What could you do if you put your full head, heart and soul into doing great work?
The June issue of SUCCESS features the young maverick entrepreneurs who are influencing our world today and will shape our future.
This isn’t a new phenomenon.
Long before they were born, a 17-year-old started a company from his family’s farm in a little-known place. It is likely you own one of his products—maybe even a houseful.
This is his story, full of entrepreneurial lessons…
Ingvar Kamprad was born in Sweden in 1926. As a young boy, he bought matches in bulk from Stockholm and resold them, still at a fair price, but also for a profit. He then reinvested his profits to expand into fish, seeds, Christmas tree decorations, pens and pencils.
Lesson: Reinvest your profits into the expansion of your enterprise.
At age 17, while still living on his family’s farm, Ingvar founded IKEA. The name was formed from Kamprad’s initials (I.K.) plus the first letters of Elmtaryd and Agunnaryd, the farm and village where he grew up. He kept adding variety to his merchandise, including wallets, watches, jewelry and stockings.
In 1947, Kamprad introduced low-cost furniture made by local manufacturers. The furniture was such a hit that, in 1951, Kamprad decided to discontinue other product lines.
Lesson: Focus on the winners.
In 1953, IKEA was in a price war with its main rival, another catalog retailer. In response, read more »