Business Turnaround Stories: Lego rebuild brick by brick
April 25, 2018
LEGO’s road to success did not come without its challenges, however, and business owners can learn many invaluable lessons from their journey.
LEGO success is testament to the determination of the founding Kirk Kristiansen family to keep reinventing their business, and to their faith in entrepreneurial spirit.
Kristiansen had to deal with repeated setbacks. He lost his business during the Great Depression era. Soon after, he was left to raise four sons upon the death of his wife.
Shortly after he started his toy business, a fire broke out at the workshop, destroying all their drawings and models. Two more major workshop fires followed. As a result, revenue was scarce for many years but they manage to survive.and built a great empire.
But the success was only temporary and only a decade ago, LEGO was on the verge of destruction and bankruptcy. But they turned things around when they reinvented themselves through digital transformation.
In spite of repeated setbacks, LEGO still found the strength to rebuild over and over again. If they gave up, the world would have missed out on one of the greatest sources of imagination, inspiration, and impact on children and adults alike.
The reality of running a business is that you will experience setbacks. Some of these setbacks may be severe and test your resolve to continue but LEGO’s subsequent success should encourage you to prevail despite the difficulties.
Why 8 out 10 SMEs Fail every year?
February 15, 2018
A Trap That Causes Many Businesses To Go Broke, While They’re Making a Profit