When Chung escaped home in 1933, he never thought he would build a $35,000,000,000 business.
But a stolen cow and a rice shop lead him to Hyundai.
Here's the story🧵
But a stolen cow and a rice shop lead him to Hyundai.
Here's the story🧵
Chung ju-yung is born in a North Korean village in 1915.
His parents are poor farmers.
While his dad grows rice while his mom runs the household and raises silkworms for extra money.
His parents are poor farmers.
While his dad grows rice while his mom runs the household and raises silkworms for extra money.
So Chung grows up poor but manages to graduate from 5th grade.
You may be thinking... yea that isn't hard.
But this was an impressive accomplishment for his town!
You may be thinking... yea that isn't hard.
But this was an impressive accomplishment for his town!
All Chungs wants to be is a teacher.
But the problem is his family can't afford to pay for more school.
So, he has a choice:
• Be a lifelong farmer
• Run away from home
But the problem is his family can't afford to pay for more school.
So, he has a choice:
• Be a lifelong farmer
• Run away from home
So Chung tries leaving home 4 separate times.
At 16, he escapes for 2 months to do construction work...
His father drags him back.
At 18, he escapes to South Korea (part of Japan back then) but his dad finds him hiding at grandpa's house.
At 16, he escapes for 2 months to do construction work...
His father drags him back.
At 18, he escapes to South Korea (part of Japan back then) but his dad finds him hiding at grandpa's house.
The 3rd time he steals and sells the family cow for the equivalent of $50 today.
He is rich!
So he hops on a train, escapes and enrolls in accounting school.
Not so fast...
His Dad finds and drags Chung back home again.
He is rich!
So he hops on a train, escapes and enrolls in accounting school.
Not so fast...
His Dad finds and drags Chung back home again.
The 4th time Chung runs away... he's gone for good.
In 1934, he escapes to South Korea and works as a bike boy delivering rice.
In 1934, he escapes to South Korea and works as a bike boy delivering rice.
He does so well that his boss gives him the store.
This is the big break!
Not so fast.
The rice store prospers until 1939 when Japanese overloads shut down his shop.
This is the big break!
Not so fast.
The rice store prospers until 1939 when Japanese overloads shut down his shop.
Angry about the loss of the rice store Chung opens up an auto repair shop.
The best part?
He know nothing about cars.
But in 3 years, Chung grew from 20 to 70 employees.
The best part?
He know nothing about cars.
But in 3 years, Chung grew from 20 to 70 employees.
Then in 1943, Chung is shut down again by the government.
So he takes his 50k in savings and plots his next move.
4 years later, he finally does it.
Hyundai Civil Industries is born.
So he takes his 50k in savings and plots his next move.
4 years later, he finally does it.
Hyundai Civil Industries is born.
Hyundai starts as a construction company.
They earn big government contracts to build bridges and shipyards.
But they eventually turn into a business conglomerate.
Building damns, highways and even nuclear power plants
They earn big government contracts to build bridges and shipyards.
But they eventually turn into a business conglomerate.
Building damns, highways and even nuclear power plants
8 years later Hyundai exports its first car to the world: the Hyundai Pony
The Hyundai Pony becomes a point of national pride for South Korea.
By 1985, Hyundai has manufactured their millionth car.
The Hyundai Pony becomes a point of national pride for South Korea.
By 1985, Hyundai has manufactured their millionth car.
Chung ju-yung died in 2001 but Hyundai lives on as a $35 billion automotive empire.
I know It's corny but I love Chung's grit.
• Too poor to pursue his dream of teaching
• Tries and fails to escape home 4 times
• Government shuts down his rice shop
• Government shuts down auto repair shop
Let's be like Chung:
Unstoppable in pursuing the dream
• Too poor to pursue his dream of teaching
• Tries and fails to escape home 4 times
• Government shuts down his rice shop
• Government shuts down auto repair shop
Let's be like Chung:
Unstoppable in pursuing the dream
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