Class 19 Prep: Ingvar Kampard’s Company

Ingvar Kampard is a successful entrepreneur. As of 2010, he is the eleventh wealthiest person in the world according to Forbes Magazine with an estimated net worth of approximately US$23 billion. He is the founder of IKEA.

Based on the reading, an entrepreneurship takes risks, is innovative, and generates big money fast– all of which I think can relate to IKEA.

IKEA’s concept is similar to a grocery store where buyers have the freedom to purchasing goods in a relaxing atmosphere. Lots of preparation (investing) had to be done beforehand such as having enough products to make it have the supermarket type feel to the store. So, fortunately, taking this risk did not turn into a failure.

IKEA’s simplistic low-priced products are what makes them different from other companies. The design and colour of their products are appealing to all age groups. Despite the not high status and not designer labeled goods, IKEA was still able to capture the attention of everyone by their innovative creations.

IKEA generates money fast due to its comfortable environment and up to date products; it naturally encourages consumers to purchase more goods.

All in all, I consider IKEA as a company that is entrepreneurial seeing as it matches the explanation in the article.

Biggest IKEA Store located in Stockholm

Sources

Forbes Magazine