Imagine a country has 20% of GDP dependent on one single company. It means, it has total control over the country's economic and financial institutions. In India, students prepare for government jobs, but in South Korea, people dream of getting into Samsung. That's the credibility it has. Today we know Samsung as one of the top mobile manufacturers, but you know it was a noodles shop.
The story will fascinate you. Lee Byung Chul, the founder of Samsung trading company, started with a small local business back in the 1930s. They started with flowers, noodles, clothing, fish and food. It was minimal and small. Slowly the company started growing. Within a short time period, they expanded the brand. Unfortunately, due to World War, it faced severe obstacles and failures, which almost led to failure.
When everything collapsed, after a few days, he started a sugar refinery business with few resources as it was the last resort for survival. But destiny had a new life for Samsung. The new business which he initiated, boomed massively by opening multiple industries across South Korea. Seeing the wealth and brand expanding, they entered the business of Cement, Insurance, fertilizers and bought 3 commercial banks. The government started supporting them, which gained even more popularity across the nation.
The journey towards technical and electronics.
It was one of the greatest switches Samsung has made. In the 1970s, they started making televisions and electronic goods, but most of the manufacturing goods came from different countries. It increased the cost of the production. With the help of the government and banks, they opened their own manufacturing units and produced themselves. This made their business improve 10x compared to before.
From computers to mobile phones, it became one of the largest mobile manufacturing leaders in the world, it had dominated for 12 years in the mobile producing and selling industry. Even after multiple competitors have emerged in the market, Samsung supplies chips, semiconductors and other required parts for mobile. Without the Samsung manufacturing unit, we couldn't expect mobile phones on earth.
After the mammoth success of Samsung, there were enough controversies about the brand. After the death of the founder, his son allegedly bribed the president for Samsung's growth and multiple allegations of fraud were also made. Even after such big allegations, Samsung holds absolute power and authority as Samsung has a huge economic impact on the country. No matter what, Samsung is one of the prominent brands which has a global presence with billions of trade value.
