Important lessons from the Evolution of Samsung
- In 1938, Lee Byung-Chull launched Samsung in South Korea as a grocery shop.
- In 1940, due to tight competition in the grocery segment, Samsung abandoned grocery for producing and selling of noddles.
- In 1950, Samsung abandoned production of noddles for producing of sugar.
- In 1954, Samsung left sugar and started a woolen mill in Korea.
- In 1956, Samsung abandoned woolen mill and started selling Insurance and securities.
- In 1960, Samsung left selling of insurance and securities for production of television – the black and white television. Not color television.
- In 1980, Samsung switched to telecoms, producing telephone switch boards.
- In 1987, Lee the founder and owner of Samsung died. The company now broke into four independent companies- department stores, chemicals & logistics, paper/telecom and electronics.
- Same year, Samsung decided to focus on international investing, investing in plants & semi conductor facilities around the world.
- In 1990, Samsung delved into real estate abandoning international investing in semi conductors. Samsung built the worlds tallest buildings: Petronas Towers Malaysia, Taipei 101 in Taiwan
- In 1993, there was heavy recession and Asian markets went belly up, Lee’s son who had succeeded him as the CEO of Samsung began downsizing, selling subsidiaries and merged the rest.
- With the merging of the electronics, engineering and chemicals division, Samsung became the worlds largest producer of memory chips.
- In 1995, Samsung switched to liquid-crystal displays and over the next 10 years became the worlds largest manufacturer of flat screen television.
- In 2010, with liquid crystal displays becoming competitive, Samsung launches a 10 year growth strategy, with smart phones being a key focus.
- In 2016, Samsung is worlds largest mobile and smart phone maker, outselling iPhone two to one.
#Samsung’s sales today is over $250 billion and produces a fifth of South Korea’s total exports.
Some Key Lessons:
- To the aspiring #entrepreneur with that business idea, Just Do It. In the words of Marther Luther King, Take the first step in faith, you don’t have to see the whole staircase, just take the first step. Start where you are, use what you have and do what you can (Arthur Ashe). Start Small and Dream Big.
- To all active entrepreneurs, don’t be afraid of #change. If you don’t change, you become insignificant. Don’t be afraid of delving into new waters. The art of #life is in constant readjustment to our surroundings (Kakuzo Okakuo, The Book of Tea). Don’t get stuck doing same thing over and over, it’s boring. Life is in taking risks, Life is in the new!!!!
- Don’t be afraid to fail, because through #failure, you learn how to succeed. Nelson Mandela, Steve Jobs, Stephen King, Oprah Winfrey, Michael Jordan, Tyler Perry are a few of the many people who failed severally and through those failures learnt how to succeed.
Cheers to your #success.