Kamprad began to develop a business as a young boy, selling matches to neighbors from his bicycle. He found that he could buy matches in bulk very cheaply from Stockholm, sell them individually at a low price, and still make a good profit. From matches, he expanded to selling fish, Christmas tree decorations, seeds, and later ballpoint pens and pencils. When Kamprad was 17, his father gave him a cash reward for succeeding in his studies. He used this money to establish what has grown into IKEA.
Trading appears to have fascinated him right from his childhood!
* At an early age, he learned that he could buy matches in bulk from Stockholm and sell them at a fair price, but a good profit. He reinvested his profits and expanded to fish, seeds, Christmas tree decorations, and pens and pencils
* He continued to expand his business to a variety of goods, including wallets, watches, jewelery and stockings. When he outgrew his ability to call on his customers individually, he converted to a sort of makeshift mail order operation, hiring the local milk van to make his deliveries.
* In 1947, Kamprad introduced furniture into the IKEA product line. The use of local manufacturers allowed him to keep his costs down. The furniture was a hit, and in 1951, Kamprad decided to discontinue all other product lines and focus on furniture. In 1953, the first IKEA showroom opened. It came about because of competitive pressures. IKEA was in a price war with its main competitor. The showroom allowed people to see it, touch it, feel it, and be sure of the quality before buying.
* In 1950, Ingvar Kamprad developed the concept of foldable furniture, the secret to IKEA's success. The Swedish businessman patiently built his empire of inexpensive contemporary furniture that now extends to the far corners of the world.
* Was foldable furniture Ingvar's real breakthrough idea?
* Best Advice For Entrepreneurs: “Time is your most important resource. You can do so much in ten minutes. Ten minutes, once gone, are gone for good. Ten minutes are not just one-sixth of your hourly pay. Ten minutes are a piece of yourself. Divide your life into ten-minute units and sacrifice as few of them as possible in meaningless activity.”
* The inspiration for IKEA’s design philosophy came when taking the legs off of a chair to fit it into a car. IKEA founder Ingvar Kamprad was so irritated by the experience that he developed the concept of flat pack design. The novel packing method had a twofold appeal: it allowed easier shopping for urban Europeans who depended on public transportation, and it also lowered the company’s shipping costs dramatically.
* The IKEA Catalogue Is Bigger Than the Bible - The IKEA catalogue was and is the company’s greatest weapon in its arsenal. A 300-page missionary text, it goes out to over 180 million people in 27 different languages. Each year, there are more copies of the IKEA catalogue printed than the Bible. A bit of a cult following has also developed around the catalogues, with earnest readers on the lookout for hidden messages in the pictures, such as running references to Mickey Mouse and weird, obscure books on the bookshelves.
Highlights
* In 1950, Ingvar Kamprad developed the concept of foldable furniture, the secret to IKEA's success. The Swedish businessman patiently built his empire of inexpensive contemporary furniture that now extends to the far corners of the world.
* Best Advice For Entrepreneurs: “Time is your most important resource. You can do so much in ten minutes. Ten minutes, once gone, are gone for good. Ten minutes are not just one-sixth of your hourly pay. Ten minutes are a piece of yourself. Divide your life into ten-minute units and sacrifice as few of them as possible in meaningless activity.”
* The inspiration for IKEA’s design philosophy came when taking the legs off of a chair to fit it into a car. IKEA founder Ingvar Kamprad was so irritated by the experience that he developed the concept of flat pack design.
==USEFUL PRODUCT INNOVATION==
==SPLIT YOUR LIFE INTO TEN MINUTE PACKETS==
==SEEKING OPPORTUNITIES FROM EVERYDAY PROBLEMS, ESPECIALLY PROBLEMS IN USING A/THE PRODUCT==
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