I’d rather interview 50 people and not hire anyone than to hire the wrong people.”
- “The best customer service is if the customer doesn’t need to call, doesn’t need to talk to you. It just works.”
- “In business what’s dangerous is not to evolve.”
- “If you double the number of experiments you do per year, you are going to double your inventiveness.”
- “Stress comes from ignoring the things that you shouldn’t be ignoring. Be stubborn on vision and flexible on details.
We can’t be in survival mode; we have to be in growth mode.”
- “The human brain is an incredible pattern-making machine.”
- “If you are very clear of the outside world that you’re taking a long term approach. Then people can self-select in.”
- “What we need to do is always lean into the future, when the world changes around you and when it changes against you- what used to be a tailwind is now a headwind. You have to lean into that and figure out what to do because complaining isn’t a strategy.”
- “If you are long term oriented, customer interest and shareholders interest are aligned.”
- “We innovate by starting with the customers and working backward. That becomes the touchstone of how we invent.”
- “A company shouldn’t get addicted to being shiny because shiny doesn’t last.”
- “We focused like a laser on customer experience and that really does matter.”
- “There will always be serendipity involved in discovery.”
- “There has to be a business and the business has to make sense.”
- “In the old world, you devoted 30% of your time to building a great service and 70% of your time to shouting about it. In the new world, that inverts.”
- “Amazon is not too big to fail. In fact, I predict Amazon will one day fail. Amazon will go bankrupt. If you look at large companies, their lifespan tends to be 30 plus years not 100 plus years. If we focus on ourselves instead of the customers that will be the beginning of the end.”
- “I strongly believe that missionaries make better products. They care more. For a missionary, it’s not just about the business.”
- “In the end, we are our choices. Build yourself a great story.”
- “I like treating things as if they’re small, you know Amazon even though it is a large company I want it to have the heart and spirit of a small company.”
These were some of the best Jeff Bezos quotes for 2020. You can also read the best entrepreneur quotes for 2020