BACKGROUND OF KEY PERSON
My favourite legendary Entrepreneur Ingvar Kamprad was born in the south of Sweden in 1926 and raised on a farm called Elmtaryd, near the small village of Agunnaryd. At an early age, He reinvested his profits and expanded to fish, seeds, Christmas tree decorations, and pens and pencils. At the age of 17 he started IKEA with some money he received from his father. Within four years IKEA began distributing furniture manufactured by Swedish craftsmen. (From Scott Allen)
ENTREPRENEURIAL EXPERIENCES AND ACCOMPLISHMENTS
At age of 17, Kamprad already start his early experiences as an entrepreneur. Kamprad founded was IKEA in 1943. In 1951, he starts to sell furniture. By manufacturing them locally, he keeps costs low. In 1953, he gives customers chance to see and feeling furniture in the furniture showroom. After few years, Kamprad gained experience that he developed the concept of flat pack design. Over the next few years, Ingvar Kamprad continued turning unique consumer needs into retail opportunities for his company.
Also Kamprad is a great leader which influences whole of the IKEA family. Kamprad is famous for his micro-managing style. Also the management style kamprad used, the human aspects, improving the quality of life of the people and the extraordinary attention to detail made IKEA successful. Kamprad make IKEA become the largest furniture store in the world. According to Forbes’ list of The World’s Billionaires 2007 he is worth $33 billion.
KEY PERSONAL QUALITIES AND SPECIAL ATTRIBUTES
Two big qualities stand out in Kamprad's style. One is he is an unconventional leader which influences whole of the IKEA family. Kamprad is focused on the job he is doing. Because of the dyslexia, this is weakness for kamprad personal. But he came up with creative idea. He decided to use names instead of code for product, and it’s easy for remember. And he also understanding his employee and give chance to employee provide new ideas. Successes have proven that he has the strengths and business acumen, this revelation of a weakness let people fully accept him as a leader.
Another one kamprad is rustic in his approach. He as a leader feels that there is a need to set up an example for his workers in order to make them loyal to the organization. For example Kamprad still travels economy class, thus setting a real life example of resource management to his employees.
Kamprad is ambitious and always in on the lookout for new strategies and innovations that could like IKEA to an excellent stature. Also he believes that his organization still needs rapid amount of growth and progress. For example the flat packing strategy which saves lots of operations costs and thus leading to a lower price but higher margins of profit. (By anned’innocenzioap Retail Writer)
LEARNT FROM KEY PERSONAL EXPERENCES AND ACCOMPLISHMENTS
For this case study, I learn a lot from Ingvar Kamprad, I think first as an entrepreneur we should have innovation spirit. Personally, I like IKEA products, because it will bring me a new experience, and also improve our quality of life. How can I become a successful entrepreneur like Ingvar Kamprad? The first step is having innovation spirit. I’ve learned that innovation is one of the important strategies to improve competitiveness. As a young entrepreneur, I understand that new business need breakthrough innovation, and also know what customer wanted .This was exactly what I learned from Ingvar Kamprad. The customer want high quality and lower price, that’s why kamprad use the flat design, because it’s save warehouse space and also easy to transportation to the customer. That's why he own lots of customer.
If you want to become entrepreneurs, you should focusing on your strengths and try to turn your weakness into strength. That is second part I have learned from Kamprad. Each person has his/her own strength and weakness. But if you want to become a...
Links: By anned’innocenzioap Retail Writer, NEW YORK October 28, 2010 (AP) http://abcnews.go.com/Business/wireStory?id=11993295
Please join StudyMode to read the full document