What Is Ikea and Why Do They Win (The IKEA Story Part 2)

Thrivetime Show | Business School without the BS

Clay Clark

Business, Entrepreneur, Thrivetime, Businessschool, Smallbusiness, Entrepreneurship

4.8 • 1.5K Ratings

🗓️ 9 April 2018

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

IKEA founder Ingvar Kamprad opened his 398 stores in parts of town that no other furniture stores wanted to be in while making his customers build their own furniture and while serving Swedish meatballs. Listen in to hear how he did it.

Transcript

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0:00.0	Want to attend the legendary Thrive Time Show Business Workshop for free?
0:09.4	Subscribe on iTunes, leave an objective review and and send us confirmation at info at thrivetime show.com to
0:16.5	claim your tickets. Want to live in a van down by the river? Come by and see us at our River
0:21.2	River Walk Offices and we'll be able to make your dreams
0:23.6	come true.
0:26.6	Greetings Thrievation. Welcome back to the Thrive Time show on your radio and
0:31.0	today as we often do we're breaking down the life in times of a very, very successful
0:36.1	entrepreneur. And this guy, his name is Inghvar Comprad and he's the founder of IkeA. He was born there in 1926 and lived until 2018.
0:47.0	He passed away this year at the age of 91 after leaving the earth with 398 iconic IKEA stores. IKEA, where the customer provides the service themselves.
0:59.2	Amen. So IKEA, I want you to look this up here, Chuck,
1:01.9	because I want to put this on these show notes.
1:03.4	How big is the average IKEA store?
1:05.8	I want to get, I want to tee that up.
1:07.4	How big is the average IKEA store?
1:09.7	At age 17, you know, Inghar realizes, hey, it's the time of World War II.
1:14.6	People are struggling to find matches.
1:17.0	They're struggling to find pencils.
1:18.2	They're struggling to find just items, office supplies, seeds to plant plant things he becomes a reseller he basically finds a product
1:25.9	buys it low sells it higher and he does this for seven years
1:30.8	Then at the age of 24 it occurs to him, hey, I live by a forest. You know what? There's a furniture, there's guys making furniture using the wood in the forest. I'll go to those guys and see if they will let me sell their
1:43.9	furniture at a markup.
1:45.6	And it does really, really well.
	...

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