Many people in this whole wide world definitely familiar with the name IKEA and they also love to go there for many reasons. Some may be just like to eat there as they provide wide variations of delicious foods especially the iconic IKEA meatball and some others love to shop for furniture and house appliances there. Little did they know, the story of IKEA would be such an inspiring story for many people and it starts with a guy named Ingvar Kamprad.
As a child he was a match seller, as an adult he sold furniture. Then make the coolest furniture business network. The idea of a hip furniture store is like a mall. In turn, making him one of the richest people in the world.
Ingvar Kamprad was born in Sweden on March 30, 1926, and was the youngest child. His parents were a poor farmer couple living in the countryside. From a young age, Ingvar has shown interest in the business. When he was 5 years old, he started selling matches. He can buy matches in large and cheap bundles in Stockholm, then he sells them one by one at a low price and he can still make a profit.
From selling matches, he expanded further by selling fish, Christmas tree decorations, seeds and pens, and pencils. Ingvar finds it difficult to read or write because he has dyslexia, but he does not give up as he continues to try to finish his studies. Ingvar successfully completed his studies with good results. Reward for his efforts, his father had given him a monetary gift. With that money, he founded IKEA. The name is an acronym for his own name, Ingvar Kamprad, his birthplace, Elmtaryd, and his village, Agunnaryd.
Ingvar Kamprad uses the flat-pack concept for his sales furniture. This concept allows IKEA to store large amounts of furniture without consuming a lot of storage space. The furniture for sale consists of separate components and has to be assembled by the buyer himself. Buyers can buy more furniture, while IKEA doesn’t have to worry about storage space problems. Buyers just need to figure out for themselves how to install it. With this concept, Kamprad gets huge savings in terms of furniture shipping costs.
In the millennium, Ingvar came up with the idea for the mall concept to be applied in IKEA furniture stores. Various sections are opened, including a food court. So when shopping for furniture, you can relax and eat and continue shopping. Ingvar’s efforts to develop IKEA were not in vain. His business has thrived and has branches in various countries. Bloomberg 2017 reports that he owns a fortune worth USD46.8 billion.
Ingvar Kamprad himself was once listed as the 8th richest person in the world version of the Bloomberg Billionaires Index in 2015. At that time the value of his wealth was estimated at around USD 43.2 billion. In 2018, Ingvar died at the age of 91. His effort, passion, and hard work in starting a business from scratch is an inspiration to those who are starting a business.
Sources: IKEA