Success Stories Chung Ju Yung: Founder Of Hyundai

Chung Ju Yung is the founder of Hyundai, Korea's largest car company, a pioneer, and a pioneer of globalization, changes in his country. He was a son of farmers who never became peasants, laborers, porters and a harbor. Who would have thought if he could become King of the world automotive industry

Success Stories Chung Ju Yung: Founder Of Hyundai

Chung Ju-Yung born November 1915 in Asan-Ri, Song Jon-Myun, Prefecture Tongchon, Kangwondo, in a mountainous area in the northern part of Korea. That time Korea overpowered Japan. Her parents were farmers who lived, although they are the descendants of Chung Mong Ju, a leading Confucius teaching workers toward the end of the era of the Kingdom in Korea. Chung Ju Mong was also a great poet Ju-Yung had studied three years at his grandfather's place hometown school to become the head of the school. Here he had to memorize the teachings of Confucius that it is affecting his life and then became his company's philosophy.

To raise a family, mom and dad Ju Yung work since morning till late at night. As the eldest son, Ju Yung is expected to be the seventh parenting her sister. This same as his father had done to help improve his brothers. Since the age of 10, at 04.00 a.m., Ju-Yung has already awakened his father. In the cold air, they walk 8 km to reach the fields and work there. His father was determined to be educating a terrible farmer.

Besides helping his father, Ju-Yung still attends school. Coming back from school, a variety of jobs was already waiting for him at home. In 1931 he completed ELEMENTARY education although according to Ju-Yung he almost did not learn in school.

While working in the fields, Ju-Yung often ask in your heart, "does he want to survive the daily Drudge with poor results? Should he be laborers are the results? ,"

As warm and hard working nature, Chung Ju-Yung managed to captivate the hearts of customers. All children his boss slackers, so that Ju-Yung to grab the confidence his manager to handle the store. With his work, he bought the land for his family in Tongchon. Shortly after that, he returned to the villages and was betrothed to out to be Joong-Seok, a young woman in his community. Although they've yet to face to face, they remain happy. His wife was the ideal woman according to Eastern traditions: full attention to her husband, sparing, diligent and take care of the household.

Not long after Ju-Yung returned to Seoul. He rented a house near the Shintangdong overlooking the street and opened a store called the Agricultural Firm Kyongil. The condition of the economy became excellent. Then, he was only 22 years old, means four years after a run last time from home. 

However, the new two years, Japan held a massive aggression against China. The rule of Japan in Korea to take over and control the procurement of foodstuffs during the war. Ju-Yung shop closed, and he was forced to go home back to his community.

Ju-Yung thought, as long as he has always overcome difficulties if it tried. So, he went back to Seoul with a determination to explore the possibility of opening other businesses. He opened a workshop for the repair of a motor vehicle.

On 1 February 1940, he took over the management of car repair workshop "A-Do Service." He had to pull out all his money and still borrow from his old customers. Capital 5,000 Won. However, the ordeal back, only five days, a fire gutted the garage.

Without money, Chung Ju-Yung remains steadfast with his determination. She owes more of 3,000 Won on his old customers and to again forge "A-Do Service" in a new place with the hiring of 50 employees. Because the business does not have permission, he always raided the Japanese police in the region. Cleverly, he succeeded in the endearing police who then told him to move the nameplate to a somewhat hidden so that the police can pretend not to see it. Since then, his workshop is free of "inspection" and growing rapidly.

When the competition is close car repair shop, Ju-Yung was applying strategies "quick service" with paid more. According to Ju-Yung, the quality of duty workshop on average the same. The advantages he could give is a fast and efficient service. Owners of cars of that era are very wealthy. They don't mind out of money more they finished vehicle origin handled well in quick time. As a result, he gained a greater advantage from other workshops.

Orientation on the efficiency applied to the management of Hyundai in competing in the industrialized world.

At the end of 1941, Japan started the Pacific war, and an edict issued that requires that all companies downsized to fit the face of war. Many companies Korea should be merged with the enterprise of Japan. In early 1943, "A-Do Service" property of Chung Ju-Yung forced into a merger with the company Japan. Businesses he had built three years later as a collapse in a day.

Chung Ju-Yung did not want to give up on the condition. He bought 30 trucks and running business transportation. His Truck mining gold from the ore transported to the processing plant. His friends derived from mining operations into its business barrier. This result he was forced to sell its activities under the price for a Japanese businessperson in May 1945. However, who would have thought three months later, on August 15, 1945, Japan surrendered.

A month later Ju-Yung back to Seoul to join a metal smelting business while waiting for a chance starting a new venture.

Expand business
In April 1946, with her friends, Chung Ju-Yung, bought the land in central Seoul. He installs nameplate Hyundai Motor Industrial Co. (also the Hyundai Auto Repair Works) for the first time. Hyundai means modernistic.

At the time of the US armed forces stationed in Korea are equipped with vehicles in large numbers. Because the company Ju-Yung is very experienced and has high skills in car repair, he soon gained the trust of its customers. In less than a year, the workshops were growing into a large repair shop that uses 100 people.

One day, Chung Ju-Yung went to City Hall to ask for a loan to the company. He gets 1 million Won. However, other individuals who ask for loans received 10 million Won. He so curious and get answers that construction companies are much more attractive than venture investors workshop.

Once home, he hits a board bearing the Hyundai Civil Engineering Co., next to the old nameplate. On May 25, 1947, he founded the construction company will be a giant company. When some friends reminded not to step into the direction that  not quite mastered, he chimed in, "I used to work at some docks and have the experience more than the others." With those words, Chung Ju-Yung started his new business.

Starting with just a couple of engineers and technicians, the Hyundai Civil Engineering Co. grabbed a record total contract 15.3 million Won in the first year. In the next two years, the company established excellent reputations among 3,000 domestic construction businesses that monopolized the broad industry groups.

Then the Republic of Korea created on August 15, 1948, and was appointed President Lee Syngman. January 1950, Chung Ju-Yung of Hyundai combines Civil Engineering Co. and the Hyundai Motor Company into Hyundai Engineering & Construction Co. Ltd. which became the forerunner of the Hyundai Enterprises Group. When Chung Ju-Yung will do next, expansion in June Korea War occurred. North Korea supported the communist stronghold of war with US-backed South Korea. Hyundai Construction which was only six months any mess.

Chung Ju-Yung and his family fled. As head of the household, he should seek from the bottom again. When dropping off papers to a politician, he had time to witness just how Republican leaders Daehan (another name of Korea) luxury was living when people are miserable, so she felt upset.

On 15 September 1950, US troops landing at Inchon. The army of the country Uncle Sam is rolling out many development projects. A younger brother of Chung Ju-Yung, namely Chung In-Yung, became an interpreter, Lieutenant McAllister. McAllister needs a construction company that can be trusted and requested information from the language interpreter then recommend Chung Ju-Yung with Hyundai Construction Company. The blessing of the Inchon port dock construction, Hyundai got elementary experiences in reaching international project. It is the capital of the moment to compete in international markets.

In 1952, General Eisenhower, a hero of World War II who later became U.s. President paid a visit to Korea. U.S. Trust Garrison Hyundai to build a House-General. With the terms of his WC wear closet. In fact, Chung Ju-Yung did not know what water closet. However, everything goes wrong also in just 15 days.

An armistice signed between North Korea and South Korea on July 27, 1953. The US is interesting most of its troops from Korea. After 36 years of suffering under colonial rule, Korea gained its independence. Avoid the entry of new invaders, Korea was determined to build an economy based on the strengths and resources of its own. Hyundai Construction received offers from within the country.

However, by that time inflation craze. Chung Ju-Yung suffered great losses in the project of the reconstruction of the bridge over the river Golyong Nak-Dong. Treasures gathered during this depleted ingested. Responding to these losses the Ju-Yung did not know surrender said, "this is not a loss, but the new ordeal." The important thing, he defended the reputation of its business although it may take 20 years to pay off all debt.

The loss becomes a lesson for him in the face of inflation. "Please do not empty if they're grappling with tigers. Don't be barefoot across the River was being flooded, "so he quotes the words of Pearl of ancient books.

In 1957, when Hyundai repair Port Inchon, companies face a shortage of equipment. Chung Ju-Yung then sent technicians to the headquarters of the US Army to steal glances of the previous material. From there, he produced for own use. Since then, various projects in Korea handled Hyundai including the development of the Han River Bridge in September 1957. Hyundai also became one of the five leading construction company in Korea.

Hyundai did not hesitate to learn from the U.S. and abroad. Its employees language-learning United Kingdom. Hyundai is also the first construction company in Korea who recruit graduates.

Learning from failure
After economic reforms rolled out, following the turn of a Government that puts the Park Chung-Hee as leader of Korea, appear new hope in the field of economics. Foreign investment is encouraged. High-tech imported. The priority is given to the industry to import. Korea wants to turn itself into a modern industrial power that could compete in international markets. Chung Ju-Yung was one of the pioneers of this progress. To establish an independent industrial system, the company must obtain raw materials from within the country.

In July 1962, the construction of a cement factory of Danyang began. Every week, during the two years of development, Ju-Yung came to the project location to conduct supervision. When he comes, the workers seemed active work. Be advised him they called "Savage Tiger." One time, he fell asleep on the train so down at the next station: It comes too late as 30 minutes. He captured the wet lazy workers, and they got angry. The cement factory completed six months ahead of plan.

In January 1970, the company turned into Hyundai Cement Co. Ltd. Korea makes its presence need not depend on construction materials from abroad. The stucco master market in Korea because it is cheap and the company became one of the biggest businesses in Korea. Hyundai now plays a significant role in setting up a network of the power industry, ranging from nuclear to geothermal.

Progress in Korea industry experiencing a wide variety of obstacle for entrepreneurs. They lack the funds, foreign exchange is restricted, and the domestic market is saturated. The only way out is to take part in international competition.

Hyundai Construction Co. managed to gain trust from abroad. He gets Pattaninarathiwat Road development project in Thailand, and this is the first project. In the auction, Hyundai beat 29 companies from 16 countries, including Germany, Japan, and France. However, who would have thought a Government-funded project that Thailand ended in failure. Hyundai suffered enormous losses.

The question of the failure of hers, Ju-Yung said, "this failure gives us a lesson that abroad we should solve problems of geology and meteorology-specific first before starting construction. Besides, any human is different. We have to adjust to the local conditions. Bad experience to remember. By recognizing the losses and failures, we can make improvements. Remember, those who forget past mistakes, it will fail again, and fail again. "

The largest automotive company in Korea
Learn from big losses when the execution of the repair of the bridge of Golyong and the construction of a highway in Thailand, Hyundai raked in profit from other road projects in Thailand. The company was then working on the giant project, such as project Alaska Storm, military headquarters, housing projects in Guam, the project dam South Pacific Islands, and Cam Ramh Bay in Viet Nam. The whole project it gives a valuable lesson about the human and financial resources for Hyundai to work on freeway Seoul-Pusan in 1968.

Highway construction work Seoul-Pusan began on 1 February 1968. Ju-Yung much passion for working on this project. In fact, he took the bed to the location of the project. Night and day, she worked there. 428 km long highway opened on June 27, 1970.

In December 1966, two years before the construction of the freeway Seoul-Pusan began, Hyundai Motor Company established in Seoul. Before, motor vehicle in Korea imported from Japan. Chung Ju-Yung had their reasons to build the auto industry. "The prosperity of a nation is associated with the development of mobility and flexibility. The history of the development of personal transportation from horse riding to an artificial vessel the United Kingdom in modern times and the car America this century has proved it, "he said. 

The company with the production of more than one million units per year this is the largest automotive company in Korea. That became the target entered in five of the world's biggest automotive company in 2010. However, the monetary crisis in 1997-1998 Hyundai Group's position had degenerated.

At first, Chungju-Yung had cooperated with American car factory, Ford. However, Ford just interested in selling spare parts to Korea, so the cooperation was halted. Chung Ju-Yung relied on its strength in developing automotive factories. Then, he entrusted his brother to Hyundai Motors, Chung Se-Yung. Interwoven collaboration ever moved to Italy to get car technology.

The first Pony model out of Hyundai Motors assembly line in January 1976. That was the first car ever made in Korea. Supported by improved economic conditions and a highway network extends, as well as the market is ready, that domestic product was reaching great success.

Based on the model of the Hyundai Pony, renew his car into a new generation of products. December 1984 car model Pony made Hyundai Motor Company with 500,000 per year production unit.

So far, Hyundai has produced dozens of models, some of them achieve great success. The Excel model, for example, its success in The U.S. market. In July 1988, production. The annual sedan model has reached one million units. In 1992, the Scoupe model became one of ten of the top models in the US. In the same year awarded the Elantra model in Austria. Then, in 1994, the sedan car model developed successful Accent Hyundai Motor Company. Its industrial development also is done by buying a KIA Motor Corporation in December 1998.

The culture of equality
Chung Ju-Yung argued, "the most honest in doing the little things, often the most honest anyway in doing a great thing. People who have the sincerity in doing the little things, it often will be sincere anyway when doing something great. " Dishonest employees could lose jobs that night anyway. Hyundai also tried to develop the culture of "equality."

According to Chung Ju-Yung, the technicians, workers, and all of the employees, when everything feels treated equivalent, as companions, they would feel to have Hyundai. No one at Hyundai expected to feel inferior in position, and nobody allowed so superior against another.

In the Hyundai no stairs to walk only for CEOS as in other companies. Do not be surprised, once upon a time when Chung Ju-Yung new step enters a crowded elevator, will retreat to give place to the people due to the urgent requirement driven.

In some large international companies, more challenging seeing his CEO rather than the country's President. But Hyundai, Chung Ju-Yung is always visible in the middle of the workers to perform supervision, discussing with them, or to hear their complaints. There are so many photos are quoted without his knowledge that shows others a formal dress shirt while he was ordinary.

When there is free time, Ju-Yung will join with the workers, for a match to arm wrestling, drinking, or chatting. He was also present among the workers in activities such as playing volleyball and wrestling. Chung Ju-Yung will come up and sing in front of the employees in each party to rejoice with them.

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