A summary of the life of the late Hyundai Chairman Chung Ju-young
The late Asan Chairman Ju-Young Chung (Jung Ju-Young) is the founder and honorary chairman of the Hyundai Group, which includes Hyundai Motor Company, Hyundai Department Store, Heavy Industry, Insurance and HDC. Along with Samsung founder Lee Byung-cheol, he is one of Korea's representative first-generation entrepreneurs, and he has the name of Chairman Wang, meaning he is the chairman of the presidents. In the 1970s, when Hyundai's unconventional growth took place, there were so many things that Hyundai couldn't digest.
Unlike Lee Byung-cheol, who had been rich since his grandfather, he was very poor and could only go to elementary school (now elementary school), but the story of a man who overcame poverty and succeeded as a self-made man, and created a group called Hyundai, flows with Korea's complex and turbulent modern history. Therefore, it is remembered as a symbol of industrialization. In addition to that, despite creating such a large company, he lived an honest and frugal life throughout his life, earning a lot of respect from people. In 2006, he was included in Time magazine's list of young people in Asia, and he founded the National Unification Party and served as a member of the National Assembly.
1. Joo-Young Jung as a Child
Jung Ju-young was born on November 25, 1915 in Asan-ri (now North Korea), Songjeon-myeon, Tongcheon-gun, Gangwon-do. Asan, the surname of Joo-Young Chung, is derived from Asan, his hometown. In 1930, he graduated from Songjeon Elementary School (at the age of 15), but due to his poverty, he gave up further education and started helping his father in farming. However, he repeatedly runs away from home because he thinks that his farm work will not be able to escape his poverty. He sneaks a peek at the newspaper delivered to the local chief's house and runs away blindly, thinking that he must go to Seoul to succeed. He ran away several times and ran away from home by stealing money, where he even studied accounting in Seoul. However, he is often caught by his father and dragged away again. Because his father thought you were the eldest son and that he should continue the family business and start farming. However, Jung Joo-young runs away again. He eventually settles in Seoul, where he earns money while working on a pier in Incheon.
2. Growth in Seoul
After I settled in Seoul, I got a job as a delivery man at a rice shop called Bokheung Sanghoe, but the delivery man’s job was quite profitable, so three years after I left the house, my monthly salary was 20 bags of rice. Perhaps because he studied accounting, Jung Joo-young did accounting, such as calculating profits, and because of this, the owner of the rice shop really likes him. The owner of Bokheung Sanghoe had one son, but he passed the store to Jung Ju-yeong, not his son, because he wasted his fortune by falling for a woman and drinking.
In 1935 (20 years old), while seeing a line with Ms. Byun Joong-seok, Mrs. Byun Jung-seok was afraid to say that the bachelor had come to see the line from Seoul, so she couldn't even get out of the room.
In 1938 (23 years old), he inherited the store and named it Gyeongil Sanghoe. However, the Sino-Japanese War broke out in two years, and during the Japanese colonial period, Japan imposed a rice control ordinance in Korea, prohibiting the grain trade and closing the shop. But just because the store went bankrupt, he couldn't go back to his hometown. He also had a family, so he had to work.
In 1940 (25 years old), Lee Eul-hak, who was working as a weaver at the Gyeongseong Service Factory, the largest in Seoul, developed an interest in automobile maintenance. He borrows 3,000 won from Oh Yun-geun, a regular at a rice shop, to take over Addo Service, a failed auto repair factory. At this time, the repair period for automobiles was quite long at that time, but Joo-Young Jung said that the repair shop was able to repair cars faster than other repair shops, so the repair shop achieved great growth. However, a fire breaks out in the factory and burns out all of a sudden, making him a beggar.
A person named Yoon-geun Oh has good eyes and is a person with a high reputation for lending money and never taking it off at once. Then, he asks to borrow the money again and says that if you take the money you lent me here, there will be a flaw in your history, but if you lend it again, you will recover and pay it back. Oh Yoon-geun also lent the money again to maintain the record that he had never taken any money from Jung Ju-young, and Jung Ju-yeong established an auto repair factory in Sinseol-dong again, collecting a considerable fortune and paying off all debts. But now, I wanted to pay off all my debts and earn some money, so I thought it would work out well, but soon after, the factory was forcibly absorbed by the Japanese.
In 1946 (age 31), Korea was liberated, and Joo-Young Chung re-established Hyundai Motor Company in Chungmuro with the money saved before the factory was forcibly absorbed. It originally started as an auto repair shop, but then expanded into auto repair business, taking charge of fixing US military vehicles. Again, they were expanding their business well with the company's belief that they would fix it faster than other places.
In 1947 (age 32), he suddenly started construction business without any knowledge. I brought a repaired car to the U.S. military base and went to collect labor, but there is a saying that I started because the construction industry was making more money when I saw the builders taking money. There is a saying that they saw this and set up a construction company. The construction company created at this time was 'Hyundai Construction Company'. The automobile business has settled down, and I thought things would go smoothly this time, but the Korean War breaks out. Jung Joo-young is unable to take anything with her and hastily evacuated to Busan.
3. Booming in Busan
He grew up even bigger in Busan, where he evacuated. He will be tasked with building a US military dormitory in Busan, which will earn him recognition from the US military. During the war, he won a large number of emergency construction orders from the US military, and in 1952 (age 37), ahead of US President Eisenhower's visit to Korea, he entrusted the toilet and heating work to Chung Ju-yeong, something he had never seen in his life. Jung Ju-yeong searched the entire Yongsan area to find all items and information to make a toilet, and after spending 12 days and nights, he finished the construction.
In 1953 (age 38), the UN Command requested that the UN military cemetery in Busan be laid on green grass before visiting the delegation. The problem was that it was mid-winter this time, and he refused to ask other companies, saying that it was impossible, but Jung Ju-yeong asked for three times the construction cost because it was impossible to do anything else, and he floated winter barley near the Nakdong River and planted it in the graveyard. turns into green grass. After these two things, of course, he gained more trust and all orders placed by the US military went to Chairman Chung Ju-young.
4. Post-war construction industry
After the war, based on the know-how of this time, it took over the restoration of damaged domestic social facilities such as roads, bridges, and ports, and became one of the top 10 Korean companies in 10 years. This bulldozer-like driving force was also poisonous to Jung Joo-young. After the Korean War, in 1954 (age 39), the Gyeryong Bridge restoration project suffered a huge loss of over 65 million won. It was no different than a new construction site for a restoration project, and the restoration of this pier, which was the largest project ordered by the state, had poor construction conditions and no equipment, and the pier built with great effort was swept away by the torrent. In addition, a sharp inflation occurred after the war, resulting in the largest deficit in history. Still, Joo-Young Chung says that business people are credit first and credit is second, and completed in 1955 by selling his younger brother Jeong Soon-Young's 20-pyeong tiled house, brother-in-law Kim Young-ju's 20-pyeong house, and even an automobile repair shop. At this time, he obtained the trust of the government and succeeded in recovery by winning the Hangang Pedestrian Bridge Restoration Project in 1957.
After the establishment of the military government in 1961 (age 46), the company grew bigger as the economic development plan was pushed forward in earnest. In consideration of the increasing construction and demand, the establishment of a cement factory was promoted, and the cement factory was completed in 1964 to procure cement on its own. In 1965 (50 years old), he started overseas expansion for the first time in Korea, built the Pattani Naritawat Expressway in Thailand, and participated in the Mekong River dredging project in Vietnam during the war in 1966 (51 years old), but the business in Vietnam has a poor climate. and construction conditions, once again become in debt.
In 1967 (age 52), he resumed the automobile business that was sold during the restoration work of Gyoryung High School completed in 1955 (age 40) and established Hyundai Motor Co., Ltd. In a joint venture with Ford Motor Company of the United States, it sold the Cortina, the first work of Hyundai Motor Company.
In 1970 (at the age of 55), Joo-Young Jung completed the Gyeongbu Expressway with a total length of 428 km, which was the largest construction project in Korean history, in two years, gaining trust and fame again. With a total construction cost of 42.9 billion won, a construction period of 290 days, and a death toll of 77 during the construction, the Gyeongbu Expressway was built at the highest sacrifice, the lowest cost, and the shortest time in the world's highway construction history. With the completion of the Gyeongbu Expressway, transportation in Korea will become more convenient and economic development will take place.
5. Restarting the car business
When the highway is completed, there should be more cars to use, so after the highway is completed, all-in on cars. Aiming to manufacture 100% domestic cars, it will spend 100 million dollars to build a factory capable of producing 50,000 cars per year. At that time, the number of automobiles sold annually in Korea was less than 1,000, and it would be difficult to recover if it went bankrupt this time to build a 100% domestic production car base of 50,000 units per year with the funds that Hyundai had, which was not equipped with the technology at the time. That was extremely reckless. But Jung Joo-young is fine. He just pushes it, saying that it is enough to make money by exporting.
In 1976 (age 61), Korea's first independent automobile brand, Pony, was launched. As soon as it was launched, it took over 43% of the domestic passenger car market and started exporting to Africa and the Middle East, starting with Ecuador, selling 10,000 units in the first year alone. In 1985 (age 70), he established a corporation in the United States and, for the first time in Korea, launched a TV commercial with the slogan 'Cars that make sense' on the top three American broadcasting stations. In 1986 (at the age of 71), another new Excel was released and sold 260,000 units in the United States alone in a year, ranking first in sales in the US imported compact car market.
6. Advance into the shipbuilding business
Now, the automobile business has succeeded and has established itself to some extent, but the shipbuilding business begins immediately. For the shipbuilding business, large-scale investment was required first, but there was no bank in Korea that would give money to a company that did not have a shipyard to build a ship, let alone experience in building a ship. Chairman Chung Ju-young leaves for Europe with a picture of the white sand beach of Mipo Bay and a blueprint for a tanker borrowed from a foreign shipyard, which he predicted that he would build a shipyard in order to receive investment. He didn't go there just with the idea of selling a few ships, but with the dream of building the largest shipyard in the world.
After being rejected by British bank Barclays, Chairman Ju-Young Chung sets out to find someone who can influence Barclays. So I met Longbottom, the chairman of Appledoor. The strategy was that if he received a letter of recommendation from Lee, he would receive a loan from Barclays. Chairman Longbottom's reaction was also bittersweet. However, Jung Joo-young takes out a 500-won bill and shows the turtle ship drawn on the back of the bill and persuades Longbottom to believe in the capabilities of our people, saying, 'Korea made ironclad ships in the 1500s, 300 years before Britain.' In response, Longbottom wrote a letter of recommendation and took it to the bank, but the UK Export Credit Guarantee Service placed the condition that he would give the loan only after receiving the order for the ship. Hyundai did not build a shipyard, let alone place an order, so in fact, it was no different than a rejection. However, Jung Ju-young does not give up and receives an order for two 260,000-ton ships from the Greek shipping king Ravanos. He moves the heart of Ravanos with two extreme conditions: interest is added to the down payment if the promise is not kept, and the principal is returned if there is any defect in the ship. In other words, it was a business proposal that would disappear if it failed.
In 1972 (at the age of 57), the Hyundai Ulsan Shipyard was finally built on the white sandy beach of Ulsan. Not only Korea, but the whole world is paying attention. This is because Labanos, the world's largest ship owner, placed an order for a ship to a person without a shipyard. It was not a small ship, but if it was actually built, it would be the largest ship in the world. Previously, Joo-Young Jung had engaged in a lot of reckless businesses and gambling, but instead of attracting attention because they thought they were all great, suspicious articles were pouring in, asking, 'Can I do that?'
The biggest problem was the delivery period. They had to build and deliver a ship that had never been built in a tight time as the world's largest. Jung Ju-yeong thinks that if a shipyard is built and ships are built, it cannot be built on time. Shipbuilding begins in a situation where there is no dock to float the ship into the sea. Construction of oil tankers, dredging of the sea, and construction of a 140,000 pyeong factory will be carried out at the same time. In 1974 (age 59), the completion ceremony for Hyundai Shipbuilding Heavy Industries (HHI) was held, and the Atlantic Barron, the first Korean ship, was also born. It was an achievement that 2200 people worked hard day and night.
After that, Hyundai Heavy Industries will occupy the first place in the world shipbuilding industry in terms of construction volume 10 years later. In 1973 (age 58), the two main businesses of the shipbuilding and construction industries were hit by the oil crisis. At this time, Ju-Young Jung thought that she should go to the Middle East, the source of the oil crisis, and work. The company executives, who remembered the nightmare in Vietnam and Thailand, threw their whole body against it, but entered the Middle East and won the $93 million Jubail Industrial Air Corporation. All of the world's leading construction companies have bid, but Hyundai receives the order with a promise of shortening the construction period by eight months at a low price. At this time, Hyundai's construction orders were the largest in Korean history, and since then, Hyundai's orders have snowballed to $12.6 billion in 1981.
7. After retiring from Hyundai Group
With this, Hyundai entered the global market with its three main businesses, construction, automobile, and shipbuilding, and turned them all into success stories. In 1987 (at the age of 72), he resigned from the position of chairman and resigned from the management line and assumed the position of honorary chairman. In the process, he founded the National Unification Party and was elected in the 1992 general election of the 14th National Assembly. What Jung Joo-young feared the most was political instability, thinking that any businessman could go bankrupt in an instant in front of political changes, and in fact, he was burned a lot by politicians, so I just thought that I should do politics and do the economy well, not ideology or beliefs. He was defeated in third place, but ran for president again. After his defeat, he also retired from his political career and retired.
In 1998 (83), as President Kim Dae-jung was elected, the Mt. Kumgang development project was promoted in line with the government's sunshine policy toward North Korea. He directly visits North Korea through Panmunjom to meet Kim Jong-il and discuss inter-Korean cooperation projects. And finally, an agreement was reached on the Mt. Kumgang tourism project, and the event crosses Panmunjom with 500 cows called Tongilso.
In May 2000 (at the age of 85), he also resigned as the honorary president due to health, and died in 2001 of pneumonia at the age of 85. Joo-Young Chung, the chairman of the miser who lived a very frugal life. I went around saying that I wasn't a successful entrepreneur, just a wealthy worker, and those who came out of the 1st modern period called Joo-Young Chung his father. 'Hey, have you tried it?' It's difficult, but After all the sleep, in what time period do you catch up?
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