Asan's Clear Words Revisited in the COVID Era: "As Long as There Is Life, There Is No Failure"

Jeong Ju-young, Founder of Hyundai, 20th Anniversary of Passing
Icon of the Dirt Spoon Success Story Who Led Korea's Industrial Modernization
"Have You Tried It?" A Remark from the Great Tree Raised by the Hyundai Family

[Asia Economy Reporters Changhwan Lee and Gimin Lee] "Hey, have you tried it?" This is a famous phrase emphasized by Asan (峨山) Jeong Ju-young, the founder of Hyundai, during his lifetime. He often gave stern orders to employees who hesitated before new challenges, telling them not to assume failure without even trying.

Based on the spirit of challenge that "you can do it," Asan had a profound impact on modern Korean economic history, earning the title "a key figure in Korea's industrial modernization." The foundation of global companies from Korea such as Hyundai Motor Company, Hyundai Heavy Industries, and Kia is rooted in his spirit of challenge.

20 Years Since Founder Jeong Ju-young's Passing: The Spirit of Challenge Everywhere

On the 21st, it will be 20 years since Asan passed away. Born in 1915 as the son of a poor farmer in Gangwon Province, he ran away from home with the sole determination to live well, starting businesses such as automobile repair shops and construction, eventually building what is now Hyundai. In today's popular terms, he was a "dirt spoon" who built a major corporation with bare hands.

There are countless anecdotes demonstrating his spirit of challenge. A representative example is when he persuaded British bankers to fund shipbuilding by showing them a picture of the Turtle Ship printed on Korean banknotes, promising to build a modern shipyard on a sandy plain in a country that had never properly built ships before. He was also involved in the construction of the Gyeongbu Expressway, entry into the Middle Eastern construction market, and independent automobile development.

Asan emphasized during his lifetime, "Whenever I start something, I fill 100% with 90% certainty that it will succeed and 10% confidence that I can do it; I do not allow even 1% of doubt or anxiety that it might fail."

Another indispensable spirit he possessed was 'creativity.' An anecdote illustrating this is the development of the Saesan reclaimed land. In the early 1980s, he embarked on a reclamation project in the sea off Saesan. However, the large tidal range there rendered conventional methods useless.

At that time, he proposed the idea that "to block the fast water flow, sinking an old oil tanker to slow the current and then dumping a large amount of soil at once can block the space between embankments." This method, also called the 'Jeong Ju-young method,' allowed Hyundai Construction to shorten the construction period by 35 months and significantly reduce costs.

His spirit of sharing is also admirable. In 1977, with the aim of returning corporate profits to society, Asan donated half of his shares in Hyundai Construction to establish the public interest Asan Foundation. The Asan Foundation has been leading disease treatment by building hospitals nationwide, including Seoul Asan Medical Center.

World-renowned management scholar Professor Peter Drucker once praised him as "a living proof of creativity and innovation," stating, "Jeong Ju-young's corporate management cannot be analyzed by head and theory alone."

Growth into Global Companies like Hyundai Motor and Hyundai Heavy Industries

Based on Asan's spirit of challenge and creativity, Hyundai affiliates have grown into global companies. Representing the group, Hyundai Motor Group has maintained rapid growth for 20 years, standing tall as a global corporation.

In 2010, it surpassed Ford to rank 5th worldwide in finished car sales. Last year, Hyundai Motor Group's assets reached 248.0612 trillion won, an eightfold increase in 20 years, and Hyundai Motor's standalone sales exceeded 160 trillion won consecutively in 2019 and 2020.

Since last year, with Asan's grandson Chung Eui-sun assuming the chairmanship, the transition to a future mobility company focusing on electric vehicles, hydrogen cars, and robots has accelerated. In 2011, Hyundai Motor Group also acquired Hyundai Construction, the origin of Hyundai Group, securing the group's legitimacy.

Hyundai Heavy Industries Group and Hyundai Department Store Group also stand out. Hyundai Heavy Industries Group, with Jeong Mong-joon, chairman of the Asan Foundation, as the major shareholder, is the 9th largest conglomerate with 30 affiliates and sales of 48 trillion won. Notably, Hyundai Heavy Industries Group maintains an unshakable world No. 1 position in shipbuilding and will leap to 7th place in the business world this year by acquiring Daewoo Shipbuilding & Marine Engineering.

Hyundai Heavy Industries Group has expanded beyond shipbuilding into related businesses such as refining and construction machinery, and under the leadership of Jeong Mong-joon's son, Jeong Ki-sun, vice president of Hyundai Heavy Industries Holdings, it is actively investing in new growth sectors like robotics, artificial intelligence (AI), and hydrogen.

Hyundai Department Store Group is also showing remarkable growth in the distribution sector. Ranked 21st in the business world with sales of 20 trillion won, under the leadership of Chairman Chung Ji-sun, it has transformed into a comprehensive distribution company covering fashion, living, and building materials. In addition, Hyundai Group, with Hyundai Elevator as its holding company, KCC Group, Halla Group, and HDC Group are also fulfilling their roles in their respective positions.