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Jeff Bezos, the founder of Amazon.com, the world's largest internet retailer, is a key visionary in today's corporate world. Amazon.com started as an online book store before expanding to include a vast variety of consumer goods. The business was founded in 1994 and has expanded significantly over the years to become the world's largest online retailer. Jeff Bezos' experience demonstrates his success in entrepreneurship, where he has greatly influenced industry and culture. He is an entrepreneur who has inspired many people to start up similar businesses hence opening the world to online business.
About Jeff Bezos
Born in 1964, Jeff developed love for computer and pursued a career in computing where he graduated in Princeton University in 1986 with a degree in computer science. He worked with several firms including Fitel, Bankers Trust and D.E. Shaw. Despite rising through the ranks to become the vice president for D.E. Shaw at a young age, Jeff took a risky move to quit his job and venture to e-commerce. He was able to see the great potential with internet retailing which had not been tapped by the existing players in the retail industry (Dyer, Gregersen, & Christensen, 2009).
It is at this time that Jeff set up Amazon.com where with a few staff members and an office in his garage, he developed the software that allowed customers to purchase books online. The business became an instant hit recording $20,000 sales a week in the first two months and attracting customers from United States and 45 other countries around the world. Later, the company diversified into selling other products online which included CDs, clothes, electronics and toys among others. The journey of Amazon.com is a demonstration of the entrepreneurial nature of Jeff Bezos that has made him one of the richest people in the world (BRANDT, 2011).
Jeff Bezos saw the opportunity in online retailing and was able to establish an online retail business which has grown over the years and today offers products to different parts of the world. One of the key attributes of entrepreneurs is the fact that they are able to see opportunities in the market and come up with the right initiatives to take advantage of these opportunities and establish a competitive position. Entrepreneurs are also innovative in that the continuously seek new ways to improve the product offering to improve customer experience and make their businesses more competitive (Rice &Habberson, 2006).
Amazon.com for instance succeed in venturing the retail market despite the stiff competition by offering customers a different kind of experience where they are able to purchase products online and have them delivered to their desired location. With the increased technological development across the globe, many customers have access to the internet and digital devices which they use to make orders online (Amazon, 2017).
Jeff took advantage of the advances in technology to offer customers a different kind of experience where they don’t have to visit physical stores to do their shopping. The new strategy by Amazon helped to attract customers who have limited time to visit physical stores for shopping. In addition, online retailing offers customers a wider variety of products to choose from where they can also compare prices between different retailers.
As an entrepreneur, Jeff Bezos was a pioneer in the online retailing industry when Amazon.com was a leader in introducing customers to online retailing. The industry has grown significantly over the years with the establishment of numerous online retailers in different markets across the globe. Online retailers are able to compete with retailers that have physical stores given the fact that they are able to reach a larger market and sell a wider variety of products as it is the case with Amazon.com. Jeff Bezos also continuously finds new opportunities in the market that the business can take advantage of in order to achieve growth. The company for instance has been able to launch different product lines which help to diversify the product offering and reach more customers in the market (Stokes & Wilson, 2010).
Amazon.com started as an online book retailer where the main target market was United States. As it become more established in the market, the company diversified into offering other product lines such aselectronics, apparel, furniture, food, toys and jewellery. With the established brand in the market, the company was able to attract more customers to purchase the new products introduced through making orders online. With the success of Amazon.com, Jeff Bezos has been able to expand into other industries with the aim of diversifying risks and increasing the revenue channels (Peters & Shepherd, 2011).
This is an indication that Jeff Bezos is an entrepreneur who is open to opportunities and who is flexible enough to come up with new strategies to enhance growth of the company. By getting continuous feedback from the customers, the company is able to get a good understanding of customer needs and launch new products that attract high demand. Amazon.com has also succeeded in the market as a result of being able to keep up with the changes in technology within the retail industry (Westhead, & Wright, 2013).
Jeff Bezos encourages innovativeness in the company where employees are encouraged to continuously come up with new strategies to improve service offering and competitiveness of the company. With a good organization culture, employees are supported to come up with new innovations that give customers an exceptional experience. According to Kessler (2017) Jeff Bezos currently has interest in space developments where the company can be able to offer supplies for people to settle in mars and other planets. This demonstrates as high ambition for the entrepreneur whose imagination is not limited by factors that hinder other people from achieving these goals.
Entrepreneurial skills by Jeff Bezos
Jeff Bezos has demonstrated innovativeness as an entrepreneur where he was able to come up with a new retailing strategy through online retailing. This is an important skill in entrepreneurship as it helps to differentiate product and service offering from other players in the market. Jeff Bezos for instance was able to differentiate from other players in the retail market by selling products online (Kalpanik, 2010).
Another important entrepreneurial skill demonstrated by Steve Bezos is flexibility where he was able to diversify the product offering for the company and reach a larger market. Despite starting by offering online books in the market, the company diversified into offering other products such aselectronics, apparel, furniture, food, toys and jewellery.This is a demonstration of flexibility by Jeff Bezos where he was ready to adapt other product lines that could help to increase competitiveness of the company in the market and achieve growth (Ribeiro &Roig, 2007).
Success of Bezos in establishing Amazon was also achieved through his resilience where he was able to overcome challenges such as the stiff competition in retail market. Every new start up faces challenges in establishing in a market that is already occupied by established players. There are market entry barriers that hinder the success of new start-ups as well as financial challenges. Bezos was however able to overcome these challenges to successfully establish Amazon (Byers, 2007).
• People management
Jeff Bezos has good people management skills where he was able to motivate the employees in establishing the company and establishing a competitive position. He was able to create a culture of innovativeness where employees were free to try different things and come up with new innovations that helped to meet customer expectations.
• Risk taking
Entrepreneurs are risk takers who are willing to invest in new ventures that have not been tested in the market. Jeff Bezos for instance was willing to quit his job to establish an online retail business despite the fact that this is a field that was new and had not been tested by other retailers. He was also willing to take risks by diversifying into offering a wide range of products despite the fact that there were many other retailers offering similar products in the market (Mennen, 2010).
Self-reflection on enterprising skills
The entrepreneurial skills demonstrated by Jeff Bezos are helpful for me in evaluating my entrepreneurship skills. For instance, I am an individual who is highly motivated and who tries out different things and like to come up with new innovations that can help to solve the problems that the society members face today.
Over the years, I have experienced how the trends in the market change and am also able to identify the opportunities that can help to better meet the demand of the customers in the market. I am able to monitor the trends in the market and the changing behaviour of consumers which is important for entrepreneurs. This is a similar character to that of Jeff Bezos who realised the fact that consumers were spending more time on the internet and therefore took advantage of it to establish a new online selling platform.
I have good management skills and am able to relate well with other people at the workplace. I like to create and work in an environment where people are free to try out different things which is critical in the entrepreneurship process. I am self-motivated and can work for long hours to achieve success in the business ventures that I establish.
Being open minded is an important aspect that can make me successful in entrepreneurship where I am able to establish opportunities in the market and take advantage of them. In the past I have had the opportunity to work with other entrepreneurs and understand how they plan their business and are able to establish successful business ventures.
One challenge however is the fact that I am a risk averse individual and find it hard to invest in ideas that have not been tested and proved successful in the past. Despite being able to identify potential opportunities in the market, I am always reluctant to invest in them or share the idea with other people who could make it a success.
Effects of Jeff Bezos entrepreneurship on business and society
The entrepreneurship character of Jeff Bezos has had a major impact on the business and the society in the world today. Today many people purchase goods online through different platforms such as company websites and social media platforms and have them delivered to their desired location. This means that people are able to shop online without visiting physical stalls which helps to save time for other activities. Consumers also have a wide variety of products to choose from as opposed to relying on one retailer which lowers their bargaining power (Hern, 2017).
The market is characterized by continuously changing customer needs and they expect organization to continuously offer products and services that exceed their expectations. Innovation has therefore become an important aspect of the business world today and it’s only the most innovative companies that are able to maintain a competitive position. Companies therefore require the leadership of entrepreneurs who are innovative and open to take new opportunities that come up in the market. It is this kind of innovative leadership that has helped Amazon.com achieve the current position in the market today under Jeff Bezos (Henry, 2007).
As an entrepreneur, Bezos has made a positive impact on the society and business world by opening up new channel where people are finding it easier to do business. Online retailing had widely been embraced across the globe and had helped to create employment for many people who are able to do business at the comfort of their houses. I would want to make a similar impact on the society and business world by changing the way that people do business and changing the life of consumers. Being an entrepreneur would also offer me the opportunity to solve challenges that the society members face. Entrepreneurship allows for creativity where I would be able to establish the challenges that members of the society and consumers face and take it as an opportunity to come up with the right solutions (Carsrud&Brännback, 2007).
Another major impact of the Jeff Bezos on the society is the fact that he was able to create employment opportunities for members of the society. Jeff recruited a team that helped to establish the company software and successfully launch in the market. The company has continued to grow over the years and today employs thousands of employees in different markets across the globe. This is a positive contribution to the society and the business world as the business provides a source of livelihood for many families (Peters & Shepherd, 2013).
Desire to become an entrepreneur
The story of Jeff Bezos and his success in entrepreneurship motivates me to become an entrepreneur in the future. This is because entrepreneurship will offer me an opportunity to make positive impact on the business world and the society in general. As an entrepreneur, I will be in a position to come up with new innovations that help to establish successful ventures despite the stiff competition in the market.
Entrepreneurs are able to see opportunities in the areas where other people don’t and this is the main factor that makes then more successful as compared to other business people in the market. In the case of Jeff Bezos for instance, he was able to see the opportunity in online retailing which many of the retailers in the market did not see. This is what makes entrepreneurship exiting where there is the ability to come up with ideas that are different from the norm.
Jeff was able to inspire the people he worked with to demonstrate creativity in coming up with new innovations that help to make Amazon a success. I would also want to develop a similar character by helping other people reach their full potential in developing new products and services that attract a high demand in the market. As an entrepreneur, I would also help in creating employment opportunities and improve the livelihood of the society members.
Entrepreneurs are able to see opportunities in the areas where other people don’t and this is the main factor that makes then more successful as compared to other business people in the market. In the case of Jeff Bezos for instance, he was able to see the opportunity in online retailing which many of the retailers in the market did not see. This is what makes entrepreneurship exciting where there is the ability to come up with ideas that are different from the norm. I would want to develop similar abilities of seeing opportunities that have not been tapped in the business world and come up with the right inventions to take advantage of them.
Jeff Bezos is an example of how entrepreneurship helps people succeed in the business world today. With the stiff competition in the market, one has to be open to opportunities and be prepared to take them before the competitors. As an entrepreneur, I will not only be able to achieve success in business but will have the opportunity to create new line of business that other people can take advantage of. In this way, I would contribute positively towards continuous advancement of the business world and the society in general.
In conclusion, Jeff Bezos is a successful entrepreneur and the founder of Amazon.com the leading company in online retailing. Bezos saw an opportunity in online retailing which had not been tapped and quit his job to establish Amazon.com in his home garage with a team of employees who helped to make it a success. He has demonstrated different skills that entrepreneurs need to succeed in establishing successful ventures. For instance he is innovative and flexible where he is able to see different opportunities that come up in the market such as the opportunity in online retaining. He is also a risk taker where he was willing to quit his well-paying job and venture to a new line of business that had not been tested. As an entrepreneur, Jeff has positively impacted the business environment and the society in general. For instance, there has been increased online trading with more businesses selling products through their company websites and social media platforms. Another impact is that customers have more options where they can be able to make purchases. The story of Jeff Bezos and his success in entrepreneurship motivates me to become an entrepreneur in the future. Through entrepreneurship, I can be able to create employment opportunities for other people and also solve challenges that consumers face. I will also be in a position to create new lines of business which other people interested in business can be able to take advantage of.
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