SUCCESS STORY

OF -BY TUHINA
CHAKRAVERTY
CHUNG JU YUNG (2 K2 0/ UMBA / 45 )

(FOUNDER OF HYUNDAI)
 ABOUT HYUNDAI

 Hyundai Motor Company is one of the world’s most valuable

and well recognised brands and is the third largest car
manufacturer in the world only behind Toyota and
Volkswagen Group.
 Chung Ju-yung is the founder of Hyundai Group.
 INTRODUCTION

 Chung Ju-yung was born on November 25, 1915 in Tongchon,

Kogendo, Japanese Korea (now North Korea).
 During that time, Korea was under the rule of Japan.
 Chung was born into a very poor family and was the eldest of
the seven children.
 His family used to toil hard to make ends meet.
 Chung’s father worked as a farmer and since a very young
age, Chung used to help his father in farming.
 Chung used to attend a local Confucian school whenever he
used to find some free time in between the farm work.
 He used to sell wood in the town to financially support his
family.
 BIRTH OF AN ENTREPRENEUR

 During the visits to town, Chung got influenced to become an

entrepreneur by the atmosphere of the town and by reading
some newspaper articles.
 Eventually, he became very upset about the poverty that he
and his family had to endure.
 So, in order to escape from poverty, Chung decided to flee
from his home.
 At the age of sixteen, in the hope of finding greener pastures,
Chung and his friend escaped from their homes in Asan
village to the Kowon town.
 ESCAPING FROM HOME

 In total, Chung had tried to escape from his home four times.
 After escaping and getting caught thrice, Chung decided to
escape from his home for the fourth time because he hated to
stay at home.
 In 1933, Chung and his friend escaped to Seoul in the
darkness of the night.
 He wasted no time and did whatever job he could find and
utilised all the opportunities which life provided him.
 The next year, he began to work as a deliveryman at the
Bokheung Rice Store and his job included delivering rice to
the customers.
 Chung excelled at his work and was praised by the customers
of Bokheung Rice Store.
 BECOMING STORE ACCOUNTANT

 The owner of the Bokheung Rice Store was very impressed by his
work, so he promoted him to the position of store accountant
within a period of six months.
 Chung learned the tricks of the trade while working as a store
accountant and was made the owner of the Bokheung Rice Store
in 1937 by the previous owner as his health deteriorated.
 Later, he renamed the Bokheung Rice Store to Kyungil Rice
Store.
 Chung was reaping huge profits by selling rice and everything
was going fine until the year 1939, when Japanese colonial
government enforced a rice-rationing system in order to divert
rice to Japan and its army.
 This forced Kyungil Rice Store to shut down and Chung to
dejectedly return his home in Asan.
 He stayed at the home for a year and in 1940; he decided to
move to Seoul to try his luck in a new business.
 ENTERING INTO AUTOMOBILE BUSINESS

 Chung learned that the Japanese government imposed

restrictions only on certain businesses and so; he chose to
enter into the automobile repair business because the
Japanese government did not impose any restrictions on the
automobile repair business.
 He purchased a service garage from his friend and took a loan
of 3,000 won from a bank to start a service garage (an
automobile repair shop).
 Initially, Chung employed 20 mechanics in his service garage.
 His business was running very profitably and within a period
of three years, he was able to employ 70 people in his service
garage.
 Unfortunately, in 1943, during the period of war, the Japanese
CONTD…

 Occupational Government forcefully merged Chung’s service

garage with a steel plant.
 Because of this, his service garage got closed down and he
returned to his village.
 Even though Chung lost his business, a silver lining was that
he made 50,000 won in savings, thanks to his hard work.
 THE BEGINNING OF THE BETTER TIMES

 During the 1940s, a war erupted between Japan and Korea, by

which Korea gained independence from Japan on August 15,
1945.
 As the war ended, most of South Korea got destroyed, so the
South Korean government was searching for the people who
could re-build and develop South Korea.
 This was the best time for the South Korean entrepreneurs to
do business because the government of South Korea backed
them.
 THE BIRTH OF HYUNDAI

 Chung seized this golden opportunity and in 1947, he

established Hyundai and Hyundai Civil Industries.
 Hyundai received government contracts to build port facilities,
roads and military camps.
 Later, Hyundai led South Korea’s economic development for
many years.
 Hyundai Engineering and Construction is the oldest business
run by the Hyundai group and has carried out many wide
range of ambitious construction projects.
THE FAMOUS HYUNDAI MOTOR COMPANY

 Hyundai Motor Company was established on 29 December

1967 in Seoul, South Korea.
 A year later, Hyundai released its first ever car, Cortina with
the help of Ford Motor Company.
 By the year 1974, Hyundai was able to produce its own
vehicle, Hyundai Pony with the help of Mitsubishi.
 Later, in 1983 Hyundai Pony was exported to Canada and it
became one of the top selling models in Canada.
 Hyundai Pony could not be launched in the United States
because it failed to meet the federal emissions standards
there.
 Hyundai Excel became the first Hyundai car to be launched in
the United States.
 ONE OF THE VERY FEW IN THE WORLD

 Hyundai is one of the very few automotive manufacturers in the world

capable of completely manufacturing each and every part of their
vehicles.
 Hyundai Motor India Limited was established in 1996 at Chennai, Tamil
Nadu, India.
 Hyundai runs one of the world’s largest integrated automobile
manufacturing f acilities in the Ulsan city of South Korea.
 This plant has the capacity to produce 1.6 million units annually.
 Now, Hyundai is one of the biggest companies in the world and the
second single biggest company of South Korea and it employs more than
75,000 people globally.
 Chung’s huge success can be attributed to his ability to dream big
because it all started when he dreamed of freeing himself and his family
from poverty by becoming rich.
 The qualities of determination, working hard and persistence also played
a pivotal role in his success.