Jeff Bezos Documentary - Amazon.com Success Story

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• published: 27 Aug 2012
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http://www.evancarmichael.com/support/ - SUPPORT ME :) Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!! My name is Evan Carmichael and I believe that the fastest and most effective way to build a business is to model the strategies of people who have already done what you're trying to do. I call it Modeling the Masters. Today we're going to take a look at how a man who came from a single parent family and was born to a teenage mother turned to his love of computer science and created a multi-billion dollar online business. This is the story of Amazon.com founder Jeff Bezos and the top 3 lessons that you can learn from his success. "I'm going to do this crazy thing. I'm going to start this company selling books online." - Jeff Bezos Jeff Bezos was born on January 12, 1964 in New Mexico to his teenage mother, Jackie. She divorced Bezos' father that same year. When Bezos was five-years-old, Jackie remarried to Miguel Bezos, a Cuban-born engineer for Exxon. The family moved to Houston, Texas, near a 25,000 acre ranch owned by Bezos' maternal grandfather. It was here where Bezos would spend most of his summers, learning the basics of everything from veterinary care for cattle to repairing bulldozers in what he now calls "just an incredible, incredible experience." Even as a young child, Bezos showed signs of being mechanically gifted; he dismantled his own crib with a screwdriver and rigged his room with an electric alarm to keep his younger siblings out. Bezos would go on to graduate from Princeton with a degree in computer science and electrical engineering. Although he toyed with the idea of starting his own company, he decided to give himself more time to learn about the business world first. So, Bezos took a job with a brokerage firm on Wall Street, where he was able to use his computer skills to build networks that would help clear trades. It was the spring of 1994 and the Internet was growing at 2,300 percent a year. Bezos immediately began looking into the top 20 mail order businesses to try and find the one that could be conducted more efficiently over the Internet. Finding no comprehensive mail order catalogue for books -- it would be too big to mail -- Bezos decided this would be the perfect product to sell over the Internet. The very next day, Bezos flew to the American Booksellers' Convention in Los Angeles to better understand the industry. There he discovered that electronic lists of inventory for the major wholesalers already existed; Bezos would just have to create a single place on the Internet where consumers could go to search for and order the books they wanted. And that is what gave him the idea for Amazon.com. The rest is history. Action Item #1: Throw Away the Rule Book Action Item #2: Hire Quality Employees Action Item #3: Think Long Term True Story A lot of people do not know that Amazon.com was not Jeff Bezos' first business. While still in high school, Bezos started The Dream Institute. After working for McDonalds one summer, Bezos found out he did not like working for others, so he started a business of his own the next summer. The Dream Institute was a educational summer camp for fourth, fifth and sixth graders. The entire camp was built around reading assignments and the youngsters comprehension of what he or she read. He charged $100 per camper and got six sign-ups for the camp. After that, he never liked working for any one again. Quotes "It's highly unlikely and that started me thinking, 'What kind of business plan might make sense in that context of growth?'" "We have so many customers who treat us so well, and we have the right kind of culture that obsesses over the customer." "I knew that if I failed I wouldn't regret that, but I knew the one thing I might regret is not trying." What Do You Think? Do you throw away the rule book when it comes to business decisions? Do you hire quality employees or anyone off the street? Are you thinking long-term or looking for a quick buck? Tell me what you think by leaving a message below.