Skip to main content

The Most Inspiring Story of Chung Ju-yung- The Founder of Hyundai

A Hyundai car
A Hyundai car (Picture credit: tortugadatacorp from pixabay

Welcome to Youth Motivator. I would like to tell you the very inspiring story of Chung Ju-yung, the founder of globally well-renowned Hyundai Group.
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.
You will be surprised to know that this trillion dollars group was founded by the son of a very poor farmer.
Chung Ju-yung became one of the world’s richest men despite facing countless setbacks in his life and being not well-educated.
There are so many struggles behind this incredible success story.
This is the biography of Chung Ju-yung.


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.
During his childhood, he dreamed to become a school teacher but his dream never got realised as his family could not afford him good education because of the severe poverty.
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.

The birth of an entrepreneur-

During these visits to the 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 of the poverty that he and his family had to endure.
So, in order to escape from the 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.
These young boys trekked 15 miles through the dangerous Paechun valley to reach the Kowon town.
In this town, they began to work as construction workers and were paid very little even though both of them worked for long hours.
This low pay could not make Chung unhappy because he was contended on becoming financially independent.
During this period, he developed a passion for civil engineering (a discipline of engineering which deals with design, construction and maintenance of structures like buildings, roads, bridges, canals, etc.).
Two months later, Chung’s father discovered his whereabouts and took him home.

Escaping from home for the second time-

Once Chung returned home, he started planning to escape from his home for the second time.
He was very determined to run away from his home and work in a city because he believed that only by doing so he can liberate himself and his family from the pangs of poverty.
On April 1933, Chung along with his two friends escaped from their homes to the city of Seoul (the capital of South Korea).
This escape plan was not well executed as one of the Chung’s friends got caught by his sibling.
This failure could not break the determination of Chung as he finally reached Seoul with another friend.
Unfortunately, these friends got cheated by a man who took all their money by promising to offer them jobs.
Once again, Chung’s father discovered their whereabouts while they were staying near the Chung’s grandfather’s house and took Chung home located in the village of Asan.
This time, he stayed at home for one year and helped his father in farming and worked on the family farm.

Trying for the third time-

Chung was always thinking to escape from the home even while working on the family farm in Asan.
This time, he decided to escape to Seoul by the train.
But Chung did not have the money to buy a train ticket and so he sold one of his father’s cow by which he got 70 won (won is the official currency of South Korea) and this was enough for him to purchase a train ticket to Seoul.
After arriving in Seoul, he wanted to become an accountant and so, he admitted himself in a local bookkeeping school.
Everything was going fine, until two months later, Chung’s father found him and took him back to the home.

The fourth and final attempt-

Chung hated to stay at home and so he decided to escape from his home for the fourth time.
In the year 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 the life provided him.
Initially, Chung started to work as a labourer at Incheon Harbor and later he did many odd jobs like working as a construction worker at Boseong Professional School and also as a handyman at a starch syrup factory.
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.
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 the year 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 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 the year 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 the year 1943, during the period of war, the Japanese Occupational Government forcefully merged Chung’s service garage with a steel plant.
Because of this, his service garage got closed down and he returned 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 the South Korea got destructed, so the South Korean government was searching for the people who could re-build and develop the 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 the year 1947, he established Hyundai and Hyundai Civil Industries.
Hyundai received government contracts to build port facilities, roads and military camps. Later, Hyundai led the South Korea’s economic development for many years.
In the year 1950, a war erupted between North Korea and South Korea when North Korea invaded South Korea.
Hyundai survived the war and resumed operations after this war ended.
Hyundai Engineering and Construction is the oldest business run by the Hyundai group and has carried out many wide range of ambitious construction projects.
Hyundai Civil Industries (Hyundai Engineering and Construction Co.) built many landmark projects like Soyang Dam in the year 1967, the Gyeongbu Expressway in the year 1970, the world's third largest shipyard in Ulsan, the Kori Nuclear Power Plant, etc.
Hyundai gained reputation for carrying out ambitious projects which involved risks.
By the year 1965, Hyundai started to expand globally.
Hyundai undertook many projects in the Middle East, like Arab Shipbuilding and Repair Yard in Bahrain in the year 1975 and Jubail Industrial Harbour in Saudi Arabia in the year 1976.
Eventually, Hyundai expanded into several businesses like shipping, real estate, construction, defence, petroleum refinery, department store chain, chip manufacturing, etc.
Hyundai also owns Kia Motors.
Although there are a myriad number of businesses run by the Hyundai group, the Hyundai Motor Company brings the most profit.
In the year 2000, the Hyundai group was partitioned into different groups and most of them are run by the relatives of the founder, Chung.
On March 21, 2001, Chung passed away at the age of 85 years.

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.
In February 1974, Hyundai hired George Turnbull, the former Managing Director of Austin Morris at British Leyland.
Later, George Turnbull hired five talented British engineers, namely Kenneth Barnett, John Simpson, Edward Chapman, John Crosthwaite and Peter Slater into Hyundai.
By the year 1974, Hyundai was able to produce its own vehicle, Hyundai Pony with the help of Mitsubishi.
In October 1974, Hyundai Pony was first displayed at Turin Auto Show held in Turin, Italy and this car was released a year later.
Later, in the year 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.

With new thinking come new possibilities-

In the year 1985, Hyundai Sonata was released with many innovative features like cruise control, trip computer, head lamp washers, power seats, etc.
By the year 1988, Hyundai was confident enough to produce its own technology. 
Thanks to the exclusive features and capabilities of the Hyundai cars, their sales sky-rocketed and by the year 1990, Hyundai produced a whopping four million vehicles.
In the year 1993, Hyundai succeeded to produce its own engine, the four-cylinder Alpha which had its own transmission.
The Alpha engine was first included in Hyundai Scoupe.

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.
In the year 1990, Hyundai established the Hyundai Design Center in Fountain Valley, California and in the year 2003, this center was moved to Irvine, California.
Hyundai Motor India Limited was established in the year 1996 at Chennai, Tamil Nadu, India.
Hyundai runs one of the world’s largest integrated automobile manufacturing facilities 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 to freed himself and his family from the poverty by becoming rich.

Thank you very much for reading. Please visit my blog and share the content, follow this blog as I will be updating my blog on a very regular basis with interesting information. And also, subscribe to my blog.
Feedback from readers is highly appreciated; it helps me to deliver better results to you.

Once again thank you for your time


Popular posts from this blog

The Splendid Spiritual Saga of Sadhguru

Welcome to Youth Motivator. I would like to tell you the interesting story of Jaggi Vasudev and how Jaggi Vasudev became Sadhguru. This article will help you to cultivate a feeling of spirituality and provide you with spiritual motivation. Sadhguru is an Indian mystic, yogi, philanthropist and author.
This article is the biography of Sadhguru. Introduction -Jaggi Vasudev (Sadhguru) was born on 3 September 1957 in Mysore, Karnataka, India. Until the age of 19 years, Sadhguru did not spoke much and was very silent. Sadhguru did not spoke much because he realised that he didn’t know about anything. He realised this when he was 4 years old. Paying the complete attention -Sadhguru spent most part of his childhood paying attention to whatever he encountered. If he saw a glass of water, he used to stare at it for hours and during night he used to gaze at the darkness for the whole night. And when Sadhguru opened a book to read, he would immerse himself in focussing on a small tiny dot on a page for…

The Success Story of Ola Cabs-The Startup which Became One of the Fastest Achievers of the Unicorn Status

Welcome to Youth Motivator. I would like to tell you the success story of Ola Cabs. Unicorn status means achieving one billion dollar valuation by a privately held startup. Ola Cabs is one of the fastest achievers of the unicorn status in India. Ola Cabs is also the India’s first taxi aggregator company. This is the interesting case study of Ola Cabs.
This article is also the biography of Bhavish Aggarwal. Introduction-Ola Cabs was co-founded by Bhavish Aggarwal and Ankit Bhati, the alumni of IIT (Indian Institute of Technology) Bombay. Bhavish Aggarwal completed computer science and engineering in 2008 from the prestigious IIT. He started his career in the Microsoft Research centre. Bhavish Aggarwal studied in an IIT, where the spirit of entrepreneurship is induced by regular seminars on topics like entrepreneurship and business. By listening to these speeches, Bhavish Aggarwal decided in his college days that, one day he will definitely become an entrepreneur and stand on his own feet. The s…

The Success Story of PUBG- The World's Most Popular Battle Royale Game

Welcome to Youth Motivator. I would like to tell you the success story of PUBG. PUBG is also known as PlayerUnknown's Battlegrounds. Let us know how a passionate photographer is the reason for the popularity of PUBG. This game has become so popular, so much that you can observe many people playing PUBG on their mobile phones, personal computers, laptops and gaming consoles. The current generation of young people daily spend at least some amount of their time for playing this game. Even some people have become addicted to this game. Let us also know how PUBG was very effectively marketed on a low budget, which is the main reason for the success of the PUBG game. Let us learn how the company which created this game is earning billions of dollars through this game.
This article is also the biography of Brendan Greene. Introduction-Brendan Greene, an Irish national is the creator of the PUBG game. Brendan Greene graduated in fine arts and later went on to become a web designer. He also learne…

Becoming the World's Most Valuable Start-up- The Story of ByteDance (The Owner of TikTok)

Welcome to Youth Motivator. I would like to tell you the success story of a very popular and controversial application, TikTok. Let us know how the company which offers TikTok has been valuated at a whopping 75 billion dollars. TikTok is a very popular social video app; more than 500 million youngsters use this app for creating and sharing short-duration videos. TikTok has been one of the most downloaded apps on the Google Play and App Store. By reading this post you will get to know very interesting facts and will gain insights on how this app grew so rapidly worldwide.
This article is also the biography of Alex Zhu and Luyu Yang. The start-TikTok was initially started as an educational project. In the year 2014, two friends namely, Alex Zhu and Luyu Yang decided to develop an educational app. These two friends observed that at those times the educational videos were too lengthy. So, an idea sparked in their minds that they will produce short educational videos which would range in between 3 …

The Success Story of Elon Musk- The Most Revolutionary Risk-taking Entrepreneur Ever

Hello, welcome to Youth Motivator. Today, I would like to share with you the very inspirational story of Elon Musk.
This article is the biography of Elon Musk. The biggest risk in our lives- Do you know who are under severe risk? The people who don’t take any risk in their lives and don’t leave their comfort zones. All the great people took risks in some part of their lives to attain great success. Introduction- I am going to tell you about a famous personality who is a life-long risk taker. Yes, he is Elon Musk, the legend who is changing the world and one of the few peoples on earth who has potential to change the world. Elon Reeve Musk was born on June 28, 1971 in Pretoria, Transvaal, South Africa. His parents got divorced when he was just 10 years. He used to live with his father after the divorce. Since his childhood, Elon Musk showed great interest in science and computers. Creative since childhood- He learnt computer programming and coding on his own, when Elon Musk was a kid. He…

The Very Motivational Story of Cristiano Ronaldo

Welcome to Youth Motivator. I would like to tell you about the world’s favourite footballer Cristiano Ronaldo.
This article is the biography of Cristiano Ronaldo. Introduction-Cristiano Ronaldo dos Santos Aveiro was born on 5 February 1985 in Funchal, Madeira, Portugal in a very poor family. Because of the poverty, they used to daily face struggles. His father,José used to work as a gardener and as a kit man in a football club, on a very low pay. His job as a kit man was to supply kits to the football players and clean their rooms. José was very sad because he had not achieved anything meaningful in his life and he cannot properly feed his children because of poverty, so he became an alcoholic. Even though he was an alcoholic, he took good care of Ronaldo. The football game was introduced to Ronaldo by his father. Since, his childhood Cristiano Ronaldo did not show much interest in education but had a great passion for football. And he used to play football really well. Making his own footbal…

The Inspiring Story of OYO- On the Path of Becoming the World’s Largest Hotel Chain

Hello, welcome to Youth Motivator, here I would like to tell you the success story of Ritesh Agarwal and his start-up OYO.
This article is also the biography of Ritesh Agarwal. Introduction Ritesh Agarwal is the founder and CEO of OYO. He is of 25 years. He was born in Bishama Katek, Orissa, India in the year 1993. Now OYO has around 450,000 rooms, in several countries like India, China, United Kingdom, Japan, UAE, etc. OYO is already the Asia’s largest hotel chain with around 90 per cent occupancy rate. Today, the net worth of Ritesh is 37,36,72,000 USD. How all of this started? From his childhood Ritesh wanted to become an entrepreneur. He got to know about the term entrepreneur from his elder sister, who once attended the entrepreneurship fest in an engineering college. He did not know the meaning of entrepreneur, so he looked for this word in Oxford Dictionary and found that an entrepreneur is somebody who solves a problem and makes a business along with it. Ritesh was so captured…

The Inspiring Story of Xiaomi (Mi)- A Very Successful Start-up

Welcome to Youth Motivator. I would like to tell you the success story of Xiaomi. This start-up company became the world’s fourth largest smartphone manufacturer within just eight years of entering the smartphone market. Xiaomi is a Chinese tech giant, headquartered in Haidian District,Beijing, China. Introduction-About the founder-Lei Jun was born on 16 December 1969 in Xiantao, China. He attended Wuhan University. In in the year 1992, he started his career as an engineer in Kingsoft. Lei Jun was so capable, that in the year 1998 he became the CEO of Kingsoft. So, it took him just six years to become the CEO. And in the year 2000, Lei Jun founded, an online book store. This initiative by Lei Jun was very successful and in the year 2004, he sold to for 75 million US dollars. After tasting this success, Lei Jun decided to do something bigger. The story of Xiaomi-On 6th April 2010, Lei Jun along with a team of 7 members founded Xiaomi Company with an initial investment…

The Inspiring Story of Dhirubhai Ambani – A Must Read for Every Entrepreneur

Welcome to Youth Motivator. I would like to tell you the success story of Dhirubhai Ambani which proves that where there is a will, there is a way. This is a must read for everyone, as this story is filled with motivation.
This article is the biography of Dhirubhai Ambani. Ambani became one of the greatest businessmen who redefined the meaning of the business despite lacking financial support, family background and education from the prestigious business schools. He achieved great heights with his indomitable will-power and dedication. Ambani is the founder of the Reliance Industries Limited, one of the world’s largestmultinational conglomerate companies. Now, the total assets of the Reliance Industries Limited are more than US$140 billion. Before starting Reliance Industries Limited, Ambani did several jobs. Introduction-Dhirajlal Hirachand Ambani (Dhirubhai Ambani) was born on 28 December 1932 to Hirachand Gordhanbhai Ambani and Jamnaben Ambani in Chorwad, Junagadh district, Gujarat in a p…

Compilation of Incredible and Less known facts about Google

Welcome to Youth Motivator. Almost everyone in the world uses Google daily and then you must be interested to know the less known amazing facts about Google.

·For mowing its lawns, Google employs  around 200 goats to graze at its Mountain View headquarters in California, thus reducing environmental impact of using lawn mowers.

· ·Google’s founders Larry Page and Sergey Brin can land their private planes on NASA’s runway; they are the only ones to get this permission. ·To increase its marketing revenue, Google purchased all the domain names which look similar to that of Google like So, if anyone by mistake types, they will be directed to ·The name of their search engine initially was BackRub. But the Google founders due to their interest in mathematics renamed it to googol (the number 10 raised to the power 100 written out as the numeral 1 followed by 100 zeros). But due to the domain name being unavailable, they named it as Google in 1997 and…