IKEA was founded in 1943 by Ingvar Kamprad at the tender age of 17. Initially, it started as a mail-order business selling small household items. The name IKEA is an acronym, combining the initials of Ingvar Kamprad, Elmtaryd (his family farm), and Agunnaryd (his hometown). This humble beginning underscores the importance of identifying and leveraging opportunities in the market.