RIP Richard Knerr - Thanks for the Business Lessons!

I just read on yahoo that Richard Knerr, the founder of the toymaker Wham-O died at 82.

My wife thinks that reading obituaries are kind of creepy, but his story is an example of why I like to read them.

His story holds lessons about business success and innovation:

1. Expand your product line - He and his partner started the company in 1948 to make slingshots (wham-o is the sound of a slingshot projectile hitting its target). They then built the company by expanding into other toy areas.

2. Don't be afraid to be playful. Knerr felt their contribution to society was fun. They gave their toys playful names like Slip N' Slide and Silly String.

3. Be open to new ideas. In 1958, a friend told them about large exercise rings that were used in Australia. They created their own version and called it the hula hoop.

4. Don't fall victim to the "Not Invented Here" syndrome. In the 1950's, they bought the rights to a plastic flying disk called the Pluto Platter. They renamed it the Frisbee, and the rest is history.