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Explore the turbulent journey of LEGO from bankruptcy to becoming the world's top toy company. Learn about the founder's personal struggles, challenges faced by LEGO including factory fires and losing their patent, and the drastic measures taken to save the company. Discover the success of LEGO through customer engagement, focus on core products, and licensing partnerships with popular franchises like Harry Potter and Marvel.
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Quick takeaways
- Resilience and mindset are key for entrepreneurs, as exemplified by Lego's founder overcoming family skepticism, personal tragedy, and multiple factory fires.
- Lego's success was fueled by a laser focus on its core product, the 2x4 brick, and a strategy of global expansion and theme sets, rather than diversification.
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Lego's Turbulent Beginnings and Founder's Resilience
Lego was founded in 1929 by Ol' Kirk Christensen, a carpenter who pivoted to making wooden toys for kids after the stock market crash of 1929 and the loss of his customers. Despite facing family skepticism and the death of his wife, Kirk persevered. He also overcame multiple factory fires. This story emphasizes the importance of resilience and mindset for entrepreneurs.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode