Starting Your Own Business

By Franklin Skribbit


Of the many entrepreneurs that have succeeded in their ventures, Jeff Bezos stands in a class of his own. His major claim to fame is being the founder and CEO of Amazon.com, which first started as an online bookstore, and then proceeded to expand into other products. Amazon.com eventually became the largest retailer on the Internet and a prime example for e-commerce.

Bezos was born Jeffrey Preston Jorgensen in Albuquerque, New Mexico. His mother divorced his father shortly after his birth, and later married Miguel Bezos, who legally adopted Jeff after the marriage. As a young boy, Jeff Bezos showed in interest in science. One of his earliest science projects was rigging an electric alarm to keep his siblings out of his room. The family moved to Miami where Bezos attended high school and was valedictorian.

Anyone who is planning on starting their own business who has done the least bit of research has heard the importance of having a good business plan. And the truth is that this point cannot be reiterated enough.

After college, he began working on Wall Street in the computer science field. He was employed at a company called Fitel, where he was tasked to build a network of international trade. His next job was at Bankers Trust where he became vice-president, and then moved onto the computer science division at D.E. Shaw & Co.

At this point you have a degree and work experience, but now you need to specialize in forensic accounting. You can either apply for government jobs or pursue a master's degree in forensic accounting or business administration with a focus in forensic accounting.

If you do find people that seem to have a need for your business, then examine them. What sort of people are they? What do they like? What do they dislike? And how do you think you could get them to do business with you? These fundamental marketing questions may seem tedious, but they will help you build a marketing plan that will allow your business to attract customers.

Bezos decided that his company would sell books online, due to their low price points and wide variety of titles available. Within two months, Amazon's sales were up $20,000 per week, and they were continuing to increase.

Bezos' genius had a large part to play in the reason why Amazon succeeded. He devised an unconventional business plan which did not expect to make a profit for around four to five years. Stockholders initially complained about this slow growth model, but after Amazon survived the burst of the dot-com bubble at the turn of the century, it became a massive name in online sales.

They can help you know what steps you should take and how to avoid mistakes that they made during their own experience. More than anything else, it helps to build a support network of people who know what you will be going through and how to help. So don't be shy, ask around.




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