hi I’m Evan Carmichael and welcome to
another edition of modeling the masters
today we’re going to look at how a farm
boy whose father told him he’d never
make anything of himself use money that
his parents gave him for doing well at
school start his own little business
this is a story of ingvar calm pride
from Ikea and the top three lessons that
you can learn from his success in var
Conrad was born in a small farming
village in Switzerland where his
grandfather had killed himself with a
gun when he realized that he couldn’t
pay the mortgage on their family farm
camp bride’s grandmother then father
kept the business going and his father
frequently told him if you would never
make anything of himself determined to
prove his father wrong Kamprad woke up
every morning at 5:50 a.m. by removing
the off button on his alarm clock he
then focused his efforts on his
schoolwork and was going to achieve
until he made his father proud after a
particularly stellar year his father
gave him a cash reward as recognition
for a job well done
Kamprad used the money to start his own
little business a company he named IKEA
the name was a combination of calm
prides initials I K and the first
letters of the farm in the village where
he had grown up he in the a he started
off bidding for contracts supply pencils
and slowly expanded his business today
IKEA has over a hundred and twenty five
thousand employees and camp pride is the
11th wealthiest person in the world
according to Forbes magazine with an
estimated net worth of twenty three
billion dollars
by starting small and working hard
comrade was able to prove his father
wrong and make his parents proud he was
able to go from farm boy to Ultra
billionaire and become one of the
richest people in the world to take your
business up to the next level here are
three action items that you can learn
from Ingvar Kamprad
action item number one build around your
customers too many entrepreneurs think
that they have a great idea and spend
all their money and time developing it
only to find out that customers don’t
want it one of the best ways to ensure
your success is to talk with potential
customers build your products and
services around their problems and give
them practical solutions that they will
pay for from the day he founded IKEA kam
pride has been dedicated to providing
good quality and well-functioning
products and low prices this has been
one of the key driving forces behind my
Kia’s international success and the
company hires its own designers many of
whom have gone on to win design awards
over the years according to comp rod to
design a desk which may cost one
thousand dollars is easy for a furniture
designer but to design a functional and
good desk which shall cost fifty dollars
can only be done by the very best we
have decided once and for all to side
with the many what is good for our
customers is also in the long run good
for us
action item number to lead by example if
you’re building your business beyond
yourself then you’ll have to think about
your leadership style and how you’re
going to inspire those working for you
to give their very best every day
Conrad believes the best way to
encourage hard work and a strong
character and others was to exemplify
that in his own life even though he’s
worth billions of dollars he still
drives 13-year old Volvo often takes
public transportation in Switzerland
doesn’t have his own private office and
regularly flies economy class and
traveling out of town
according to comp rod I’m a bit tight
with money but so what I look at the
money I’m about to spend on myself and
ask myself if IKEA customers can afford
it
I could regularly travel first-class but
having money in abundance doesn’t seem
like a good reason to waste it if there
is such a thing as good leadership it is
to give a good example I have to do so
for all the IKEA employees action item
number three never waste your time you
only have so many hours in a day to get
work done and to accomplish your goals
don’t waste them every little step that
you take to build your business will add
up the big movements forward but you
have to put the time in to turn your
vision into reality
Conrad’s frugality is matched only by
his desire to never waste his time to
that end he built the IKEA corporate
philosophy around fishin C and hard work
IKEA has always kept few layers of
Management practically eliminated titles
and privileges and has almost no suits
and ties in the office according to calm
pride time is your most important
resource you can do so much in 10
minutes 10 minutes once gone are gone
for good
ten minutes and not just one six of your
hourly pay ten minutes our piece of
yourself divide your life in the ten
minute units and sacrifice as few of
them as possible in meaningless activity
so remember build around your customers
lead by example and never waste your
time I wanted to end the video today by
sharing one of my favorite true stories
about embark on pride and some of his
best quotes Kamprad had always been a
fan of turning mistakes into
opportunities in 1956 a new IKEA
employee had been standing with a
colleague trying to figure out how to
get a bulky wooden table into the back
of his car
finally against company policy he said
oh god then let’s pull off the legs and
put them underneath it was with that
simple idea that IKEA would reorient
itself towards the flat design
production for which it has become
famous today
you
thank you for joining me for another
edition of modeling the masters if you
enjoyed please give it a thumbs up below
I’d also love to hear your thoughts if
you want to leave a comment and stay
tuned to the next episode
you
another edition of modeling the masters
today we’re going to look at how a farm
boy whose father told him he’d never
make anything of himself use money that
his parents gave him for doing well at
school start his own little business
this is a story of ingvar calm pride
from Ikea and the top three lessons that
you can learn from his success in var
Conrad was born in a small farming
village in Switzerland where his
grandfather had killed himself with a
gun when he realized that he couldn’t
pay the mortgage on their family farm
camp bride’s grandmother then father
kept the business going and his father
frequently told him if you would never
make anything of himself determined to
prove his father wrong Kamprad woke up
every morning at 5:50 a.m. by removing
the off button on his alarm clock he
then focused his efforts on his
schoolwork and was going to achieve
until he made his father proud after a
particularly stellar year his father
gave him a cash reward as recognition
for a job well done
Kamprad used the money to start his own
little business a company he named IKEA
the name was a combination of calm
prides initials I K and the first
letters of the farm in the village where
he had grown up he in the a he started
off bidding for contracts supply pencils
and slowly expanded his business today
IKEA has over a hundred and twenty five
thousand employees and camp pride is the
11th wealthiest person in the world
according to Forbes magazine with an
estimated net worth of twenty three
billion dollars
by starting small and working hard
comrade was able to prove his father
wrong and make his parents proud he was
able to go from farm boy to Ultra
billionaire and become one of the
richest people in the world to take your
business up to the next level here are
three action items that you can learn
from Ingvar Kamprad
action item number one build around your
customers too many entrepreneurs think
that they have a great idea and spend
all their money and time developing it
only to find out that customers don’t
want it one of the best ways to ensure
your success is to talk with potential
customers build your products and
services around their problems and give
them practical solutions that they will
pay for from the day he founded IKEA kam
pride has been dedicated to providing
good quality and well-functioning
products and low prices this has been
one of the key driving forces behind my
Kia’s international success and the
company hires its own designers many of
whom have gone on to win design awards
over the years according to comp rod to
design a desk which may cost one
thousand dollars is easy for a furniture
designer but to design a functional and
good desk which shall cost fifty dollars
can only be done by the very best we
have decided once and for all to side
with the many what is good for our
customers is also in the long run good
for us
action item number to lead by example if
you’re building your business beyond
yourself then you’ll have to think about
your leadership style and how you’re
going to inspire those working for you
to give their very best every day
Conrad believes the best way to
encourage hard work and a strong
character and others was to exemplify
that in his own life even though he’s
worth billions of dollars he still
drives 13-year old Volvo often takes
public transportation in Switzerland
doesn’t have his own private office and
regularly flies economy class and
traveling out of town
according to comp rod I’m a bit tight
with money but so what I look at the
money I’m about to spend on myself and
ask myself if IKEA customers can afford
it
I could regularly travel first-class but
having money in abundance doesn’t seem
like a good reason to waste it if there
is such a thing as good leadership it is
to give a good example I have to do so
for all the IKEA employees action item
number three never waste your time you
only have so many hours in a day to get
work done and to accomplish your goals
don’t waste them every little step that
you take to build your business will add
up the big movements forward but you
have to put the time in to turn your
vision into reality
Conrad’s frugality is matched only by
his desire to never waste his time to
that end he built the IKEA corporate
philosophy around fishin C and hard work
IKEA has always kept few layers of
Management practically eliminated titles
and privileges and has almost no suits
and ties in the office according to calm
pride time is your most important
resource you can do so much in 10
minutes 10 minutes once gone are gone
for good
ten minutes and not just one six of your
hourly pay ten minutes our piece of
yourself divide your life in the ten
minute units and sacrifice as few of
them as possible in meaningless activity
so remember build around your customers
lead by example and never waste your
time I wanted to end the video today by
sharing one of my favorite true stories
about embark on pride and some of his
best quotes Kamprad had always been a
fan of turning mistakes into
opportunities in 1956 a new IKEA
employee had been standing with a
colleague trying to figure out how to
get a bulky wooden table into the back
of his car
finally against company policy he said
oh god then let’s pull off the legs and
put them underneath it was with that
simple idea that IKEA would reorient
itself towards the flat design
production for which it has become
famous today
you
thank you for joining me for another
edition of modeling the masters if you
enjoyed please give it a thumbs up below
I’d also love to hear your thoughts if
you want to leave a comment and stay
tuned to the next episode
you
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