Samsung, which is now worth Rs 29450786400000, once used to sell fish and noodles, once burnt crores of phones due to….
New Delhi: Today, Samsung is a big name in the world of gadgets, especially smartphones. Samsung Galaxy smartphones are very popular with consumers. In the year 2024, this company sold more than 22.3 crore phones. Apart from phones, this company has proved its mettle in appliances like TVs, LED, chips, cameras, laptops, and home appliances. The valuation of Samsung is 336 billion dollars, i.e. about 2,94,50,78,64,00,000 rupees.
How big is Samsung’s empire?
But Samsung did not have such a great start. Samsung, which is today among the topmost brands in the electronics market, has dozens of offices all over the world and has lakhs of employees. Samsung started as a grocery store, where its owner used to sell flour, rice, noodles, and fish.
Today, this company has become so big that if it incurs a loss, the economy of the whole country is shaken. Samsung’s revenue dominates the GDP of the entire South Korea and has a 17% share in the country’s GDP.
From grocery shop to tech czar
South Korean company Samsung started from a small rental store. In 1938, Lee Byung-chul of South Korea opened a small grocery shop on his street. He used to sell fish, flour, sugar, and noodles in the shop. Lee Byung-chul had understood that he would not be able to do much with this. Along with selling flour and rice, he started selling insurance to the customers who came there for shopping.
Exported fish and noodles
Byung-chul started exporting fish and noodles. He also started exporting noodle-making material and dry fish to other countries. Byung expanded the grocery shop to insurance, export-import, and textile business by 1950. Byung understood that if he wanted to do something big, he would have to enter the technology sector. In 1969, Byung Chul started expanding his foot in the technology sector.
How did Samsung start?
Byung adopted technology and started expanding his foot in the technology sector. He entered this sector under the name of Samsung Electronics. In 1970, he launched a black and white TV in collaboration with a Japanese company. When he achieved success in TV, he started making mobile phones in 1980. After years of hard work, he launched Samsung mobile in the market for the first time in 1988. The first Samsung phone came to the market with the name SGH-100, but there was a problem with it.
Crores of Samsung phones were burnt
Samsung came into the market, launched a phone, but people did not like their first phone as they found many flaws in it. When this complaint reached Byung Chul, he set fire to crores of Samsung phones kept in the factory. He immediately issued an order to improve those phones and apologised to the people.
After the death of Lee Byung-chul, his son Lee Kun took over the reins of Samsung. Byung had understood the importance of semiconductors in that era, so before his death, he had ordered the merger of Samsung Electronics and Samsung Semiconductor.