Samsung, one of the world’s largest and most successful multinational companies, was not invented by a single individual but founded by Lee Byung-chul, a South Korean entrepreneur. He established Samsung in 1938 as a trading company, and it later evolved into a global conglomerate with interests in electronics, shipbuilding, construction, and more.
The Founder: Lee Byung-chul
- Birth: February 12, 1910, in Uiryeong County, South Korea.
- Death: November 19, 1987.
- Legacy: Lee Byung-chul is regarded as one of South Korea’s most influential business figures and a pioneer of modern South Korean industrial development.
Lee Byung-chul founded Samsung with a vision to contribute to Korea’s economic growth. Over time, his leadership and strategic decision-making helped Samsung diversify and thrive across multiple industries.
The Early Days of Samsung
- Year Founded: 1938.
- Original Business: Samsung began as a small trading company in Daegu, South Korea, dealing in groceries, dried-fish, noodles, and other goods.
- Name Meaning: The name “Samsung” (삼성) translates to “Three Stars” in Korean, symbolizing greatness, prosperity, and longevity.
Samsung’s Evolution
After Lee Byung-chul founded the company, he led its transformation into various industries. Here are some milestones in Samsung’s history:
- 1950s-1960s: Samsung ventured into textiles, insurance, and food processing.
- 1969: Samsung Electronics was established, marking its entry into the technology and electronics sector.
- 1970s-1980s: Samsung expanded globally and began producing semiconductors, televisions, and home appliances.
- 1990s and Beyond: Under the leadership of Lee Kun-hee (Lee Byung-chul’s son), Samsung became a global leader in mobile phones, TVs, memory chips, and more.
Samsung Today
Samsung has grown from its humble beginnings into a tech giant, widely known for its innovations in electronics. Its flagship products, such as the Galaxy smartphones, have become globally recognized, competing with companies like Apple.
Samsung is part of the Samsung Group, which comprises dozens of subsidiaries, including Samsung Electronics, Samsung Heavy Industries, and Samsung C&T.