For the past 10 years, IKEA has been the largest furniture retailer in the world. And the credit goes to the company’s founder Ingvar Kamprad. In fact, IKEA is an acronym for his name, his farm, and his village’s name – Ingvar Kamprad Elmtaryd Agunnaryd.

Ingvar Kamprad (1926-2018) was one of the ten richest people in the world.

He was not trained in business schools or universities but it was the life’s experiences and the wisdom of his grandmother which made him an astute businessman.

Starting from assessing the needs of the market to applying radical eco-friendly policies, Ingvar Kamprad executed amazingly out of the box ideas as an innovator and a marketer.

Ingvar Kamprad made his debut in the business world by selling pencils to his classmates, which he had bought earlier in the bulk to reduce the cost. He tried many different businesses in Sweden before he established IKEA’s ready-to-assemble affordable furniture business across the world.

IKEA was established by Ingvar Kamprad in 1943 at the tumultuous age of 17, using the money he had saved for years and what he had borrowed from his relatives.

His business decisions showed a tremendous amount of courage and prudence. From his no-debt business model to his low-cost furniture products, from his gigantic self-serve furniture showrooms to eCommerce platform, Ingvar Kamprad understood the people and their preferences thoroughly.

One of the most famous quotes from Ingvar Kamprad is,

It’s better to sell 600 chairs at a lower price than selling 60 at high prices.

The business community acted against his rock bottom prices and tried to cut his supply chain off but Ingvar Kamprad was ready with an, even more, cheaper alternative.

This way he established a current business model of selling furniture. IKEA started acquiring furniture components from cheaper overseas manufacturers. After a brilliant run of 20 years, IKEA finally expanded its horizon in 1963, commencing a global expansion.

And today IKEA has its biggest store in South Korea which is spread across 614,619.3 sq. ft.!

IKEA boasts of nearly 340 stores in 40 different countries, selling 12,000 different products and giving employment to 194,000 people!

On 27 January 2018, Ingvar Kamprad took his last breath while sleeping, at the age of 91! And an era of true globalization came to an end.

Amid the flip-flops of world leaders on the issue of environment conservation today, it is hard to believe that IKEA had introduced the environmental policy in its business operations way back in the 1990s, to make sure that the company doesn’t harm the nature. Such was Ingvar Kamprad resolve and vision for the world.

Conclusion:

Ingvar Kamprad was one of the most inspiring figures of the modern world. His story motivates millions of people to hold on to their passion and reach for the stars, one step at a time. Taking lessons of life from Ingvar Kamprad is so much helpful for entrepreneurs and consumers alike.

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