Samsung, a name we have seen and heard of for the longest time. It is one of the world’s largest producers of electronic devices from South Korea.
The company specializes in the production of a wide range of consumer and industry electronics.
It has become one of the most recognizable names in technology and produces about a fifth of South Korea’s total exports.
Samsung is founded by Ho-Am Byung-Chul Lee. Lee Byung-Chul was known as South Korea’s most successful businessman.
His family was landowners and they gave him a huge wealth to inherit. He used the wealth to start a rice mill, but it was not successful as he could not gain major profits.
After that, he founded Samsung, and now it is South Korea’s largest business group.
How Samsung Was Created
Lee Byung-Chul set up an export business in Daegu on 1st March 1938 and named the company Samsung Trading Co. The company exported all sorts of goods and edibles like fish, vegetables, and fruits to the regions of China.
The company was going well as it was supplying goods throughout Korea and to other countries by 1945. Two years later, the company moved to Seoul.
Since the company was thriving, it was considered to be one of the ten largest trading companies in Korea during that time. But during then the Korean war broke out, so Lee Byung-Chul had to shift his company to a safer location in Busan around 1950.
Moving on, they had separate semiconductor and electronics branches established around the late 1970s and 1980s.
In 1985, Samsung established a Samsung Data System. It was to serve businesses’ growing need for systems development.
Because of this, Samsung became a leader in information technology services.
That was not the only thing they established. Two research and development institutes were made.
This helped to broaden the company’s technology line into electronics, semiconductors, high-polymer chemicals, genetic engineering tools, telecommunications, aerospace, and nanotechnology.
Why It Is Called Samsung
The name Samsung was created because of Lee Byung-Chul's vision to make Samsung powerful and everlasting.
In Korean, Samsung means “Three Stars”. The number three in Korea is symbolized as something big and powerful.
That is why three stars remained as the company logo in various forms until 1993 when the current logo was introduced.
The First Product
Black and white televisions were Samsung’s first products in 1969 right after they entered the electronic industry. In the 1970s, they exported home electronic products internationally.
From 1982 to 1985, Samsung built a television assembly plant in Portugal, New York, and Tokyo. And in 1987, a facility in England; and another facility in Texas, in 1996.
Success In The Electronics Business.
Samsung bought over Hanguk Jeonja Tongsin, a major company in telecommunications in 1980, a large-scale of telephones, fax machines, and various other electronic devices was produced.
However, Lee Byung Chul died on 19th November 1987. But the company kept following his philosophy of large-scale expansion. Because of their commitment to following his philosophy, Samsung managed to expand their company and name all over the world.
Samsung even has a construction company that has major projects such as the Burj Khalifa in Malaysia.