The founder and CEO of Amazon.com, one of the richest people in the world, is called "Businessperson of the Year" (2012) by Fortune and "Person of the Year" (1999) by Time Magazine. His company had a revenue of bil 75 billion last year and a company valuation of bil 150 billion, ranking second among ecommerce companies (No. 1 Alibaba). And I did not come to hear the story of the failure of the gentleman! You would be surprised to know that, as much as you and I have made mistakes in our lifetime, Beaz alone made more mistakes than he did in the beginning of Amazon !!
In 1998, Amazon became the number one online store in these categories, selling books, music, and movies.
After much research, he decided that 'children's toys' would be the new item. This was a little different from Amazon's core business because there were no such distributors of toys at the time. So Amazon had to buy directly from the manufacturer, then store inventory and pray that all the toys were sold! The rest of Amazon's executives objected, but Beyos persisted, with no results. The khel 120 million toy was bought, and the 50 million toy remained unsold at the end of Christmas. There is no place to keep, and no guarantee of sale. In the end, they were rescued by donating to various charities and some parts were exported at half price!
In the same year, Bays launched Amazon Auctions, which he said would outperform eBay. Jeff bought Accept.com for 175 million to facilitate the project, but the result was a horse egg. eBay was already established, Amazon Auctions could not be found! This project was then established as a failure rather than a toy project.
In 1998, Bayes bought Junglee, a search site that compares prices for web products. It costs ওয় 180 million, but the board can't be too happy because it takes visitors to another site.
The 1998-99 period was the final madness of Beaz. At this time he bought the movie site IMDB.com, social networking company PlanetAll.com, data company Alexa.com, a German and another British bookstore. He also invests in drugstores, pet stores, wine shops, grocery stores! People have a capacity to work. What happens is that all the food is eaten at once, indigestion, almost all the investment went into the water.
Interestingly, Beaz thinks these were not bad decisions, not the wrong investment. Amazon may have made some losses in the above investments but the profit margin is heavy. Google, AirBNB, and Uber are also the favorites of Bayes. Some more grand successes: appos, ShopBop, and Diapers.com It's true that Beaz has wasted billions of dollars, but he has learned from every mistake and made Amazon his "everything store" of his dreams. Using the lessons he learned from his toy mistakes, he has partnered with Toys “R” Us to help Amazon avoid the hassle of inventory and focus on sales. He has learned from every mistake and made use of it which is the biggest reason for the success of Amazon.