Many of us are familiar with the name, but few know where it came from. It is also, of course, a gigantic company hailing from Samsung: The Journey of a South Korea. Samsung does many things; it makes phones and TVs. Indeed, it even builds ships! It is important to South Korea’s economy. After all, Samsung takes up 20% of the country’s GDP. This would mean it is helping many people within South Korea.
How It All Began
The story of Samsung is from the year 1938. A young fellow named Lee Byung-chul founded the company. He was just 28 years old. The sales were food stuff such as fruit, rice, and fish. This was no tech company at all. However, within a very short period of time, things began to change for Samsung.
The First Big Change
The war between South Korea and North Korea erupted in 1950. It was a time when everyone had to face the harshest of times. Export of commodities would have to be halted in South Korea. It even had to import food! Samsung was thinking very hard and realized that it could not go on like that and thus needed to change its business to survive. It decided to diversify and started producing sugar from sugarcane. That was the brilliant decision. They earned money and began to rise.
Entering the Electronics
Samsung’s biggest leap into electronics would come in the year 1968. At that time, they set out their first product-the 12-inch black-and-white television. Just starting out then, soon enough Samsung emerged as one of the largest manufacturers of TV in the world. They were producing microwaves and air conditioners up to 1983. Even personal computers, no less, by 1993! Samsung was going great guns!
The Mobile Phone Era
In 1986, Samsung tried to launch its first cell phone. SC-100 flopped its maiden voyage. Unfazed by its failure, Samsung went ahead with their second attempt launching H-100 in 1988 which also met a dead-end. Third and finally with an ecstatic boom of H-700 in 1993, Samsung entered the cell phone market as a leader in the mobile cell phone business by 1996.
Global Leader
Over the years, Samsung grew and developed. They built the world’s largest smartphone production house. The company’s market capitalisation came up to $325 billion, just roughly the same size as Tata Group in India. It is surprising the amount of dominance Samsung has attained, considering it is operated from a small country like South Korea.
Government Support
Neither did Samsung grow alone, though. The South Korean government encouraged big companies like Samsung. They granted loans and assistance to develop industries. This support contributed much to making Samsung a giant. At the same time, it has made South Korea rely on Samsung for its economy.
Controversies
With great success comes some problems. In fact, the company has had its share of controversies over the years. The founder died in 1987, and his son took over the business. There were allegations of bribery against this company. In 2008, they were accused of tax evasion. Yet most of them remained without significant consequences for the company.
Samsung: The Journey of a South Korean Giant
Innovation and Diversification
Successful innovation can be another reason that makes Samsung successful; they are always creating new products. They started with general electronics and advanced towards smartphones; now, they have also entered into advanced technologies like AI and smart devices.
Future of Samsung
Samsung is not going to stop. The company doesn’t have such a thing as stopping to its style; it keeps diversifying and innovating. They are involved in various fields from construction to insurance. Such adaptability is what makes Samsung a true leader.
Conclusion
Samsung is an excellent example of how a company can grow and prosper. It started off at small background levels and has finally emerged into a giant international leader. That alone is inspiring and shows us that anything we want to do is possible with determination, creativity, and the proper support.
