“Time is your most important resource,” says Kamprad. “You can do so much in ten minutes. Ten minutes, once gone, are gone for good.”
Kamprad had begun his first business activities when he was only five years old. He established IKEA when he was just 17 years old, before he was even of legal voting age in the U.S. If anyone understands the importance of time and not letting it slip you by, it is Kamprad. “Ten minutes are not just one-sixth of your hourly pay,” he says. “Ten minutes are a piece of yourself. Divide your life into ten-minute units and sacrifice as few of them as possible in meaningless activity.”
Kamprad’s level of frugality is matched only by his desire to make the most of his time. One of the most important maxims that he outlines in his “Testament of a Furniture Dealer” is that “Most things still remain to be done.” It is with the goals of efficiency and persistent work that the corporate philosophy of IKEA is built upon. To this end, the aim of the company has always been to eliminate excessive levels of management by promoting a flat organization. To this end, IKEA remains relatively less hierarchical than its competitors; titles and privileges are taboo, while suits and ties are virtually absent.
“Simplicity and common sense should characterize planning and strategic direction,” says Kamprad, who has worked hard to fight against bureaucracy at every level of IKEA. Indeed, Kamprad feels that excessive management can cut into the company’s productive time. “We discuss too much, for example,” he says. “And, in doing so, we lose touch with reality. We have fantastic people who work for us, but even managers are incapable of making even the smallest decisions. It’s the directors who are Ikea’s big problem.”
When he was in his 70s, Kamprad had no apprehension about his future. “I'm not afraid of turning 80 and I have lots of things to do,” he said. “I don't have time for dying.” Now, as he enters his 80s, making the most of his time has taken on a new importance for Kamprad. A recent bout of prostate cancer forced Kamprad to have surgery. “Do you know what was the happiest moment of my life?” he asks. “Last year, when the doctor who operated on my cancer told me that the operation had gone well. It left me dancing with joy. Since then I have felt young.”
Both on a personal and professional level, Kamprad remains bent on making maximum use of his time. He refuses to accept his achievements and settle for the success he has achieved. Instead, he sees life as a continual process of setting goals and working tirelessly to make them a reality. “The feeling of having finished something is an effective sleeping pill,” says Kamprad. “A person who retires feeling that he has done his bit will quickly wither away. A company that feels it has reached its goal will quickly stagnate and lose its vitality.”
Lesson #3: Time is an Entrepreneur’s Best Asset
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“Many people confuse their profession with their business,” says Kiyosaki. “To become financially secure people need to mind their own business.”
Venture capital, as an institutional asset class, is pretty much dead.
