Word: moneys
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Dates: during 1990-1999
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...incredibly risky. How elastic is the Amazon brand name? How much can you stretch it until it simply explodes and becomes meaningless to consumers? And how long can the money hold out? Bezos has already burned through a bank's worth of cash with no sign of slowing down. If anything, he's upping the ante--according to estimates, the company's net loss could be $350 million this year alone...
Actually, it was one of Shaw's partners who interviewed Bezos first and urged the boss to meet him, saying, "He's going to make someone a lot of money someday." Shaw agreed, understanding that Bezos was unusual not only for his balanced intellect--he could handle complex logic as well as articulate his thinking--but also for the overall package: smart, creative, personable, precisely the kind of person they wanted. Over time, Bezos became a specialist in researching business opportunities in insurance, software and then the booming Internet...
...chance of success; he gave himself a 30% chance. "That's actually a very liberating expectation, expecting to fail," he says. That's exactly what he told his first investors--family and friends: "I think there's a 70% chance you're going to lose all your money, so don't invest unless you can afford to lose...
...company that would probably fail. But this was Jeff, after all, and his parents trusted him and believed in him every moment of his life. In the end, "we talked about it for two minutes," says Jackie Bezos. They ponied up $300,000, a huge chunk of the money they had saved for retirement. "We didn't invest in Amazon," says his mother, "we invested in Jeff." The ROJ--return on Jeff--was substantial. Today, as 6% owners of the company, they're billionaires...
...garage into a work space and brought in three Sun workstations. Extension cords snaked from every available outlet in the house to the garage, and a black hole gaped through the ceiling--this was where a potbellied stove had been ripped out to make more room. To save money, Bezos went to Home Depot and bought three wooden doors. Using angle brackets and 2-by-4s, he hammered together three desks, at a cost of $60 each. (That frugality continues at Amazon to this day; every employee sits behind a door desk.) MacKenzie agreed to work with the crew...