Chung Ju-yung

Chung Ju-yung or Jung Joo-young (25 November 1915 – 21 March 2001), was a South Korean entrepreneur, businessman and the founder of Hyundai Groups, one of the largest chaebols in South Korea.

Raised as the eldest son of a poor Korean farmer, he became the richest man in South Korea.

Chung was an integral part to the rapid development of Korea's economy, growing Hyundai Heavy Industries to be the largest ship builder in the world, as well as growing Hyundai Motor Group into the largest automobile manufacturer in Korea, and the third largest in the world.

With two companions, Chung left for Keijō in April 1933.

The journey seemed destined for failure, especially since one of the boys was caught by a sibling early on.

More misfortune came upon them when Chung and his friend were conned by a stranger who promised them jobs but instead took all of their money.

The journey came to an end when Chung's father found the two staying at Chung's grandfather's house nearby.

Chung once again found himself in Asan, where he remained for a year helping his father work on the family farm.

Once his duties to the family were complete, Chung decided it was time to make another attempt at getting out of poverty.

He managed to get a train ticket for 70 won by selling one of his father's cows.

Once he arrived in Keijō, Chung enrolled himself in a local bookkeeping school hoping to start a career as an accountant.

Things went smoothly for two months when his father managed to find him and after a mild argument, took him back to Gasan.

In 1933, at the age of 18, Chung decided to make a fourth attempt to escape.

He left during the night with a friend who was trying to escape a forced marriage.

Once Chung reached Keijō, he jumped at any job he could find.

He worked first as a laborer at Jinsen Harbor (Incheon, currently in South Korea), a construction worker at Boseong Professional School and as a handyman for a starch syrup factory.

After working at the syrup factory for nearly a year, Chung managed to land a job as a deliveryman at the Bokheung Rice Store in Keijō.

Chung's new job offered him room for advancement and as he became more successful at it, he decided to stay on full-time.

He eventually won the praise of the rice store's core customers which impressed the owner so much that he allowed Chung to manage the store's accounting after only six months on the job.

His experiences as the store accountant helped him to thoroughly develop his business sense.

In 1937, the owner of the rice store became ill and decided it would be in his best interest to give the store to Chung.

At 22 years of age, Chung became the store owner and changed the name of the store to Kyungil Rice Store.

The store grew and made good profits until early 1939 when Japan, in its war efforts to secure rice supplies for the country and its military, imposed an oppressive rice-rationing system which forced Korean businesses out of trading rice.

Chung returned to his village once his business failed and remained there until 1940, when he decided to try again in Keijō.

After considering the reality of restrictions imposed on Koreans in certain industries by the Japanese colonial government, Chung decided to enter the automobile repair business.

Chung was also a vital contributor to the development of South Korea's infrastructure after the Korean War's destruction of infrastructure, such as constructing the Gyeongbu Expressway in 1970, connecting the capital, Seoul, to the port city of Busan, in alliance with the President Park Chung Hee.

Chung's business ventures steered through the tumultuous times of Japanese colonial rule in Korea as well as the post-Korean War stresses on the economy.

Chung explained his success in his statement: "Our people succeeded because they devoted their enterprising spirits. They used the forces of other mind. Conviction ... creates indomitable efforts. This is the key to (true) miracles ... Man's potential is limitless."

Chung Ju-yung was born in Tongchon, Kangwondo, Chōsen (today located in Kangwon Province in North Korea).

Born to a large impoverished family of peasants, he was the eldest of seven children.

As a young boy, Chung dreamed of becoming a school teacher, but his hopes were cut short because the restrictive environment at the time kept the family stuck in poverty, effectively keeping Chung away from higher educational opportunities.

Despite the setbacks, Chung was able to attend a local Confucian school run by his grandfather whenever his time was not taken up by tasks on the family farm.

Chung's talent for business became apparent during his trips into town where he would sell wood.

The fast-paced atmosphere of the town along with the articles in newspapers Chung read sparked his imagination; he soon grew tired of the poverty that he and his family had to endure.

At the age of sixteen, Chung and a friend decided to travel to the city of Seishin (Chongjin, currently in North Korea) for work in hopes of escaping the harsh realities of farm life.

After a 15-mile trek through the most dangerous parts of the Paechun valley, the pair reached the town of Kōgen (Kowon, currently in North Korea) where they took up jobs as construction workers.

They worked long hours for low pay but Chung enjoyed that he could earn money independently.

Chung and his friend continued the work for two months until Chung's father learned of their whereabouts.

The journey that Chung and his friend had embarked on made him realize his passion for civil engineering and gave him a sense of accomplishment.

Once he returned to his home village of Gasan-ri in Tsūsen-gun, he devised another escape plan: this time towards Keijō (formerly Hanseong, currently Seoul).