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Story of Lee Byung-chul- Founder of Samsung

Founder, Story, Tech Story / By

An entrepreneur is a person who has a vision that could change millions of lives and help the country grow economically at the same time. This vision brings creative ideas and creates employment opportunities helping the society prosper.

Countries like USA, China, India, South Korea and many more have made a significant contribution to the global industrial sector. When it comes to electronics and plastic market, China tops the list, top apparel, software and hardware brands are from US and South Korea is famous for electronics and automobiles industry. One man from South Korea changed the entire electronics and smartphones market when his company called Samsung came to the market with their world changing technology. The founder Lee Byung-chul’s Samsung has seen many crests and troughs all these years and today stands as a symbol of growth, innovation, and prosperity.

Early Life
Born on 12th February, 1910 in Uiryeong County in South Korea Lee was the only son of a wealthy family. His family was of landowners and left behind huge wealth for him to inherit. Chull attended Waseda University in Tokyo but left his degree incomplete. Initially, he used his inherited wealth to start a rice mill. Although he dedicated himself in this first business it failed to float and sunk without generating any major profits.
Lee Byung-chul
After the failure of his first business Chul established an export business in Daegu on 1st March, 1938 and named the company Samsung Trading Co. The company exported varieties of goods and eatables like fish, vegetables, and fruits to the regions of China. The company saw a major boom in growth as it was supplying goods throughout Korea and even to other countries by 1945. The company was then shifted to Seoul in 1947. Samsung Trading Co. was considered to be one of the ten largest trading companies during that time. But, Chul had to face another difficulty. This time, the war. As the war broke out Chul had to shift his company to a safer location in Busan around 1950.

But this shifting came as a boon for Chul. The massive influx of US army troops and the military equipment boosted his trucking business for the next year and a half. Chul also started a sugar refinery which saw the light of success quite early. After the war, he went on to set up a wool factory in 1954 in Daegu which later became the largest wool factory in the country. As the business was growing Chul ventured into various other sectors like finance, insurance, retail, and security.

Chul had a strong belief in industrialization and wanted Samsung group to become leader in every sector. It was in the 1960s that Samsung ventured into electronics industry to take over the market just like other sectors. Samsung focused on creating innovative products and soon the company released their first product – a black and white television. By the mid and late 1960s Samsung already had six divisions focused on departments like semiconductors, telecommunications, hardware, etc.

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.

Major Successes
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.

Liu Chuanzhi Founder of Lenovo

Founder, start-up, Tech Story / By

Hardships are the rigorous tests in a determined person’s life. Hardships come in numerous faces and it is this time when a human being’s ability and patience to deal and overcome the difficult time is tested. Those who come strong out of this deadly storm are the one’s who create history and make a difference in the world. Liu Chuanzhi is one such person who despite of humongous political constraints, managed to build a company which now ranks number two in the production of computers in the whole world.

Born on April 29, 1944 in Shanghai, China, Liu Chuanzhi grew up during the worst of times. Liu’s father was an executive with the Bank of China in Shanghai. However, his connections with the Chinese Communists would create a problem in Liu’s future. Liu’s childhood was encompassed with the years of unstable politics and tension in the government. In 1961, he admitted himself in Xian Military Communication Engineering College. Due to his father’s political connections Liu was not allowed to study sensitive subjects and he completed his graduation in 1966 specializing in Radar Systems. This course, however, exposed him for the first time to the computing world.

Just two years after graduation, Liu’s past yet again haunted him and sent him down for labor work. This time it was due to his anti-revolutionary ideas which led the officials to send him to work on a state-owned rice farm as a laborer and learn by living among the peasants from 1968 to 1970. By this time, the Chinese Academy of Sciences was reopened which was closed due to Chinese Cultural Revolution. Liu returned to his job at Beijing and went on to work as an engineer and an administrator. Liu provided a lion’s share in developing the 757 mainframe computer. He resigned from his job in 1984 to join Chinese Academy of Sciences – the place where the computer producing giant Lenovo would be born.

Early Days

After joining Chinese Academy of Sciences Liu stumbled upon an idea to start a computer company. But, there were multiple barriers standing in front of him and his dream. First, the Chinese government did not encourage start-ups and ran a strictly planned economy. So the funding from government was out of question. Second, for a scientist to jump into business was considered below one’s dignity and, therefore, the company Liu would start won’t have a single market expert who knows how the business should work. Despite of this barriers, Liu received a 200,000 yuan ($24,000 USD) loan from his superior at the Chinese Academy of Sciences.

Liu’s computer company, initially named Legend, was compared to the early days of Apple. The company’s manufacturing unit began in a small 20 square yards room in Beijing. The company worked on the research of magnetic storage technology in its initial stage. In 1985, Legend did something which no other computer company had ever done, they built a Chinese character set for computers. Since, the Chinese language consisted of huge number of characters it was almost an impossible task to bring all those characters in digital form. But, the development of a character set put Legend multiple steps ahead of any other company. Due to the lack of business knowledge the company often faced opinion problems among the members. But, Liu’s leadership and his study of other big companies like HP and IBM helped him to sketch an influential business and marketing strategy.

Legend started selling computers six years after its foundation, i.e., in 1990. And by 1996, the company climbed on top of the computer manufacturing company’s list surpassing IBM. Liu believed in young people in their energy and talent which could pave a way to keep the company on cutting edge of innovation and technology. Most of the company’s higher staff included young people during the 90s. By developing Pentium II processor Legend once again proved that they are and will always be on the top of the market.

The company saw its massive success in 2004 when they were declared as the largest PC manufacturing company. In 2006, Legend was renamed as Lenovo Group to enter into the UK and Europian market where the name ‘Legend’ was already trademarked. Legend also became the first company to join the sponsorship for Olympic Games held in Turin, Italy in 2006.

In 1995, the Chinese government honored Liu as the Model of National Work Force and Man of Reform in China. In 2005, Liu has also been listed in Time’s one of the 25 most influential global executives.