Entrepreneurs are people with visions that can change millions of lives and grow the economy at the same time.
The vision contributes to creative ideas and employment opportunities for society’s development.
A number of countries, including USA, China, India, South Korea, and so on, have significantly contributed to the global industrial sector.
Chinese brands dominate the electronics and plastics market, US apparel brands, software and hardware companies are the most prominent, and South Korea is famous for its automobiles and electronics industries.
Samsung, a company owned by a Korean named Lee, changed the electronic and smartphone market when it entered the market with its revolutionary technology.
Since its founding in 1948, Lee Byung-chul’s Samsung has been through many ups and downs, but today it stands as a testament to growth, innovation, and prosperity.
The Early Years
Lee was born on the 12th of February, 1910 in Uiryeong County in South Korea, the only child of a wealthy family.
His ancestors were landowners and left him a great deal of wealth.
Chull studied at Waseda University in Tokyo, but did not complete his degree.
In the beginning, he used his inherited wealth to start a rice mill.
Despite his dedicated efforts in this first business, it failed to float and sank without generating any significant profits.
On 1st March, 1938, Chul established an export business in Daegu under the name Samsung Trading Co. following the failure of his first business.
A variety of goods and eatables, such as fish, vegetables, and fruits, were exported to China.
From 1945 to 1948, the company grew dramatically as it supplied goods to Korea and even to other countries.
In 1947, the company moved to Seoul. It was ranked as one of the ten biggest trading companies during that period.
However, Chul had to deal with another problem. This time, it’s war.
Around 1950, when the Korean War broke out, Chul’s company was forced to relocate to a safer location in Busan.
Chul, however, saw this as a blessing. Over the next year and a half, his trucking business was boosted by the influx of US army troops and military equipment.
Chul also established a sugar refinery that was successful quite early on.
Having recovered from the war, he went on to establish a wool factory in Daegu in 1954, which later became the country’s largest wool factory.
Chul soon expanded into other sectors like finance, insurance, retail, and security.
In his vision, he wanted Samsung Group to dominate every market.
Samsung entered the electronics industry in the 1960s to take over the market just like other sectors.
In an effort to create innovative products, Samsung first released a black and white television.
Samsung had already established 6 divisions in the mid and late 1960s that dealt with semiconductors, telecommunications, hardware, etc.
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Success in the Electronics Business
In 1980, Samsung acquired Hanguk Jeonja Tongsin, a major company in telecommunications.
This was the same year when the company had its own electronics division under Samsung Electronics Co., Ltd. unit.
The company then started producing telephones, fax machines, and various other electronic devices on a large-scale.
The founder of Samsung, Lee Byung Chul, died on 19th November, 1987 in Seoul, South Korea.
But the company kept following his philosophy of large-scale expansion.
The company expanded as never before setting up their plants in New York, Texas, London, etc.
Samsung’s construction company garnered major projects including that of the Burj Khalifa in Malaysia.
Samsung raced on the top of the list as the number one memory chip production company in the whole world in 1992.
Soon it also acquired second position, just behind Intel, in the chip-making industry.
The year of 1995 came with a huge success as Samsung made first LCD screen revolutionizing the television hardware industry.
Samsung accounts for 15% of South Korea’s GDP (as of 2012).
In the same year the company’s total revenue was a whopping $265 billion and earned profits of $26 billion.
Samsung has employed over 425,000 people providing a good life for people all over the world.