SECRET MAGNATES - #samsung - #darktruth

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In 1938 #samsung began as a small #trading #company that sold noodles, dried fish, and local vegetables. Back then, it was impossible to imagine that Samsung would transform into one of the world's most valuable companies, creating skyscrapers, roads, hospitals, clothes, robots, and whatnot!

What #trade secret did Samsung use that took it from selling noodles to becoming an electronic giant?

Libyan Chol founded Samsung at just 28. He says that one night he had a panicked realization that he was wasting his life; thereafter, he committed himself to building a business by selling off-beat items. Despite Samsung's humble beginnings selling groceries, lee always had a bigger vision. He chose the name Samsung, which means three stars.
Big, powerful, and everlasting are perfect words to describe what Samsung has become. But at first, it didn't look like Samsung was even going to survive, as the Korean war had a devastating impact on lee's business and the entire country. So Lee decided to diversify his business and create affordable goods for the public. He started by creating a sugar refinery, and then using the profits from that; he opened the largest woolen mill in the country. This allowed Samsung to expand into textiles, and they began creating finished products like clothing. Lee reinvested the money he made into other new areas, like opening a department store and getting into the insurance business; to this day, Samsung is the largest insurance provider in south korea. With all of this rapid expansion of his business, it wasn't long before lee was the richest man in the country, and he was about to get a lot richer. In 1968 Samsung executives had a meeting where they decided the next market to enter was electronics. A year later, Samsung electronics was fully set up, and they created a 12-inch black and white TV. Within a decade, they'd become the world's number one black and white tv manufacturer, thanks to their efficient assembly line production, and this success led them to start producing all kinds of home appliances. But they soon realized that to produce all these electronic goods, they heavily relied on importing so many small components from abroad, so they bought a semiconductor company to fully control the supply chain. They not only used these chips in their own products but started selling them globally to other electronics manufacturers, opening yet another product line for Samsung.

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