For all of us the move into our dorms at UBC was an exciting adventure which we couldn’t wait to embark upon. But the most anticipated part was the shop for new furniture which meant a trip to IKEA! Based on the reading about entreperual traits, it became clear that IKEA, a company of growth and innovation, encompasses many aspects of a successful entrepreneur.
IKEA began as a very small business, the founder, Ingvar Kamprada, simple selling wallets, jewelry and stockings. However in 1947 he took a risk, introducing furniture into the product line, a costly move, yet a decision that allowed the company to develop into an entrepreneurship. The reading states that an entrepreneurship must possess innovation which IKEA furniture clearly has, having numerous designers create fresh ideas monthly.
The self- service store design and easy assembly of their furniture allows the company to offer lower costs and obtain a rapid wealth creation of 12 billion annually. The company faces many risks such as having customers purchase their furniture unassembled, yet compensate by providing high customer quality, low prices, and free children’s play area, allowing mothers to shop peacefully.
IKEA distinguishes itself greatly from a small business as it combines each trait and definition in the reading. It is a store of great innovation and low costs which has allowed me to move into my dorm easily while still having some money in my pocket!
Looking to update your dorm rooms style? Check out Ikea’s newly designed products!
