The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Family of 5 found dead in 3 separate locations

  • 3

    All-Korean showdowns set up on 1st day of medal race

  • 5

    INTERVIEWYim Si-wan went extra mile to portray legendary athlete in 'Road to Boston'

  • 7

    Bears of Joseon part 1: Fanciful tales and deadly claws

  • 9

    Exhibition for soldiers highlights North Korea's human rights abuses

  • 11

    S. Korea to stage massive military parade as tensions with North remain high

  • 13

    Seoul, Beijing try to mend fences as Russia and N. Korea grow closer

  • 15

    PM departs for China for Asian Games, meeting with Xi

  • 17

    Top diplomats of Korea, Iran discuss bilateral ties following frozen funds transfer

  • 19

    Hangzhou Asian Games open after COVID-enforced delay

  • 2

    Xi says he will seriously consider visit to South Korea: official

  • 4

    Understanding Korean Modernization

  • 6

    Opposition party leader ends 24-day hunger strike for treatment

  • 8

    Sil-A overcomes stage fright, and them some

  • 10

    US finalizes national security 'guardrails' for CHIPS funding

  • 12

    Samsung, SK relieved by revised chip restrictions on China

  • 14

    China's 'batwoman' scientist warns another coronavirus outbreak is 'highly likely'

  • 16

    Historic NASA asteroid mission set for perilous return

  • 18

    Allies vow stern measures against Russia-NK arms deal

  • 20

    League of Legends, other esports join Asian Games in competition for first time

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
Mon, September 25, 2023 | 19:16
Lee's legacy and challenge for Samsung
Posted : 2020-11-25 17:10
Updated : 2020-11-25 18:07
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Choi Sung-no

Late Samsung Group Chairman Lee Kun-hee was an asset, not only for Samsung but for Korea and the world. He was undoubtedly a first-class businessman who pioneered through the first-end of more than just a business, but a market itself. He was a visionary leader and innovator. His heroic feats brought up and challenged the standards of Korean businesses to those of the world's first.

It was 1987 when Lee took over the chairmanship of Samsung after his father's passing. When taking the job, he announced his vision of making Samsung a worldwide enterprise. No one thought this vision to be realistic at that time, especially coming from a young manager who just inherited his father's work, let alone in a mere developing country in the Far East.

To many people's surprise, Samsung under Lee's management accomplished remarkable feats. Sales went up by 34-fold, asset 70-fold, export 25-fold and market value 350-fold. Not to mention the value of Samsung brand is easily listed in the global top 10. Without doubt, people know he kept his words of making Samsung a global business, a household name not only in Korea but also around the world.

Such success could only be achieved through introduction and installation of an advanced management system Lee sought to adopt. His eagerness to bring about corporate culture of welcoming and appreciating challenges also contributed. Under Lee's leadership, Samsung grew not only externally but also internally, to become a true international enterprise.

He always feared Samsung losing out, demanding executives and employees be vigilant at all times, to push innovation forward. He was under pressure of keeping his promise to his company and employees of making Samsung the very best of the best. It was such a critical sense of danger that drove Samsung forward and kept himself and company in check of advancing in the right direction.

His appeal for innovation in June 1993, Frankfurt, had a huge ring: "Change everything except your wife and kids." Even to this day people remember the quote as a critical point in Samsung's drive for innovation and sense of danger.

He did not hesitate to use shock tactics for the benefit of the company. A good instance of Lee's progressive management style could be witnessed when he ordered burning of 150,000 defective cellphones. Changing working hours and lifestyle also became a means to persuade and induce responses within Samsung to be more desperate for innovation and change.

Success in the semiconductor and cellphone businesses required more than just hard work but precision and acute vigilance. Samsung's stance in the global electronics market could only be established through the level of awareness and desperation Lee sought to instill within Samsung.

Lee's acumen in business and management was highlighted upon his determination to buy Korea Semiconductor which was on the edge of bankruptcy. Nobody would have dared to jump into the semiconductor market which was already dominated by far-end Japanese companies.

Samsung's presence in the electronics market today was not easily imaginable upon its start. One Japanese corporate research institute even issued a report on "Why Samsung cannot pursue a business in semiconductor."

Lee's insight made the impossible possible. Far beyond the possible, actually, to the best indeed. People now all acknowledge Samsung as a household name in electronics. After establishing a ground in semiconductors, Lee shifted his interest to cellphones.

He foresaw the future of the cellphone industry in which each and every person would have a phone of their own. In August 1995, Samsung's cellphone brand Anycall dominated the cellphone market in Korea. Because of Samsung, Korea was the only country where Motorola could not reach the top position in the market.

It is undeniable that despite the successes and contributions Samsung and Lee made to the market and society, Samsung often came under criticism amid political disruptions. Now Samsung is under heavy political risk and scrutiny due to Lee's absence. Overwhelming political pressure is distracting Vice Chairman Lee Jae-yong from fully concentrating on Samsung's business matters.

Truly it is a difficult and challenging time for Samsung with adverse circumstances. Room for innovation and change is little allowed, but the demands and interventions form politics are rampant. Greater leadership and insight are required to deal with this critical moment and threat. By overcoming the given obstacle Samsung should be able to prove the legacy Chairman Lee left behind ― that what he built can stand through the test and challenges of time.


Choi Sung-no is president of the Center for Free Enterprise.


 
miguel
wooribank
Top 10 Stories
1Samsung, SK relieved by revised chip restrictions on China Samsung, SK relieved by revised chip restrictions on China
2S. Korea to stage massive military parade as tensions with North remain high S. Korea to stage massive military parade as tensions with North remain high
3Seoul, Beijing try to mend fences as Russia and N. Korea grow closer Seoul, Beijing try to mend fences as Russia and N. Korea grow closer
4Patients, doctors at loggerheads as operating room CCTV footage made mandatory Patients, doctors at loggerheads as operating room CCTV footage made mandatory
5Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation
6Mirae Asset Global Investments' AUM reaches $219 bil. Mirae Asset Global Investments' AUM reaches $219 bil.
7Bears of Joseon part 2: Behind bars Bears of Joseon part 2: Behind bars
8Lee Jae-myung's possible arrest looms over main opposition party Lee Jae-myung's possible arrest looms over main opposition party
9LG Chem to build LFP cathode plant with Huayou in Morocco LG Chem to build LFP cathode plant with Huayou in Morocco
10Low growth becomes new normal for Korean economy Low growth becomes new normal for Korean economy
Top 5 Entertainment News
1[INTERVIEW] Yim Si-wan went extra mile to portray legendary athlete in 'Road to Boston' INTERVIEWYim Si-wan went extra mile to portray legendary athlete in 'Road to Boston'
2TEMPEST gears up to showcase fiery passion TEMPEST gears up to showcase fiery passion
3BTS' Jungkook to drop 2nd solo single '3D' BTS' Jungkook to drop 2nd solo single '3D'
4K-pop group Kingdom recalls album cover resembling QuranK-pop group Kingdom recalls album cover resembling Quran
5Cho Seong-jin celebrates 140-year ties between Korea, UK Cho Seong-jin celebrates 140-year ties between Korea, UK
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group