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Lee Byung-ChulOne of the most successful entrepreneurs in South Korea, founder of Samsung Corporation
Date of Birth: 12.02.1910
Country:  South Korea |
Content:
- Early Life and Education
- Founding of Samsung
- Post-Korean War and Economic Growth
- Government Intervention and Industrial Diversification
- Federation of Korean Industries (FKI)
- Ho-Am Art Museum and Legacy
- Everland Resort
Early Life and Education
Lee Byung-chul, the founder of Samsung, was born on February 12, 1910, in Uiryeong County, South Korea, into a wealthy family of landowners. He briefly studied at Waseda University in Tokyo but did not graduate.
Founding of Samsung
After inheriting his father's wealth, Lee Byung-chul founded Samsung Trading Co. in Daegu on March 1, 1938. The word "samsung" means "three stars" in Korean, and the company's early logos featured three stars. By 1945, Samsung was engaged in trading goods throughout Korea and abroad.
Post-Korean War and Economic Growth
In 1947, Samsung was re-established in Seoul. It became one of the top ten "general trading companies" in South Korea when the Korean War broke out in 1950. When North Korea invaded Seoul, Lee Byung-chul was forced to relocate the business to Busan. The influx of American troops and equipment over the next year and a half proved to be a major boon for Samsung's growth.
Government Intervention and Industrial Diversification
In 1961, Lee Byung-chul returned from Japan after General Park Chung-hee came to power. Samsung was forced to relinquish control over its acquired banks and adhere to the government's economic directives. With government loans, Samsung ventured into electronics manufacturing. It quickly became a dominant force in Korea's electronics industry, and Samsung expanded into construction and heavy industry. The chaebol went on to produce home appliances, semiconductors, audio and video equipment, and even built the iconic Burj Khalifa in Dubai, among other world-renowned skyscrapers.
Federation of Korean Industries (FKI)
In August 1961, Samsung Chairman Lee Byung-chul played a key role in the establishment of the Federation of Korean Industries (FKI). Samsung later withdrew from the FKI due to a corruption scandal involving the impeachment of South Korean President Park Geun-hye.
Ho-Am Art Museum and Legacy
In 1982, Samsung established the Ho-Am Art Museum in Yongin, Gyeonggi-do, in honor of Lee Byung-chul. "Ho-Am" was Lee Byung-chul's pen name, meaning "filled with pure water like a lake; sturdy and unwavering like a large rock." The museum features a replica of a traditional Korean garden known as Hee Won Garden. Lee Byung-chul's collection of Korean art is considered one of the largest private collections in the country and includes "national treasures" designated by the South Korean government.
Everland Resort
Located near the Ho-Am Art Museum is Everland Resort, the most popular amusement park in South Korea, which is also owned by Samsung Corporation.
