Imagine starting a small trading company and, within a few generations, watching it grow into one of the most powerful tech conglomerates in the world. That’s exactly what the Lee family achieved with Samsung, a name now synonymous with innovation, resilience, and global influence.

From its humble beginnings in 1938, Samsung has transformed into a juggernaut that shapes industries, defines technological progress, and influences entire economies. But what fueled this meteoric rise? And how has the Lee family maintained control over such an empire for nearly a century? Let’s dive into the story of Samsung’s success — and the family that built it.

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A Humble Start: Trading Dried Fish and Noodles

Samsung didn’t start with smartphones or TVs. In fact, Lee Byung-chul, the company’s founder, began his business by trading dried fish, flour, and noodles in Daegu, South Korea. The name “Samsung” means “three stars”, symbolizing greatness, strength, and eternity — an ambitious vision for a small business.

But Lee wasn’t content with staying small. By the 1950s, Samsung had expanded into textiles, insurance, and even food processing. Lee’s willingness to diversify laid the groundwork for the sprawling Samsung Group, which would eventually touch nearly every aspect of life in South Korea.

Why branch out so aggressively? Perhaps it was a survival instinct. South Korea was rebuilding after war and colonization, and businesses had to be adaptable to endure. This mindset of relentless growth would become a defining trait of the company — and the family steering it.

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From Electronics to Global Dominance

Samsung entered the electronics industry in 1969, producing black-and-white TVs. But it wasn’t until Lee Kun-hee, the founder’s son, took over in 1987 that Samsung’s true transformation began. Frustrated by low-quality products and a lack of global prestige, Lee Kun-hee famously told his executives:

“Change everything except your wife and children.”

This radical mindset shift paid off. Samsung began investing heavily in research and development, and by the 1990s, the company had become a global leader in semiconductors and display technology.

By 2023, Samsung controlled nearly 20% of the global smartphone market and was the world’s largest producer of memory chips and OLED displays. Their products power not just their own devices but also competitors like Apple — a testament to Samsung’s technological dominance.

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The Science of Family Business Longevity

How has the Lee family kept control of Samsung for nearly a century? Research on family-owned businesses offers some clues:

• Long-Term Vision: Family businesses often think in generations, not quarters. This mindset has helped Samsung weather crises, from the 1997 Asian financial crash to the Galaxy Note 7 recall.
• Legacy and Identity: When your name is tied to the company, failure isn’t just financial — it’s personal. The Lee family’s reputation is inseparable from Samsung’s brand, creating a powerful incentive to keep the company thriving.
• Adaptability and Risk-Taking: Studies show that family-run firms are often more willing to take bold risks. Samsung’s aggressive pivot to smartphones and AI-driven devices reflects this willingness to gamble on the future.

In fact, a 2021 study by Credit Suisse found that family-run businesses outperform non-family firms over the long term, especially during economic downturns. Samsung’s resilience seems to validate that research.

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Challenges and Controversies

Of course, Samsung’s success hasn’t come without challenges. The company has been embroiled in legal battles, including the 2016 corruption scandal that led to Lee Jae-yong (the founder’s grandson and current leader) serving prison time.

Yet, even amid controversy, Samsung has continued to thrive. This resilience speaks to the company’s deep entrenchment in South Korean society — it contributes nearly 20% of the country’s GDP and employs hundreds of thousands of people worldwide.

Can a company this powerful ever truly fail? Or has the Lee family built something too big to collapse?

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The Samsung Formula for Success

The Lee family’s stewardship of Samsung offers powerful lessons for aspiring entrepreneurs and family businesses alike:

• Relentless Innovation: The commitment to “change everything” kept Samsung from becoming stagnant and ensured its products stayed cutting-edge.
• Global Thinking, Local Roots: Samsung competes internationally but remains deeply connected to South Korea, balancing global ambition with national loyalty.
• Resilience and Rebuilding: Even in the face of scandals, product failures, and global recessions, Samsung’s ability to bounce back has been remarkable — a testament to the family’s enduring influence and strategic foresight.

Today, Samsung isn’t just a tech company; it’s a symbol of South Korean progress and a reminder of what’s possible when a family business dares to dream big and push boundaries.

So the next time you check your Samsung phone or turn on your smart TV, remember: behind every screen is the legacy of a family that refused to settle for anything less than global greatness.

Would your family business have the endurance to last a century? Maybe the Lee family’s story holds the key to finding out.

Share Your Insights

What are your thoughts on Samsung’s rise to power? Share your insights in the comments!

• What do you think about the Lee family’s long-term vision?
• How do you see Samsung evolving in the next decade?
• What do you think makes family businesses like Samsung so resilient?