Top 5 Lessons LEGO story teaches an entrepreneur

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LEGO launched a neat video few days back narrating its story. Not only it is nicely done, but also it encapsulates boatload of management and startup lessons. I have listed top 5 lessons that popped out for me in this video. Take a look and feel free to leave your thoughts in comments section. I have included the link to the video at the end of the post. Make sure to give it a pit stop.

 

Here are the five startup lessons:

Keep on iterating:

One thing that was outright clear and motivating is the number of iterations LEGO went through since its inception. It is always great to see companies iterate to stay on top and stay agile.

We could learn to keep our iteration engine cranking to get to a product that works.

 

Persistence pays:

It is one more thing that stood out and is common with most of the big and successful companies. LEGO, even after going through lots of ups and downs, didnot lose its sight and kept on persisting. This is another good lesson to learn. A successful business always takes more time and costs more, but if founder keeps on going, the business will get there. This has been the story of most successful companies today.

 

Have a grand vision:

It was very clear from the video that Ole and then Godtfred has a grand vision of making high quality products for kids. Despite high and low points in their business, they kept their focus and grand vision intact, that is, to serve a revolutionary high quality product. This is another trait of a successful company. It is extremely important to have a grand vision that steers the business in the right direction and prevents it from losing focus from short term impacts.

 

High quality products speak louder and deeper:

From the very beginning, Ole’s focus was to make high quality products. We have seen in the “LEGO story” that word got out and people started recognizing and contacting Ole’s small shop for good quality toys. High quality products go a long way in marketing for a company. High quality products lead to deeper “word-of-mouth” campaigns. If customer enjoy high quality products they keep on sharing the word and build brand loyalists. These loyal customers will work day and night to make sure great products gets to every hand they know. And, wtih current social media channels, the amplification is even greater. So, there is no better marketing than word-of-mouth and with quality product that comes for free.

 

Always listen to your customers:

There was one scene in the story where a kid complains about the inability to move the LEGO creations and that leads to brick locking logic. This is a great example of innovation coming through loyal customers. If companies keep a close eye and ear on their customers, lot of innovation and learning will come free from best users of the products. Most companies create forums and platform to directly connect with their users/customers. Lots of companies like consumer products companies have already mastered this art, but there is still a lot of scope for improvement.

Now for the treat, here is the video:

* logo courtesy wikipedia.org

Originally Posted at: Top 5 Lessons LEGO story teaches an entrepreneur

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