Lee Byung-Chull, founder of Samsung

Topics: Lee Byung-chull, Samsung Group, Entrepreneurship Pages: 2 (743 words) Published: October 13, 2013
Lee Byung-Chull
Founder of the ''three stars''

In 1938 Lee founded the Samsung Trading Company which was the grounding stone of his soon-to-be empire. He was born 1910 in Uiryeong in Korea and his first attempt as an entrepreneur was in 1936 when he founded a rice mill which didn't go very well. His second attempt, the Samsung Trading Company which traded with fruits, fish and vegetables was more successful. This is rather surprising under the conditions of firstly the Japanese rule, then the chaotic after-war time and the division of Korea into a Soviet and an American controlled part and finally the consequent Korean War, which took place from 1950 - 1953. But this is the crucial point of Lee Byung-Chull. He was a very strong supporter of the nation and his main purpose was to strengthen the nation Korea. According to him, to build up a country you have to build up its economy and this is exactly what he did. He concentrated on the fields of economy which were necessary to develop the nation's economy. He started with producing substitutes for imported goods like sugar and textiles - Cheil Sugar Co. and Cheil Textiles - which were basic, home-produced goods. A known statement of Lee is, that 'this will build domestic industries, provide a stable supply of inexpensive goods, and offer more jobs to people as well as contribute to the nation's technological development and expansion of industrial activities.' The quote shows, that Lee's primary goal was not to earn money but to establish national wealth which in retrospect, was the key of his success. Over the time Lee founded several divisions in a wide range of economic fields and in the late 1960's he started the electronic branches, which would later become the most important section of the Samsung group. Why Lee Byung-Chull was such a successful businessman can be explained by his philosophy. It consists of three basic motivations; ''engaging in business for national service'', ''man and...

References: http://www.nytimes.com/1987/11/20/obituaries/lee-byung-chull-77-industrialist-of-korea.html
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