Ingvar Feodor Kampard is a Swedish business magnate. He is the founder and owner of the furniture giant IKEA. The region he is born in, is famous for its rural agrarian society, it is the embodiment of harsher times when Sweden was poor and its only industry was agriculture. The villagers are no stranger to hard work, egalitarianism and frugal lifestyles. They had been indoctrinated in these values through their shared poverty. These values have also been adopted by IKEA. The giant success of IKEA has made Ingvar Kamprad one of the richest men in Sweden as well as the world.
Let’s have a look at the giant success story.
Ingvar Kamprad was born in a small farm by the name of Elmtaryd near the village of Agunnaryd in Sweden. Kampard had a sense for business from a very small age. He began a small business of selling matches to the villagers and his neighbours from his bicycle. He bought matches in bulk from Stockholm at a very cheap price.
He bought matches in bulk from Stockholm at a very cheap price. He sold them at a relatively low price and still managed to make a decent profit. He slowly expanded to selling fish, seeds, Christmas decorations and stationary items such as pencils and ballpoint pens.
The Turning Point
Kamprad was a kind of boy who was very reluctant to get up early in the early in the morning and this worried his father too much. There was always a worry that his son would not amount too much and following he was presented by a alarm clock as his birthday gift and he started waking up early in the morning. He learned to focus on achievements.
Taught himself business tricks
As a young boy, Kamprad got involved in many small businesses deals. Slowly he understood the principles of business and reinvested his profits to buy more bulk merchandise to resell. This way he taught himself many business tricks and developed a good business sense.
Dyslexia- Not a Suffering
Although, he suffered from Dyslexia but this did not hampered his desires and aspirations to succeed. His amazement that he could buy a product and resell it for a profit fuelled his ambitions to became a successful businessman.
Kamprad continued to expand his business by trading of various things such as wallets, watches and other things. As the business expanded, his father rewarded him with a sum of money and he founded IKEA- I for Ingvar, K for Kamprad, E for his family farm Elmtaryd and A for his village Agunnaryd.
Kamprad, not a stranger to hard work and possessing an indomitable desire for success came up with the simple yet game changing innovation called the flat-pack. The basic concept of IKEA- simple, affordable and modern furniture was completed with the invention of the flat-pack.
The motivating idea behind IKEA is that one and all should be able to afford modern stylish furniture. Kamprad was not concerned with cutting costs and making profits, he served the people through his affordable furniture.
Simple living High thinking
Ingvar Kamprad flies in economy class, calls his employees his ‘co-workers’, stays in cheap hotels and drives an old Volvo. He is the bastion of frugal living.
The feeling of having finished something is an effective sleeping pill. A company that feels it has reached its goal will quickly stagnate and lose its vitality.