Chung Ju-yung 19152001 Founder

and former chairman of the

Hyundai Group

Born of the peasant family with what has become North Korea throughout the time
once the country would be a Japanese colony, Chung Ju-yung demonstrated an
earlier inclination for entrepreneurship. After making it through the Korean War of
1950-1953, he setup two fledgling companies, one getting auto repairs and yet
another in construction. These businesses created the main of the huge industrial
empire that grew to become the Hyundai Group, certainly one of South Korea's
major chaebol , or family-possessed business conglomerates. Just as much a nationbuilder being an industrialist, Chung thought that businessmen should serve a
bigger purpose compared to narrow mandate of profit these were, in the view, also
accountable for helping develop the effectiveness of a nation and it is people. He
gave to his society by establishing the Asan Foundation, whose philanthropic
activities ranged from medical support and social welfare programs to analyze,
development, and scholarship funds. Chung seemed to be active politically, working
relentlessly in the finish of his existence to advertise economic development and
cultural relations backward and forward sides of his divided country.

HUMBLE Origins

Chung Ju-yung was the very first boy of a big impoverished peasant family in Asanri, a village with what grew to become North Korea following the Korean War led to
1953. He came old throughout japan colonial occupation of Korea, which started in
1910 and survived before the Allies defeated the Axis forces in 1945. Chung's early
education was meager. He attended a principal school in Songjon and learned
Chinese literature from his grandfather. His formal education ended when his
parents withdrew him from soccer practice simply because they needed his wages
to assist offer the family. Instead of undergo the probability of an eternity of
poverty, Chung two times attempted to depart his village looking for better
prospects within the large town of Seoul. In the first make an effort to leave the

house as he was 16, he funded his journey by selling the household's only cow for a
small charge. Chung finally been successful in departing his village permanently in
1931 at age 18, as he found act as a laborer at a number of construction sites.
Chung's construction projects incorporated Inchon harbor, an expert school in
Boseong, along with a taffy plant in Poongjeon.

After many years of construction work, Chung acquired a situation like a clerk in the
Bokheung Grain Store in Gyeonseong, an area in Seoul. Determined to enter
business for themself, he established the Kyongil Grain Company, only to need to
close it in 1939 when grain rationing was implemented through the Japanese
government bodies. The 24-year-old entrepreneur then switched to repairing cars
through the A-Do Service, a business he possessed collectively having a Japanese
partner. That venture survived 4 years but was folded into its Japanese parent
company in 1943.

Fortunate with natural intelligence along with a need to learn, Chung acquired his
education informally by reading through business documents and also the lectures
of higher-educated affiliates late during the night. More to the point, he hired
educated males who could complete the gaps in the own schooling.

A DETERMINED EMPIRE-BUILDER

Conscious of the company possibilities thanks to the finish of The Second World War
and also the ousting from the Japanese from Korea, Chung founded two companies
in rapid succession following the country's liberation in 1945-the Hyundai Motor
Industrial Company in 1946 and Hyundai Civil Industries in 1947. Using the former
centered on auto manufacturing and maintenance and also the latter on heavy
construction, Chung's business endeavors were in the center of Korea's massive
postwar drive for renovation and industrialization.

Hyundai Civil Industries was accountable for building a lot of South Korea's
transportation infrastructure in the nineteen fifties with the seventies. It had been
considered the very best company in the industry. Chung won major government
contracts, such as the Soyang River multipurpose dam in 1967, the Gyeongbu
Expressway along with a nuclear energy plant in 1970, and also the Ulsan
shipbuilding yard in 1973, among many more. With the efforts of his more youthful
brother In-yung, who could speak British and it was on friendly terms with U.S.

Military engineers, Chung won contracts in the American military to construct

facilities for his or her personnel.

Hyundai also won major projects overseas. In 1965 Hyundai won the bid to
construct the Thailand Expressway. Within the seventies the organization was
granted a significant contract in the centre East. It effectively completed the Jubail
industrial port in Saudi Arabia, in those days the biggest construction project from
the twentieth century.

Chung ongoing to grow his empire into industrial chemicals and shipbuilding,
turning Hyundai into certainly one of South Korea's major chaebol . Without any
experience of shipbuilding, he produced the Ulsan shipyard, the biggest shipyard on
the planet. What chose to make this project amazing was he set going to build both
shipyard and vessel concurrently, reasoning the two tasks do not need to be
completed sequentially. With orders from an Italian company, Hyundai shipped its
first vessel within 3 years as opposed to the expected five.

As Columbia ongoing to industrialize at breakneck speed, Chung imagined of

creating a vehicle only using Korean technology and expertise. Setting his
automotive company to that particular task, he introduced the Hyundai Pony Stand
out in 1986 among instant national pride. Chung ongoing to understand more about
technology throughout the eighties and the nineteen nineties, integrating
semiconductors and magnetic levitation train technology into Hyundai's
automobiles.

SUCCESS In A Cost

The relentless pace of creating the Hyundai empire, frequently with limited or no
previous experience, came in a heavy cost when it comes to human lives in addition
to finances. The Gogryong Bridge construction project in 1953 nearly bankrupted
Hyundai. The Jubail project also experienced in the company's lack of skill. The
concrete Soyang River dam experienced several significant problems throughout its
construction and came much critique of Chung.

Working conditions in Chung's industrial facilities were hazardous and brought to

visible conflicts with employees. Chung, however, never forfeited a task. Although

his determination brought for an impressive roster of accomplishments, Korean

industrial facilities and plants grew to become referred to as probably the most
harmful within the industrialized world. It wasn't before the 2000s that the
organization guaranteed the security of their employees. Responsive to critique,
Chung's successors at Hyundai were quick to document the annual increases in
corporate funds devoted to worker welfare through the late the nineteen nineties
and 2000s.

If you like this article about ( chang ju yung ) and want to read more
on this topic, please visit us here: chang ju yung
Resources;
http://www.meinegeschichte.eu/chang-ju-yung-president-regarding-algorates-firm/