The leading tech giant, Samsung has been at the forefront of the technological revolution of the world. In today’s story, we will learn about Lee Byung-Chul, the founder of the Samsung Group.
Everyone has that lightning bolt moment where an idea hits home. Those are the moments we capture here at Eureka moment. To know more about such eureka moments do like share and subscribe and don’t forget to hit the bell icon to never miss an update.
Born in February 1910 Byung-Chul was the son of a wealthy landowning family in Korea. In 1938 he had established a trucking business and then moved to nearby Daegu city and founded the Samsung group as a trading company at a grocery store. Samsung started as a small trading company with forty employees. Be great strong and everlasting was the motto of Samsung. Number 3 in Korean ‘Sam’ is a popular number which means the grand and mighty and star pronounced sung means ‘eternally shining’. At the time Korea had just gained independence from Japan and as a result, was among the poorest countries in the world.
This was the Eureka Moment that inspired Lee Byung – Chul he said, “My dream is to save Korea by establishing a successful company.” He wished to contribute to the social and economic development of his country. Samsung hoped to ease Korea’s commodity shortage. The company prospered and Lee moved its head office to Seoul in 1947. When the Korean War broke out, he was forced to leave Seoul. During the war period, Korea heavily lacked in common household items that had to be imported from outside. Lee decided to make affordable indigenous goods. He revived the manufacturing industry by starting production of sugar and wool. He started a sugar refinery in Busan. Among his other achievements Lee founded Cheil Mojik and built the plant in Chimsan-dong, Daegu. It was the largest woollen mill ever in the country. This was a huge success and thus Samsung became the largest company.
Samsung diversified into many different areas. Lee sought to establish Samsung as a leader in a wide range of industries. Samsung moved into lines of business such as insurance, securities and retail.
In the late 1960s, Samsung Group entered the electronics industry. It formed several electronics-related divisions, such as Samsung Electronics Devices, Samsung Electro-Mechanics, Samsung Corning and Samsung Semiconductor & Telecommunications, and made the facility in Suwon. Its first product was a black-and-white television set.
The company which was started with the hope to improve Korea with the zeal of patriotism and clever entrepreneurship grew manifold. Today Samsung has offices in 80 countries with 320,671 employees. The thought of improving the condition of one country indeed benefited the entire world. Lee Byung – Chul the man who’s magnetism electrified the world.