04 Chung Ju Yung
Hyundai, Nation building billionaire, Run Away Kid, Construction, Automotive, Korean, Asian
1915 in Kangwon in North Korea today, Korea was under Japanese rule back then. He was eldest of 7 kids.
His family was poor and he was forced to quit school, His dream job was being a school teacher.
Age 18 1933 before He tried to runaway and failed finally in 1933 on his third attempt he succeeded. He sold his father’s cow and bought a train ticket to Seoul.
Age 22 1937 in Seoul he purchased a rice store on credit when the owner retired. He lost his rice business when the Japanese military took control of the rice distribution during WWII. Before he was delivering rice as his job.
Age 24 1939 he founded A-do Service car garage using a 3000 won loan. He again lost his business when the Japanese occupation forced him to merge with steel plant.
Age 32 in 1947 after WWII there were reconstruction effort he started Hyundai Construction Hyundai means Modern in Korean language.
Age 35 in 1950 bad luck struck Chung Ju Yung as he was forced to substitute his Japanese oppressors for North Korean oppressors. North Korea invaded South Korea and Chung Ju Yung fled to Busan and lost everything let alone his business for the third time.
Age 38 1953 the Korean war ended and he married his first wife. He was persistent to try reconstruction effort for the second time.
In 1953 South Korea was one of the poorest countries in the entire world, by 2001 due to Chaebols parallel to Zaibatsus in Japan, manufacturing and exports South Korea became one of wealthiest and most developed countries in the world.
Age 45 In 1960s Hyundai won many government tenders/contracts to build transportation infrastructure of South Korea. Soyan Dam in 1967, Gyeongbu Expressway in 1970.
Age 50 1965 Hyundai began construction projects overseas in Nepal, Vietnam, Thailand, Alaska USA, Australia. By 1970s Hyundai was largest construction company in the Middle East.
Age 52 1967 Hyundai motors was founded by Chu Ju-Yung. The Hyundai Pony was the first South Korean car to be exported to the USA in 1975. By 2016 Hyundai became the 4th largest global vehicle manufacturer. Hyundai plant in Ulsan is the globes largest vehicle manufacturing plant.
Age 55 In 1970 Chung Ju-Yung’s Hyundai wanted to build ship-building industry, he had no experience, no capital nor shipyard. He got funding from English banks. He built the first Ship and shipyard in South Korea within 2 years.
Age 65 in 1980s Hyundai was #1 in global Ship building.
Age 72 in 1987 Chung resigned as active chairman of Hyundai group and ventured into politics. In 1992 he lost presidential run possibly due to conflict of interest. Instead he focused on diplomacy and international relations. He tried his best to bridge his homeland North Korea with his new homeland South Korea. He also had huge effect on South Korea co-hosting the FIFA 2002 world cup in Korea/Japan.
Age 86 2001 Chu Ju-Yung died and remains a legend.