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Building the Entrepreneurial Machine. Jay 제이 Ito Moeko 이토 모에코 Yeji Song 송예지 Eunsoo Shim 심은수. Samgyeopsal. CONTENTS. 01 the Emergence of Chaebols 02 Korea’s TOP 4 Entrepreneurs 2.1 Samsung 2.2 Hyundai 2.3 LG 2.4 SK 30. Chaebol VS Keiretsu. chaebols. Samgyeopsal. 재벌 CHAEBOL.

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building the entrepreneurial machine

Building the Entrepreneurial Machine

Jay 제이

Ito Moeko이토모에코

Yeji Song 송예지

Eunsoo Shim 심은수

slide2

Samgyeopsal

CONTENTS

  • 01 the Emergence of Chaebols
  • 02 Korea’s TOP 4 Entrepreneurs
    • 2.1 Samsung
    • 2.2 Hyundai
    • 2.3 LG
    • 2.4 SK
  • 30. Chaebol VS Keiretsu
slide3

chaebols

Samgyeopsal

재벌

CHAEBOL

slide4

chaebols

Samgyeopsal

slide5

chaebols

Samgyeopsal

Definition of CHAEBOL

: a family-controlled industrial conglomerate in

South Korea

: a closely held, integrated, yet diversified

corporate entity that produces a wide array of

product lines for global consumption

Origin of CHAEBOL

재財chae wealth, property

벌閥bol faction, clan

slide6

Chaebols & families

Samgyeopsal

Hyundai 현대 - Jung Family, Jung Ju Young (정주영)

Samsung 삼성 - Lee Family, Lee ByungChull (이병철)

LG Group 엘지 - Koo & Huh Family,

Koo In Whoi (구인회)Huh Man Jung (허만정)

In the year 2004, after 57 years of partnership,

LG Group

GS Group

slide7

Rise of the chaebols

Samgyeopsal

  • Early 1960s President Park Jung Hee encouraged business
  • to invest in the productive economy
  • With other late industrializing countries after World War Ⅱ, Korean firms
  • had to industrialize by borrowing and improving technology that had
  • been developed by experienced firms in more advanced economies
  • Korean firms began their rise by combining reengineered technology
  • and mass production with competitive labor costs
slide8

samsung

Samgyeopsal

slide9

Samung’s history

Samgyeopsal

Samsung

From 1938 ~ Present

slide10

samsung

Samgyeopsal

Lee Byung-Chull (이병철)

  • 1938
  • - Samsung Trading Company(삼성상회) in Daegu
  • 1953 & 1954
  • - Cheil Sugar & Co. , Cheil Wool Texitle & Co.
  • 1960s
  • - Moved into the service sector
  • End of 1960s total sale: $100 million
  • 1970s
  • - Entered Electronics and Heavy Industries
  • - End of 1970s total sales: $3 billion
  • 1980s
  • - Succeed in making 64KDRAM
  • - Started to make “Worlds First” different types of
  • semiconductors
slide11

samsung

Samgyeopsal

Lee Kun Hee (이건희)

  • 1990s
  • - Digital Frontier Samsung
  • - With it’s digital and internet technology
  • Samsung became a “Digital Company”
  • 2000 – Present
  • - Represents Korea
  • - Selected in Top 5 Brand Company
  • - Take 21% of Korea’s export
slide12

samsung

Samgyeopsal

124,100,000 EUR

220,120,400,000 KRW

slide14

Samsung’s AFFILIATES & SUBSIDIARIES

Samgyeopsal

  • Electronics Industries
  • Samsung Electro-Mechanics
  • Samsung SDI
  • Samsung Corning Precision Materials
  • Samsung SDS
  • Samsung Techwin
  • Samsung Mobile Display
  • Samsung Digital Imaging
  • Machinery & Heavy Industries
  • Samsung Heavy Industries
slide15

Samsung’s AFFILIATES & SUBSIDIARIES

Samgyeopsal

  • Chemical Industries
  • Samsung Total Petrochemicals
  • Samsung Petrochemicals
  • Samsung Fine Chemicals
  • Samsung BP Chemicals
  • FinancialServices
  • Samsung Life Insurance
  • Samsung Fire & Marine Insurance
  • Samsung Card
  • Samsung Securities
  • Samsung Investment Trust Management
  • Samsung Venture Investment
slide16

Samsung’s AFFILIATES & SUBSIDIARIES

Samgyeopsal

  • Other Affiliated Companies
  • Samsung C&T Corporation
  • Samsung Engineering
  • Cheil Industries
  • Samsung Everland
  • The Shilla Hotels & Resorts
  • Cheil Worldwide
  • S1 Corporation
  • Samsung Medical Center
  • Samsung Human Resources Development Center
  • Samsung Economics Research Institute
  • Samsung Lions
  • The Ho-Am Foundation
  • Samsung Foundation of Culture
  • Samsung Welfare Foundation
  • Samsung Life Public Welfare Foundation
slide17

Hyundai

Samgyeopsal

현대  現代

1940s

Hyundai’s History

Samgyeopsal

1940s

1947 Establishment of Hyundai Togun

by Chung Ju-Yung

Chun Ju-Yung

November 25, 1915

― March 21, 2001

1960s

Hyundai’s History

Samgyeopsal

1960s

1965Hyundai Construction become the first

construction company to go overseas

ex) → Thailand, South Vietnam, Australia

Alaska, and Guam

1968 Hyundai Motors was established

slide20

Hyundai’s AFFILIATES & SUBSIDIARIES

Samgyeopsal

Chung Ju-Yung resided as

the president of the Federation of

Korean Industries (FKI)

- Hyundai Merchant Marine- Hyundai Securities- Hyundai Elevator- Hyundai Logiem- Hyundai Asan- Hyundai U&I- Hyundai Research Institute- Hyundai Investment Network

hyundai motor company

Hyundai’s History

Samgyeopsal

Hyundai Motor Company

Pony

Sonata

more upscale midium-sized car

→North American Market

1990 21c

Hyundai’s History

Samgyeopsal

1990~21C

Hyundai kicked off high-technology R&D and

restructuring auto, machine ship building, and electronics

→ over 10% of the total revenue into R&D

1994U.S sales of Hyundai cars topped 125,000,

a company record

slide23

Hyundai’s history

Samgyeopsal

  • HISTORY
  • 1998 – Visit to the North Korea with a herd of cows and the launching
  • of Mt. Kumgang tourism
  • 1999 – Establishment of Hyundai Asan
  • 2000 – Former CEO Jung Mong-hun continues inter-Korean
  • economic cooperation
  • 2001 – The honorary chairman, Jung Ju-yung passed away and the
  • completion of Hyundai group restricting
  • 2003 – Chairman Jung Mong-hun passed away and commencement of
  • a new system and structure for furtherbreakthroughs under
  • CEO Hyun Jung-eun
  • 2004 – Proclamation of Vision 2010.
nowadays

Hyundai’s History

Samgyeopsal

Nowadays

consisting of 47 companies

with 83 branch offices

in 46 countries

Annual Sales for 1994 $49 billion

more than 161,000 employees worldwide

lucky goldstar

LG

Samgyeopsal

Lucky-Goldstar

background

LG’S HISTORY

Samgyeopsal

Background
  • 1947founded by Koo In-Whoi

Started as Lucky Chemical Company

Initially manufactured cosmetics.

branched out into plastics

(combs, toothbrushes, basins…)

slide27

LG’S HISTORY

Samgyeopsal

  • 1953 Establishment of Trading company.
  • 1958 Creation ofGoldstar.
    • Production of radios, refrigerators and Tvs.
    • Mergeance of Lucky-Goldstar.
  • 1967Pioneer in oil refinery ( South korea)
  • 1995 Renamed LG
slide28

LG’S HISTORY

Samgyeopsal

  • 70-80’s
nowadays1

LG’S HISTORY

Samgyeopsal

Nowadays
  • 39 Affiliated companies, 39 joint-ventures
  • 130 Branch offices around the world
slide34

LG total Sales

Samgyeopsal

slide35

LG total Sales

Samgyeopsal

differentiation

LG differentiation

Samgyeopsal

Differentiation
  • Personality Cult
  • Decentralized.
    • Development of competent professional managers
    • Major strategic decisions still made in the chairman’s office but individual companies are free to pursue their business as they see fit.
slide37

Lg’s spirit and visions

Samgyeopsal

  • A Conservative company
    • Avoids risky ventures
  • Group harmony oriented
    • Motto is « INHWA »
  • Emphasis on the sustainability
  • Emphasis on the importance of competitiveness
slide38

LG development & strategies

Samgyeopsal

  • Majors efforts and investments on R&D
    • Centered in the Central Research institutes in taedok
      • Undertakes research in chemical technologies
    • R&D complex in Anyang
      • Focused on electronics research
  • Agressive production overseas
slide39

LG development & strategies

Samgyeopsal

  • Mission

LG’s goal is to become number 1 electronics manufacturer in the world

slide40

Daewoo group

Samgyeopsal

DAEWOO Group

  • Founder : Kim Woo-jung
  • Founded : 1967
  • Defunct : 1999
slide41

Daewoo’s past and present

Samgyeopsal

DAEWOO’s Past & Present

Daewoo firstly started aggressive management and had many good effects on the development of South Korea. Also, like Samsung and Hyundai, Daewoo attracted attention from people all over the world by performing a role of enhancement of national interests as a globalized conglomerate.

slide42

Daewoo group

Samgyeopsal

Although Daewoo group is disappeared now, it’s affiliates such as Daewoo Construction, Daewoo Internationals, and Daewoo Shipbuilding & Marine Engineering are still remaining and being acknowledged as international companies from all over the world.

slide43

SK GROUP

Samgyeopsal

  • Founder : ChoiJong-geon (최종건)
  • Founded : 1939
  • Headquarters : Seoul, South Korea
slide44

SK’s history

Samgyeopsal

HISTORY

  • 1953 - Sunkyung Group began when the current founders acquired
  • Sunkyung Textiles
  • 1958 – Sunkyung started the Korean first fiber export and
  • producing the basic polyester thread
  • 1973 – Sunkyung established Sunkyung Petroleum
  • 1980 – Sunkyung took over the privatized Korean Petroleum
  • Public Corporation
  • 1983 – Sunkyung started to develop overseas oil fields
  • 1985 – Sunkyung formed the basis of the general information
  • communications business
slide45

SK’s history

Samgyeopsal

  • 1996 – Sunkyung Telecom launched the first commercial CDMA
  • cellular phone service for the first time in the world
  • 1997 – Sunkyung changed its name from Sunkyung to SK
  • 2004 – SK succeeded in launching DMB saterlite
  • 2006 – SK launched into revitalizing mobile phone market of
  • 3.5 generation
  • 2007 – SK provided more advanced services by constructing
  • nationwide HDSPA network
  • 2010 – SK Group is now the fourth largest conglomerate(chaebol)
  • in South Korea
slide46

SK’s AFFILIATES & SUBSIDIARIES

Samgyeopsal

Energy & Chemicals

  • SK Energy
  • SK Chemicals
  • - SKC
  • SK E&S
  • SK Gas
  • - SK Lubricants
  • Marketing & Logistics services
  • SK Networks
  • SK Walkerhill
  • - SK E&C
  • SK Shipping
  • SK Securities
  • - SK M&C
slide47

SK’s AFFILIATES & SUBSIDIARIES

Samgyeopsal

  • Information & Telecommunication
  • SK Telecom
  • - SK C&C
  • - SK Broadband
  • SK Telesys
  • SK Telink
  • SK Communications
slide48

SK GLOBAL

Samgyeopsal

slide49

Criticism

Samgyeopsal

  • There is a criticism about SK group that it has developed itself with a improper way such as a cozy relations between politics and business. When Roh Tae-woo was the president of South Korea, Roh Tae-woo’s daughter and Choi Tae-won, the current CEO of SK group, got married. Because of it, Sunkyung could make the basis to develop the company to the number one oil refining company and telecommunication company in South Korea.
korean chaebols vs japanese keiretu
KOREAN CHAEBOLS VSJAPANESE KEIRETU

Size

・Annual Sales

・Number of companies

・Number of employees

Nature of ownership

Centralization of power

Professionalization of Management

KOREAN CHAEBOLS

(Samsung)

JAPANESE KEIRETU(Mitsubishi)

$433 billion

189

400,000

Publicly held

Moderately decentralized

Clearly established

$62 billion

50

150,000

Family held

Highly centralized

Early stage of development

korean chaebols vs japanese keiretu1
KOREAN CHAEBOLS VS JAPANESE KEIRETU

JAPANESE

KEIRETU(Mitsubishi)

KOREAN CHABOLS(samsung)

relative equals

Large percentage of internal financing

Employees as fixed cost of production

unequals ;government over firm

Almost exclusively external financing

Employees as variable cost of production

Business-government relations

Nature of financing

Approach to human resource management