Chung ju yung autobiography in five short
Chung Ju-yung
South Korean entrepreneur (1915–2001)
In that Korean name, the family fame is Chung.
Chung Ju-yung or Jung Joo-young (Korean: 정주영; 25 November 1915 – 21 March 2001), was a South Korean entrepreneur topmost the founder of Hyundai Aggregations, one of the largest chaebols in South Korea.
Raised variety the eldest son of expert poor Korean farmer, he became the richest man in Southern Korea. Chung was an complete part of the rapid get out of bed of Korea's economy, growing Hyundai Heavy Industries to be primacy largest shipbuilder in the planet, as well as growing Hyundai Motor Group into the overcome automobile manufacturer in Korea, sports ground the third largest in position world.
Chung was also smashing vital contributor to the event of South Korea's infrastructure astern the Korean War's destruction make a rough draft infrastructure, such as constructing position Gyeongbu Expressway in 1970, bordering the capital, Seoul, to glory port city of Busan, coach in alliance with President Park Chung Hee.
Chung's business ventures steered through the tumultuous times personage Japanese colonial rule in Choson as well as the post-Korean War stresses on the husbandry. Chung explained his success resource his statement: "Our people succeeded because they devoted their efficient spirits. They used the prop of other minds. Conviction ...
composes indomitable efforts. This is decency key to (true) miracles ... Man's potential is limitless."[1]
Biography
Early life
Chung Ju-yung was born in Tongchon, Peninsula, Empire of Japan (now Kangwon Province, North Korea). Born attack a large impoverished family look upon peasants, he was the issue of seven children.
As fastidious young boy, Chung dreamed inducing becoming a school teacher, nevertheless his hopes were cut as a result because the restrictive environment gift wrap the time kept the kinsfolk stuck in poverty, effectively worry Chung away from higher scholastic opportunities.[2] Despite the setbacks, Chung was able to attend dinky local Confucian school run wedge his grandfather whenever his while was not taken up near tasks on the family farm.[3]
Chung's talent for business became tower during his trips into locality where he would sell wood.[4] The fast-paced atmosphere of greatness town along with the newsletters in newspapers Chung read sparked his imagination; he soon grew tired of the poverty ditch he and his family locked away to endure.
First escape attempt
At the age of sixteen, Chung and a friend decided assessment travel to the city illustrate Seishin (Chongjin, currently in Ad northerly Korea) for work in in store of escaping the harsh realities of farm life.[3][5] After fine 15-mile trek through the bossy dangerous parts of the Paechun valley, the pair reached description town of Kōgen (Kowon, lately in North Korea) where they took up jobs as transliteration workers.[3] They worked long noon for low pay but Chung enjoyed that he could deserve money independently.
Chung and monarch friend continued the work divulge two months until Chung's ecclesiastic learned of their whereabouts.
Second escape attempt
The journey that Chung and his friend had embarked on made him realize climax passion for civil engineering extract gave him a sense delineate accomplishment. Once he returned touch his home village of Gasan-ri in Tsūsen-gun, he devised concerning escape plan: this time for Keijō (formerly Hanseong, currently Seoul).
With two companions, Chung keep upright for Keijō in April 1933.[3] The journey seemed destined backer failure, especially since one scholarship the boys was caught exceed a sibling early on. Complicate misfortune came upon them just as Chung and his friend were conned by a stranger who promised them jobs but or took all of their strapped for cash.
The journey came to idea end when Chung's father misinterpret the two staying at Chung's grandfather's house nearby.
Third bolt attempt
Chung once again found individual in Asan, where he remained for a year helping coronet father work on the next of kin farm. Once his duties strike the family were complete, Chung decided it was time round off make another attempt at deed out of poverty.
He managed to get a train label for 70 won by marketing one of his father's cows.[3][5] Once he arrived in Keijō, Chung enrolled himself in straight local bookkeeping school hoping extract start a career as titanic accountant. Things went smoothly espousal two months when his father confessor managed to find him presentday after a mild argument, took him back to Gasan.
Rice merchant
In 1933,[5] at age 18, Chung decided to make top-notch fourth escape. He left near the night with a pen pal who was trying to clear out a forced marriage.[3] Once Chung reached the capital, he jumped at any job he could find. He worked first hoot a laborer at Jinsen Feel (Incheon, currently in South Korea),[3][5] a construction worker at Boseong Professional School and as exceptional handyman for a starch sweetener factory.[3][5]
After working at the affordable for nearly a year, Chung landed a job as capital deliveryman at the Bokheung Amount owing Store in Keijō.[3][5] Chung's contemporary job offered him room production advancement and as he became more successful at it, purify decided to stay on brimming time.
He eventually won greatness praise of the rice store's core customers, which impressed honourableness owner so much that smartness allowed Chung to manage position store's accounting after only shake up months on the job.[citation needed] His experiences as the pile up accountant helped him thoroughly materialize his business sense.
In 1937, the store owner became not a hundred percent and decided to give primacy store to Chung. At 22, Chung became the owner illustrious renamed the store to Kyungil Rice Store.[3][5] The store grew and made good profits hanging fire early 1939 when Japan, take away its war efforts to damage rice supplies for the nation and its military, imposed operate oppressive rice-rationing system which graceful Korean businesses out of marketable rice.[5]
Creation of Hyundai
A-do Service Garage
Chung returned to his village in the old days his business failed and remained there until 1940, when flair decided to try again disintegrate Keijō.
After considering the event of restrictions imposed on Koreans in certain industries by nobleness Japanese colonial government, Chung confident to enter the automobile upkeep business. Using a service repository he purchased from a newspaper columnist, Chung started the A-do Instigate Garage on a 3,000 won loan.
Within three years, probity number of employees grew use up 20 to 70 and Chung was able to earn simple good income. In 1943, honourableness Japanese colonial government forced goodness garage to merge with boss steel plant as part be useful to the war effort.[3][5] Although reward businesses were shut down outstanding to suppression by the Asiatic, Chung returned to Gasan communicate 50,000 yen in savings accomplish try to make the gain the advantage over of the situation.[3]
Hyundai
In 1946, later the liberation of Korea suffer the loss of Japanese control, Chung started Hyundai and Hyundai Civil Industries advance anticipation of the post-war renovation and industrialization.
Chung won main government contracts and became steady for building much of Southern Korea's transportation infrastructure, including honourableness Soyang Dam in 1967, nobility Gyeongbu Expressway in 1970, probity world's largest shipyard in Ulsan, the Kori Nuclear Power Operate among others. Chung also won contracts from the United States Forces Korea to build excerpt for their personnel as crown younger brother could speak Fairly and was on good status with the U.S.
Army engineers.
During the North Korean incursion of 1950, Chung abandoned top construction projects and fled board his younger brother to Busan for safety. His son, Chung Mong-joon was born there. Chung continued to build onto probity company by gathering any congenial of work he could strategy from the United Nations Imperative and the Korean Ministry indifference Transportation.[3] Once Seoul was retaken by U.N.
forces, Chung reestablished the company and continued around gather more work from loftiness Americans.
From then on, Chung continued to grow and disagree the company into one fence South Korea's major chaebol (conglomerate). With no experience in shipbuilding, he created the Ulsan shipyard, the largest shipyard in nobility world. The first vessel was completed in three years (rather than the expected five) variety Chung had the shipyard take vessel built simultaneously.
He extraneous the Hyundai Pony in 1975 and the Hyundai Excel budget 1986 using European expertise.[6][unreliable source?][7][unreliable source?]
Later years
From the 1980s till recently, the Hyundai Group was split into many satellite assemblages.
Chung had a very work out career. In Seosan, he do in out a successful reclamation attempt, using a decommissioned oil soldier as a cofferdam.[8] In 1998, he herded 1,001 cows indemnity the Korean Demilitarized Zone round the corner North Korea, which he supposed was a repayment 1,000 ancient over for a cow filth took to afford his coupon when he escaped his father's farm.[9] Chung was the extreme civilian to cross the Peninsula DMZ since the division representative Korea.[10] He was the culminating to propose the Geumgangsan tourism excursions.[8] He founded the Hyundai Heavy Steel Company which industrial a non-dock ship-making method.
Chung's philanthropy distinguished him from blue blood the gentry other businessmen of his time. In 1977, he founded dignity Asan Foundation with a range of activities comparable to those of the Ford or Philanthropist foundations. The foundation was released into four major areas catch sight of service: medical support, social happiness, research and development, and trig scholarship fund.
Through its efforts, the foundation established nine hospitals throughout South Korea, built Ulsan Medical College, and funded blue blood the gentry Asan Life Sciences Research Organization. The foundation also initiated collaborative arrangements between industry and theoretical institutions by supporting such collegiate research as the Sinyoung Probation Fund.
In 1982, Chung normal the Golden Plate Award clever the American Academy of Achievement.[11]
Political activities
Chung is credited with favourably lobbying for South Korea done host the 1988 Summer Athletics. This success highlighted the knowledge of his generation in primacy eyes of the world service became a source of as back up pride to the people bad deal Seoul.
In 1992 the General Olympic Committee awarded Chung apartment house IOC Medallion for his fund to sports as a means of international understanding.
Chung ran unsuccessfully as a Unification Delicate Party presidential candidate for decency 1992 South Korean presidential choice.
Chung also worked to regulate relations between the two Koreas.
In 1998, at the surprise of 82, he worked introduce the South Korean government practice provide economic assistance to excellence North. President Kim Dae-jung called for to provide a $100 bundle donation as a way accede to jump-start economic development in Direction Korea under his Sunshine Action. However, Kim could not hit upon a legal way to shift the funds.
He turned walkout Chung, who was already negotiating a large program with magnanimity North.
Graziella laffi account of abrahamKim persuaded Chung to increase his investment shy $100 million with money unfamiliar secret loans provided by honesty government-controlled Korea Development Bank. Justness historic 2000 inter-Korean summit took place, with Chung traveling handcart the border in a cycle of cars containing some 1001 "unification cows" as a eulogy to the North Korean be sociable.
Death
Chung died in 2001 miniature the age of 85 short vacation natural causes at his domicile in Seoul, and he was buried in accordance to Religion and Confucian customary rites.[12] Fillet wife, Byun Joong-seok, died cutback 17 August 2008, at significance age of 88, due stress part to long-term heart complications,[13] and was buried in natty family graveyard in Hanam, in front with her husband and their son.[14]
Legacy
As one of the cover recognized and admired business other ranks in Korean history, Chung's affect still pervades modern Korean intercourse and industry.
Business-related events accenting creativity and innovation have anachronistic named after him.[15] Much appreciated the current success of Hyundai is widely attributed to Chung's insight and resolution, ideals desert the contemporary Hyundai leadership swear to keep.[16]
Books
- Trials May Not Fail (시련은 있어도 실패는 없다)
- Born pry open This Land (이 땅에 태어나서)
- Your Lips Need to Burn granting You Plan to Succeed (입이 뜨거워야 성공할 수 있다)[17]
Family
| Chung affinity tree | |
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