Three years ago I was in New York City working for a quantitative hedge fund when it came across the startling statistic the web usage was growing at 2,300 percent a year so I decided I would try and find a businessplan that made sense in the context of that growth.
He then explained how his thought process to get Amazon off the ground:
I picked books as the first best product to saw online which making a list like 20 different products that she might be able to sell and books were great as the first best because books are incredibly unusual in one respect that is that there are more items in the book category and there are items than any other category by far.
At any given time we’re inventory in our own warehouse only a couple of thousand titles and then we have we do almost in time inventory.
At the time he already obsessed over customers as the primary growth tool, which would become the Amazon Flywheel:
For the first time that actually has real value for the customer that’s a hard thing to do but if you do that then newspapers will write about you what you’re doing customers will tell other customers you’ll get a huge word-of-mouth fan out and and that can really drive and accelerate businesses and that’s what happened with us in the first year of opening Amazon become to the public we didn’t do any paid advertising and all of our growth was fueled by word-of-mouth.
Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
