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Today we're going to look at how a farm boy whose father told him that he would never make anything of himself used money his parents gave him for doing well at school to create his own little business. He named the company IKEA. This is the story of Ingvar Kamprad, one of the richest people in the world, and the top 3 lessons that you can learn from his success.

"What is good for our customers is also, in the long run, good for us." - Ingvar Kamprad

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Action Item #1: Build Around Your Customers

Too many entrepreneurs think they have a "great" idea and spend all their money and time developing it only to find out that customers don't want it. One of the best ways to ensure your success is to talk with potential customers, build your products and services around their problems, and give them practical solutions that they will pay for.

From the day he founded IKEA, Kamprad has been dedicated to providing good quality and well functioning products at low prices. This has been one of the key driving forces behind IKEA's international success and the company hires its own designers, many of whom have gone on to win design awards over the years.

According to Kamprad: "To design a desk which may cost $1,000 is easy for a furniture designer, but to design a functional and good desk which shall cost $50 can only be done by the very best... We have decided once and for all to side with the many... What is good for our customers is also, in the long run, good for us."

Action Item #2: Lead by Example

If you're building your business beyond yourself then you'll have to think about your leadership style and how you are going to inspire those working for you to give their best every day.

Kamprad believed that the best way to encourage hard work and a strong character in others was to exemplify that in his own life. Even though he's worth billions of dollars he still drives a 13 year old Volvo, often takes public transportation in Switzerland, doesn't have his own private office, and regularly flies economy class when traveling out of town.

According to Kamprad: "I'm a bit tight with money, but so what? I look at the money I'm about to spend on myself and ask myself if IKEA's customers can afford it... I could regularly travel first class, but having money in abundance doesn't seem like a good reason to waste it.. If there is such a thing as good leadership, it is to give a good example. I have to do so for all the IKEA employees."

Action Item #3: Never Waste Your Time

You only have so many hours in a day to get work done and to accomplish your goals. Don't waste them! Every little step that you take to build your business will add up to big movements forward but you have to put the time in to turn your vision into reality.

Kamprad's frugality is matched only by his desire to never waste his time. To that end he has built the IKEA corporate philosophy around efficiency and hard work. IKEA has always kept few layers of management, practically eliminated titles and privileges, and has almost no suits and ties in the office.

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