00:00:03another edition of modeling the masters
00:00:04today we’re going to look at how a farm
00:00:06boy whose father told him he’d never
00:00:08make anything of himself use money that
00:00:11his parents gave him for doing well at
00:00:12school start his own little business
00:00:14this is a story of ingvar calm pride
00:00:16from Ikea and the top three lessons that
00:00:18you can learn from his success in var
00:00:24Conrad was born in a small farming
00:00:26village in Switzerland where his
00:00:27grandfather had killed himself with a
00:00:29gun when he realized that he couldn’t
00:00:31pay the mortgage on their family farm
00:00:33camp bride’s grandmother then father
00:00:35kept the business going and his father
00:00:37frequently told him if you would never
00:00:39make anything of himself determined to
00:00:42prove his father wrong Kamprad woke up
00:00:44every morning at 5:50 a.m. by removing
00:00:47the off button on his alarm clock he
00:00:49then focused his efforts on his
00:00:51schoolwork and was going to achieve
00:00:52until he made his father proud after a
00:00:55particularly stellar year his father
00:00:57gave him a cash reward as recognition
00:00:59for a job well done
00:01:00Kamprad used the money to start his own
00:01:03little business a company he named IKEA
00:01:05the name was a combination of calm
00:01:07prides initials I K and the first
00:01:10letters of the farm in the village where
00:01:12he had grown up he in the a he started
00:01:15off bidding for contracts supply pencils
00:01:17and slowly expanded his business today
00:01:20IKEA has over a hundred and twenty five
00:01:22thousand employees and camp pride is the
00:01:2411th wealthiest person in the world
00:01:26according to Forbes magazine with an
00:01:28estimated net worth of twenty three
00:01:30billion dollars
00:01:33by starting small and working hard
00:01:35comrade was able to prove his father
00:01:37wrong and make his parents proud he was
00:01:40able to go from farm boy to Ultra
00:01:42billionaire and become one of the
00:01:43richest people in the world to take your
00:01:46business up to the next level here are
00:01:47three action items that you can learn
00:01:49from Ingvar Kamprad
00:01:53action item number one build around your
00:01:56customers too many entrepreneurs think
00:01:58that they have a great idea and spend
00:02:00all their money and time developing it
00:02:02only to find out that customers don’t
00:02:04want it one of the best ways to ensure
00:02:07your success is to talk with potential
00:02:09customers build your products and
00:02:11services around their problems and give
00:02:13them practical solutions that they will
00:02:15pay for from the day he founded IKEA kam
00:02:19pride has been dedicated to providing
00:02:20good quality and well-functioning
00:02:22products and low prices this has been
00:02:25one of the key driving forces behind my
00:02:27Kia’s international success and the
00:02:29company hires its own designers many of
00:02:31whom have gone on to win design awards
00:02:33over the years according to comp rod to
00:02:37design a desk which may cost one
00:02:38thousand dollars is easy for a furniture
00:02:40designer but to design a functional and
00:02:43good desk which shall cost fifty dollars
00:02:45can only be done by the very best we
00:02:48have decided once and for all to side
00:02:50with the many what is good for our
00:02:52customers is also in the long run good
00:02:54for us
00:03:00action item number to lead by example if
00:03:04you’re building your business beyond
00:03:05yourself then you’ll have to think about
00:03:06your leadership style and how you’re
00:03:08going to inspire those working for you
00:03:10to give their very best every day
00:03:12Conrad believes the best way to
00:03:14encourage hard work and a strong
00:03:16character and others was to exemplify
00:03:18that in his own life even though he’s
00:03:21worth billions of dollars he still
00:03:23drives 13-year old Volvo often takes
00:03:25public transportation in Switzerland
00:03:27doesn’t have his own private office and
00:03:29regularly flies economy class and
00:03:31traveling out of town
00:03:32according to comp rod I’m a bit tight
00:03:35with money but so what I look at the
00:03:38money I’m about to spend on myself and
00:03:40ask myself if IKEA customers can afford
00:03:43it
00:03:43I could regularly travel first-class but
00:03:46having money in abundance doesn’t seem
00:03:48like a good reason to waste it if there
00:03:50is such a thing as good leadership it is
00:03:52to give a good example I have to do so
00:03:55for all the IKEA employees action item
00:04:01number three never waste your time you
00:04:04only have so many hours in a day to get
00:04:06work done and to accomplish your goals
00:04:08don’t waste them every little step that
00:04:11you take to build your business will add
00:04:13up the big movements forward but you
00:04:15have to put the time in to turn your
00:04:16vision into reality
00:04:18Conrad’s frugality is matched only by
00:04:21his desire to never waste his time to
00:04:23that end he built the IKEA corporate
00:04:25philosophy around fishin C and hard work
00:04:28IKEA has always kept few layers of
00:04:30Management practically eliminated titles
00:04:33and privileges and has almost no suits
00:04:35and ties in the office according to calm
00:04:38pride time is your most important
00:04:40resource you can do so much in 10
00:04:43minutes 10 minutes once gone are gone
00:04:46for good
00:04:47ten minutes and not just one six of your
00:04:49hourly pay ten minutes our piece of
00:04:52yourself divide your life in the ten
00:04:54minute units and sacrifice as few of
00:04:56them as possible in meaningless activity
00:05:04so remember build around your customers
00:05:07lead by example and never waste your
00:05:09time I wanted to end the video today by
00:05:12sharing one of my favorite true stories
00:05:14about embark on pride and some of his
00:05:16best quotes Kamprad had always been a
00:05:19fan of turning mistakes into
00:05:20opportunities in 1956 a new IKEA
00:05:24employee had been standing with a
00:05:25colleague trying to figure out how to
00:05:27get a bulky wooden table into the back
00:05:29of his car
00:05:30finally against company policy he said
00:05:33oh god then let’s pull off the legs and
00:05:36put them underneath it was with that
00:05:38simple idea that IKEA would reorient
00:05:41itself towards the flat design
00:05:42production for which it has become
00:05:44famous today
00:06:17you
00:06:25thank you for joining me for another
00:06:27edition of modeling the masters if you
00:06:29enjoyed please give it a thumbs up below
00:06:31I’d also love to hear your thoughts if
00:06:33you want to leave a comment and stay
00:06:35tuned to the next episode
00:06:50you
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