Ikea As An Example Of Entrepreneurial Business

1369 words - 5 pages

INGVAR KAMPRAD AS ENTREPRENEURIAL BUSINESSMANIngvar Kamprad's entrepreneurial nature emerges both in invention and innovation. He can be considered as a psychologist, designer and a businessman. Kamprad has created a new approach to perception of buyers. He generated the idea of customers equality in shopping. The simplicity, up-to-date date design and low prices of offering items attracted all classes of society. He has not created just a store with furniture, but also he tried to meet people's need by generating a place with freedom of choosing products in relaxing atmosphere. His intention was to be a market leader. In order to reach this assumption, he created his own style in furniture with help of twenty designers employed to provide unique furniture pattern. His entrepreneurial nature and self-reliance guided him to prevent the capital of the Ikea business in order to maintain existence of Ikea in the original culture and shape. His innovation in opening furniture stores all over the world including developing countries shows to us his strong personality and resolution to take a risk.He combined both ''lateral'' and ''vertical'' thinking in building up his business.Despite of the fact, that Kamprad was not afraid of taking a great risk, he tried to limit all obstacles, which could have caused failure by setting up his ''sample of business'' in a small way and explore the market for demand. His action in approaching success is gradual. Kamprad' s ''lateral'' thinking has emerged in the idea to open stores throughout the world with the same range of furniture in Swedish style. As an entrepreneur, he organised and design production and he also created a division of labour to promote specialisation and efficiencyTHE ENTREPRENEURIAL NATURE OF THE IKEA BUSINESSThe Ikea business followed by Drucker's entrepreneurial conception, analysing his seven sources of innovative opportunities.1. The unexpected - There was no prediction the Ikea business would be successful; it could be failure as well.2. The incongruous - The furniture shop attracted all society classes in different countries.3. Process needed - The Company was suffering from ''being out of stock''.4. Industry and market structure - Eastern Europe was a challenge for the company as a market with new potential.5. Demographics - The design of furniture could be used for all age group of population.6. Changes in perception - Customer attitudes have been changed from status and designer labels to simplicity and economic functionality.7.New knowledge- the Ikea business succeeded in many countries, despite of different cultures and fashion differing country society.Analysing the entrepreneurial nature of the Ikea business it is worthy to emphasise the following features; since beginning the company was taking a moderate risk in investing. Ikea worked through franchise in unsecured countries so as to minimise a risk. Ikea tried to conquer new markets despite of existing difficulties (Eastern...

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