The late Samsung Chairman Lee Byung-chull, far right, attends the groundbreaking ceremony for Samsung Electronics’ third semiconductor production line in Giheung, Gyeonggi, in August 1987. Standing to his left is his son Lee Kun-hee, then the vice chairman of Samsung.SAMSUNG ELECTRONICS
Cho Gab-je
The author is a journalist and the head of ChoGabje.com and Cho Gab-je TV.
In December 1983, while working as a reporter for Monthly Chosun, I attended an interview with Lee Byung-chull, the founder of Samsung Group. The conversation took the form of a dialogue with Hwi Sun-woo, then an editorial adviser to the Chosun Ilbo, while I sat in as the recorder.
Lee, who was 73 at the time, had just launched Samsung’s semiconductor business. Defying critics who dismissed the project as an old man’s reckless gamble, he spoke with the enthusiasm of someone who had discovered a vast oil field, insisting that semiconductors would shape Korea’s future.
Hwi, who had lived through colonial rule, war and industrialization as a soldier, journalist and novelist, quickly found common ground with Lee. The two men talked over lunch for four hours, probably the longest interview Lee ever gave.
Asked what had motivated him to become an entrepreneur, Lee gave an unexpected answer: fun.
“My family had money, so I did not have to earn a living,” he said. “But doing nothing was boring and suffocating. So I started a business and found it enjoyable. In a sense, I went into business because I wanted to live an interesting life.”
By then, he said, his ambitions had changed.
“I no longer think that Samsung itself must continue to grow,” Lee remarked. “What matters is whether we can contribute, however modestly, to the country as a whole.”
He recalled a question that he often posed at company meetings: “Which is more important, Samsung or the nation? The nation is more important. If the country prospers, companies like Samsung can disappear and be created again. But if the country collapses, Samsung will disappear forever.”
Lee also admitted that the stage he enjoyed most was launching a new business.
“There is tremendous excitement in creating something from nothing,” he said. “I think that is simply part of my nature.”
He described the obsessive attention he devoted to semiconductors, Samsung’s newest venture at the time.
“When starting a business, I think about it at night and again when I wake up in the morning. I ask what is lacking, seek advice, hold meetings and check whether anything is not working. I assign tasks, monitor progress and keep the overall picture in mind.”
Yet as soon as a company was running smoothly, he would lose interest and begin looking for another challenge. Emphasizing the point, he declared, “I really hate doing the same thing over and over.”
Even then, Lee was convinced that Samsung could catch up with Japan. He offered two reasons: Samsung invested more heavily in employee training than Japanese companies, and he himself worked harder than the heads of Japan’s conglomerates.
Nearly a decade later, in 1992, when I was editor-in-chief of Monthly Chosun, I interviewed Chung Ju-yung, the founder of Hyundai Group and Lee’s longtime rival.
“His greatest achievement was building Korea’s semiconductor industry,” Chung said. “He was the kind of entrepreneur unlikely to be born again in this country.”
Chung recalled that Lee had encouraged him to enter the semiconductor business and added that he still visited Lee’s grave every year out of respect.
Lee’s corporate philosophy was summed up in Samsung’s guiding principles: “Serving the nation through business, putting talent first and pursuing rationality.”
In a speech at Boston University on April 2, 1982, commemorating the awarding of an honorary doctorate, Lee summarized his beliefs.
“What I have learned throughout my business career is that the foundation of any enterprise is the nation itself,” he said. “Companies must contribute to society and national development. By distributing the fruits of business through taxes, donations and dividends, enterprises strengthen the nation while ensuring their own growth.”
This year marks 88 years since Lee founded Samsung Sanghoe, the trading company that became Samsung, in Daegu in 1938. Samsung Electronics has just posted approximately 170 trillion won ($123 billion) in second quarter revenue and about 90 trillion won in operating profit. Analysts expect annual revenue to approach $500 billion, placing the company among the world’s 10 largest corporations.
Recently, President Lee Jae Myung bowed deeply to Samsung Electronics Executive Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won after the two unveiled major semiconductor and AI investment plans. For many, the gesture symbolized recognition of the contribution made by business leaders who built world-class companies.
When Lee Byung-chull died in 1987, Korea was undergoing political upheaval and news reports warned that Samsung had overinvested in semiconductors. Yet he likely closed his eyes convinced that his final gamble would open a new future for the country. The three generations of Lee Byung-chull, Lee Kun-hee and Lee Jae-yong carried forward the belief in serving the nation through business.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
