Topic > Jeff Bezos - 3001

INTRODUCTION Studies have been conducted to examine the different characteristics of an entrepreneur. Visionaryness and risk propensity are two characteristics identified by authors (Fisherman, 2000; Covey, 2006; et al) as traits of a successful entrepreneur, although there are some (Schultz, 1980 and Brockhaus, 1980) who argue the opposite. The purpose of this article is to explore whether there are relationships between the 2 traits; vision and risk taking. We also consider the amount of risk an entrepreneur is willing to take to realize his company's vision of the future. Our goal is to find evidence of this in Jeffrey Preston Bezos (also known as “Jeff Bezos”) in his entrepreneurial activity. Many articles about Bezos, founder and CEO of the successful online store Amazon, describe him as a visionary and risk-taker. Prior to Amazon, he was a senior vice president at DE Shaw, a Wall Street hedge fund firm before leaving his job to start his own virtual bookstore in 1994. Over the past twenty years this shop has expanded its product line to include other products such as clothing, beauty products and even groceries. In its seventh year of business, 2012 (Stone: Pg 6), Amazon achieved sales of $61 billion. In addition to Amazon, Bezos also acquired many online stores, ventured into Blue Origin, an aerospace company that develops technologies to offer space travel to customers, and bought a news agency called The Washington Post. In the following sections, we examine how the authors share their findings on the risk-taking and visions that lead an individual to undertake entrepreneurial activity and whether these entrepreneurs possess a propensity for risk-taking to achieve their goals. We also take a closer look at Bezos' business ventures, his business philosophy and...... half of the paper ...... a customer-focused business has been the key to a successful business venture . His business decisions were always focused on satisfying the needs and wants of his customers. It was never about ripping off the customer in order to maximize his profits for Amazon. To provide solutions to his customers, Bezos has continually made large investments in new innovations and process improvements at Amazon. He was willing to allow Amazon to endure several years of losses, much to the concern of his staff. The Super Saver shipping service, One-Click Shopping technology, and Amazon Prime membership were clear examples of risk-taking initiatives taken by Bezos. To realize his vision of a customer-centric business, he launched these services at very affordable prices for customers but they were expensive to maintain and often left Bezos' team wondering if they had made a grave mistake..