Lee Byung-Chul

  

Name    : Lee Byung-Chul

Hangul : 이병철

Hanja    :  李秉喆

Born      : 12 February 1910

Occupation: Founder of Samsung Group.

Early Life  (Background)

            Lee Byung-Chull was born in Uiryeong Country, South Gyeongsang Province, 1910. He lived in a wealthy and rich family known as Gyeongju Lee clan. He studied in private school named Munsan-jung established by his grandfather, Munsan Hong Seok Lee. He studied Chinese Classic at the age of 5 until 10, after that he was transferred to a middle school in Jinju named Jisu Middle School. The next year he was transferred to a middle school in Seoul. Then he studied modern sciences in Jun-dong Middle School. He had married Park Du Eul, daughter of Park Paeng Nyeon who as a member of Sayuksin in 1926. After that,  he was having his education in Waseda University in Tokyo, but he didn’t complete his degree and left the college.

Starting of his career

             At the very beginning, he started his first career by the resources from his father which after his father’s death, he open up a rice mill located in his own town Gyeongnam. Unfortunately, the business of rice mill was unsuccessful and he shutdown the rice mill and changed his way of career which was a trucking company(courier company) named Samsung Trading Company located in Daegu, in March 1, 1938. “Three Stars” originaly mean by the word Samsung and he pattern of the initial logos was explained.

            In 1945, Samsung was successful and started to transport items throughout Korea to other countries, the company was based at Seoul in 1947. Korean war was over in 1961, General Park in South Korea came into power, during that time Lee Byung-Chul was stay in Japan and he didn’t want to return to South Korea. His company was stuck with General Park’s Government and he handover his company to bank and let them control it. After that event company was run through the orders given by Park’s Government

Skill and competencies (Problem Solving)

During Korean war, Lee Byung-Chul was almost lost everything he had, but he manage to maintain and get back everything and get back his own feet and became the billionaire in Korean. I pick Lee Byung-Chul as my entrepreneur because of this event, he was albe to solve every problem everyone facing during the war time but he was outstanding and solve all the problem and finally become a successful  person and maintain his successful product (Samsung). Even now Samsung is well known throughout the world, most of the electrical product was produced by Samsung.

Achievement

Samsung Group

A multinational company at South Korea. Headquarter located in Samsung Town in Seoul. Samsung Group was actually a company that having many and different business. Initially was a transporting and trading company in 1938. After that it merged with other kind of different businesses areas which are textiles, security, insurance, food processing, electronic and others. Everything under the production of Samsung came with the logo os Samsung.

In 1965, he established the Samsung Culture Foundation in order to enrich Korean cultural life by promoting a broad range of programs.

In 1980, he forged into the world of semiconductors, and establishing a solid foundation development of advanced industries in Korea.

 In later development of Samsung Group, the 2 main businesses was electronic and construction. Samsung started electronics business in 1960s and entered construction area in 1970s.

Other than electronics and construction area, in 1953 Samsung Group started or founded Cheil Sugar. Besides, he (Lee Byung-Chul) also founded many other small companies which related to cars, textiles, insurance and other consumer department stores.

He served in Federation of Korean Industries as its chairman, after those success of business and became the richest man of Korea in his later life.

After his death, his estate (Ho-Am) was opened to the public for tours.