#Reflection: Lessons from a business called LEGO
Strive Masiyiwa![Image caption: I double-checked with my AI Assistant to see if this cool bird was really made only with LEGO bricks. Answer was yes, with a lot of analysis why. [In case you wondered, I don't do any business with LEGO, I'm simply a fan!] // Strive Masiyiwa Social Media (Facebook)](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fjrpy2y9c%2Fproduction%2F1a8a11268e9d016002240e85591e34a1afb4c639-940x788.jpg%3Frect%3D0%2C147%2C940%2C494%26w%3D1200%26h%3D630%26fit%3Dmax&w=3840&q=75)
Image caption: I double-checked with my AI Assistant to see if this cool bird was really made only with LEGO bricks. Answer was yes, with a lot of analysis why. [In case you wondered, I don't do any business with LEGO, I'm simply a fan!] // Strive Masiyiwa Social Media (Facebook)
__Brick by brick... to billions!
As I have told you many times before, I love reading autobiographies and biographies of great entrepreneurs of the past.
One little book I read over the holiday was “The LEGO Story” by Jens Andersen. It tells the story of a Danish carpenter who made children’s toys in a small town in Denmark in the early 1900s.
This devout carpenter visited a toy exhibition and noticed an interesting new toy... a simple plastic brick that children could use to build things. He “fast-followed” the idea and made a few innovative improvements, launching Lego in 1932, during the world’s Great Depression.
Fast forward: the company he built from this simple #Innovation is rated the largest and most profitable toy company [by revenue] in the world today.
Because LEGO is a private company, you won’t be able to look up its share price and market value on a public stock exchange. Instead, I want you to do your own homework and see what you find. Hint: think in the billions of USD!
I’m not going to go through the full LEGO story because I would not like to spoil it for those of you who are readers.
“Entrepreneurs are readers and lifelong learners.” [A quote from me!]
What I will share is that this family-controlled company is now in its 4th generation. They still make toys [for all ages], and I urge anyone with children to introduce LEGO to them and the whole family... because they develop creative thinking and a passion for using #Imagination to build things.
There is one key lesson I want to always remind you:
__The mistake many people make is to assume that success depends on the type of business you are in. Focus on the thing you are most passionate about, then learn about its business side and its limitless opportunities.
This guy was a humble carpenter who made children’s toys. He was not in oil, or gold mining, or telecoms. He did not need government tenders or government support. He started out just making a simple children’s toy!
If you find yourself butting heads with public procurement or powerful people, why not consider something simpler that requires you to serve ordinary consumers directly?
Look at this guy, and the example he has set! [Remember: this #Entrepreneur started his company during a huge global economic crisis].
#EagleInAStorm
Just wanted to jog you to lift up your head and smell the coffee.
There are opportunities right where you are.
Just #SinkYourBucket!
3 Key Business Lessons
Identifying your passion as the foundation for your entrepreneurial journey is essential. Many aspiring business leaders make the mistake of believing that success is solely determined by the industry they choose to enter. Instead, focus on what ignites your enthusiasm and commit to learning about the business aspects related to that passion. This alignment between personal interest and business strategy can lead to innovative solutions and opportunities that are often overlooked by conventionally minded entrepreneurs.
Innovating within simple ideas can lead to profound success, even in challenging times. The story of LEGO illustrates that significant business achievements do not need to stem from complex products or industries. By observing market trends and enhancing existing concepts—like the simple plastic brick—the Danish carpenter turned a humble idea into a multi-billion-dollar company. Entrepreneurs should aim to find simplicity and creativity in their offerings, using innovation to differentiate themselves in the marketplace.
Direct engagement with ordinary consumers can be a powerful strategy in navigating complex business environments. Instead of getting ensnared in public procurement struggles or competing against powerful players, consider focusing on products or services that cater directly to everyday needs. This consumer-centric approach not only fosters a closer connection with your market but also allows for agile shifts in strategy without relying on external influences, thus creating a sustainable path to success.
Afterthoughts
“Entrepreneurs are readers and lifelong learners”. - Strive Masiyiwa
"For decades, Lego was synonymous with creativity, imagination, and play. Every child in the 90s wanted a LEGO set, and the brand thrived on unleashing creative potential. But by the early 2000s, the company had strayed dangerously far from what made it special..."
As #Entrepreneurs, most of you have learned by now that to scale successfully and prosper, #Innovation never ends. Here's an article my team found for you:
https://www.thestrategyinstitute.org/insights/from-bankruptcy-to-billions-legos-blueprint-for-business-transformation
Some of you will say, if a #Product is designed for children, you must take special safety precautions [safe materials, label for appropriate ages, etc.] when creating it.
My reply,
Of course, that is true!
You can see here they make larger Lego sizes for younger builders...
Always #DoYourHomework!
Do you think the humble Danish carpenter ever imagined [almost 100 years ago now] all the countless creative LEGO #Products that his simple LEGO plastic brick toy would one day inspire?
#SinkYourBucket
#Imagine #Build #Innovate #EntrepreneurIt
https://www.wired.com/story/how-to-build-a-lego-collection/
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