HOAM THE HO-AM FOUNDATION

Steadfast belief in economic contribution to the nation

“I think that perhaps people are happiest when they know what they are living for. Fortunately I have always known that I should dedicate my life to entrepreneurship and I have never wavered in my quest to contribute to national economic development.”

- Nov. 1976 from 'My View of management,' Bulletin of Federation of Korean Industries

The nation is the foundation of everything

“ The nation is the basis of everything. The nation must prosper in order for business to prosper and for people to be happy. ”

- Jan. 1, 1981 from New Year’s Address,

Entrepreneurial responsibility

“The duties and responsibilities of entrepreneurs are to produce quality products through technical innovation; to increase exports and employment; to prepare funds for business expansion by increasing surplus through rationalized managerial; and finally to positively serve the nation.”

- June 1976, 'Recollections of the Business World' (Seoul Economic Daily)

Credit is difficult to secure but easy to lose

“The most important thing for a long-term business success is credit. It is hard to get and it takes time to secure it. But it is much more difficult and important to maintain credit once you acquire it, since credit is the easiest thing in the world to lose. Credit amounts to people's trust in a corporation. So I believe that it is imperative at all costs to avoid things that could adversely affect credit standing.”

- June 1976, 'Recollection the of Business World' (Seoul Economic Daily)

Nature cannot be deceived

“ Plants and animals cannot be deceived but people can. It is imperative for us to continuously improve our own theory and practice, and to research and innovate rather than to rest on our laurels. It is best if we go abroad to study and learn, not just to Japan but to Europe as well. We have to decrease the current rate of business failure and to grow rapidly. If you work hard, you can work as long as you want without worrying about retirement, and become an independent businessman by learning technology. Every person with responsibilities has to do his best for ultimate success. ”

- Sept. 10, 1986 at Yong-in Nature Park

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Priority on human resources, human-centered principles

“ Priority on human resources and human-centered principles are Samsung's philosophy and the foundation of management which I have put into practice. An entrepreneur must put his heart and soul into fostering human resources. As long as his expectations and affection for fostering human resources are conveyed to every employee, the corporate will prosper indefinitely. ”

- Oct. 1982 from article for the magazine 'Korean'

Entrepreneurs who cannot train human resources are failures

“When a corporation fails to train people as valuable human resources who are essential for a society and a nation, it is equivalent to an entrepreneur who neglects his social duty and to a criminal. I believe that an entrepreneur demonstrates his true character and leadership ability not just by training human resources in a group, but by making that group a core force for corporate success.”

- Nov. 5, 1976 from 'My Views on Management' (Bulletin of Federation of Korean Industries)

Cooperative ability

“If you follow after others like firefighters follows fires, you’re bound to fail. And the same goes for trying to do everything by yourself. You should have the capability to always seek the cooperation and wisdom of your colleagues in the company. I hope that you all will, no matter what you do, strive for excellence and high moral repute. ”

- April 1980 at a regular meeting with group company presidents

What determines a person

“In the West, it seems that they evaluate prospective employees on their inborn talent. In contrast, in the U.S., they tend to focus more on education than on inborn talent. I place 60% of emphasis on inborn talent and 40% on education. People can change according to effort but not everyone can make such an effort. In that sense, it seems that the ability to make an effort depends on inborn talent. That is the reason why I put emphasis more on inborn talent than on education. In addition, it is also important to provide incentives to make efforts. ”

- June, 1976 'Recollection of Business World' (Seoul Economics Daily)

Group effort is more valuable than individual effort

“ It is useless to rely just on an individual who does his best. It is better to build the discipline and encourage mental development of a group to help that group do their best. ”

- Sept. 30, 1982 at a meeting of Semiconductor staff

One is sometimes better than ten

“ The number of people is not always important. A smaller number of truly sincere people is better. ”

- Sept. 22, 1984 at Yong-in Nature Park

Actualization is important

“ The worst thing is to neglect correcting faults or mistakes once you become aware of them. In such cases, there is no other way but to take strong measures to correct such behavior. ”

- Dec. 22, 1980 in a regular meeting with group company presidents

To cover up a wrongdoing is a wrongdoing in itself

“If it seems that something is wrong while you are working, you should tell the other person. You should not cover up or conceal wrongdoing or mistakes. ”

- Oct. 1, 1983 at a meeting of Semiconductor staff

Do not become a ‘Yes man’

“Abstain from flattery and give tough advice to superiors. Do you accept your managing director's orders even though you know they’re impossible? Plan another draft and make a suggestion saying "Please refer to this. ”

- June 1970 at a meeting with presidents

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Technical innovation cannot be made in a single day

“It is impossible to learn advanced technology in a day as technical innovation is a lever for increased productivity. The accumulation of technology is necessary and standards of technology accumulated in each field should be implemented into society. If you take these steps and procedures too lightly and do managerial planning by basing expectations on a technological leap, you cannot be an effective entrepreneur.”

-Oct. 1982 from an article for magazine 'Koreans'

Don’t be satisfied with small achievements

“ It is often said that Samsung naturally developed the 64KD Ram as a fruition of its intensive efforts. But we should think it as small achievements, and always strive to make greater ones.”

- Dec. 10, 1983 at a Semiconductor staff meeting

21st century’s management plan

“If a company, whatever it produces or sells, has higher cost-competitiveness, productivity, and quality than those of developed countries or rival companies, it can be considered “21st century management.” But If they are merely equal, they can be called only ‘20th century management.” If they are inferior to those of rivals, they are no better than 19th or even 17th century management. The 21st century management plan should also refer to every part of a company including marketing, production, and resources management as well as cost, quality and productivity.”

- June 1985 at an operation conference

Prepare for the next 10 years

“When it comes to investment programs, we should have 10- to 50-year plans not a 5-year plan. You should plan in ways that guarantee continued long-term success despite present losses. ”

- June 17, 1977 at Samsung Shipyard

Even considering failure is dangerous

“ Of course everything can be subject to failure, but the most dangerous thing is to undertake a project and considering the possibility of failure . ”

- July 3, 1980 from a speech of Federation of Korean Industries (Executive Officers' Training)

Act resolutely after your decisions

“ While it is essential to thoroughly investigate each situation before making a decision, an entrepreneur often has to bow to unexpected events, but it is his basic obligation to Act resolutely once it is decided. ”

- July 3, 1980 from a speech of Federation of Korean Industries (Executive Officers' Training)

Plan with a little more motivation

“ Management planning needs motivation. For example, to achieve 110 percent by setting a goal of 120 percents is more desirable than to achieve a surplus by setting a goal of 90 percent. ”

- Feb. 1973 at a meeting with company presidents

Set a plan with a bit excessive goals

“ Set a plan with a bit excessive goals “ A plan needs to be practical. Even though a plan is a bit excessive, you have to put it into practice and give it your all. But you should not set a plan for short-term profits at the expense of long-term results. Even though present conditions are not so favorable, you should plan in a way which will guarantee long-term profitability. You have to set practicable plans, not reckless ones. You should not push forward with work before planning thoroughly, nor should you make unreasonable plans. Set a bit excessive goal and put it into practice steadily . ”

- Dec. 10, 1983 at a Heavy Industries meeting

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Don’t be afraid to ask

“ Even a company president should not hesitate to ask when he does not know something. One question now can save you from asking endless questions in two or three years. Samsung should be managed based on accumulated experience as a group, not on my own experiences as an individual. ”

- June 30, 1983 at a Semiconductor staff meeting

Failure is also valuable

“ I have a policy not to interfere once I entrust a man with work, and I give him full responsibility. You should not be reckless or careless. But even if you have carefully prepared a seemingly perfect plan and it goes wrong, you should take responsibility and see it through since failure, too, can be a very valuable experience. ”

- April 25, 1985 in Yong-in Nature Park

A society without pride is no better than a society without face

“ When you go abroad, you realize that traditional cultures and cultured people are certain to have good art museums. The standards of a cultured society which loves virtue and beauty are high. A society without pride is no better than a society without face. To abandon cultural pride is to abandon once society. Cultural properties are the people's face and soul. ”

- June 30, 1983 in a Semiconductor staff meeting

Frustrations and hardships shape your capabilities

“ In life we all experience unexpected misfortune. You should be ready for coming misfortune when things are going well, just as sorrow often follows joy. Being careful of potential future failure is much more important that being captivated by present happiness. An entrepreneur who has often been frustrated has greater managerial capabilities than one who has never experienced frustration. “Nidabuldae Sujangsungo” Even though mud is not as good as soil, you can still make a large statue of Buddha with lots of mud. And even though rough waves can be dangerous, a boat can rise to greater heights. Even bitter persimmons can become sweet ones if they are dried well. But if you dry them too quickly or if you don’t put your all into the work, such persimmons will never become sweet. Transforming bitter persimmons into sweet ones requires steady effort. An entrepreneur also needs to look back upon what he has experienced over time. Even though he has a great deal of experience, that experience is useless to his career unless he reflects on it and learns from it. ”

- Sept. 17, 1975 from 'Conversation with Chief Executive Officers' (Naeoi Economic Daily)

To cease striving is to invite death

“ Life can be interesting or troublesome, depending on how you look at it. However insignificant a life may seem, it can be valuable; on the other hand, however valuable it may seem, it could also be insignificant. Life depends on how well you refine it. “Bobosidojang” I think deeply about a saying I once heard: 'Every each step makes a life.' People do not die from getting old; they beckon death when they stop disciplining and refining themselves step by step. ”

- June 1976, 'Recollection of the Business World (Seoul Economic Daily)'

Endless self development

“ It is natural for every man to study and develop himself. If one neglects to develop and educate himself, he destroys not only himself but others as well, and finally abandons his human qualifications. ”

- Oct. 19, 1984 in Yong-in Nature Park

Reflect on yourself all the time

“Travel is helpful many ways. People running a business are likely to lose themselves as they are terribly busy with work. As a result, they can easily lose perspective and become narrow-minded. That is why I encourage the executive officers to read lots of books. However capable an employee is, he is likely to lose his flexibility and objective judgment if he becomes totally lost in work. ”

- June 1976, 'Recollection of the Business World' (Seoul Economic Daily)

Three types of people who cannot develop themselves

“ If you look closely, there are three types of people who cannot develop personally. First is the type who avoid difficult work and make others work instead by exercising their authority; the second type do not really understand anything when you explain it; and third is the type who understand but do not put their understanding into practice. ”

- Sept. 4, 1982 at luncheon meeting with company presidents

The greatest virtue is service

“ I believe that the greatest virtue in human society is service. The duty of an enterprise managed by people must unequivocally be service to the nation, to its people, and to humankind. ”

- Jan. 7, 1987 from an article in Maeil Economic Daily

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