Videos about South Korea’s first-generation entrepreneurs have recently become popular on YouTube, racking up millions of views.
These YouTube videos and shorts include “Hyundai founder Chung Ju-yung begins the day at 3 a.m.” (3.2 million views), “Semiconductors, Samsung Chairman Lee Byung-chul’s game-changer at 73″ (2.74 million views), “Park Tae-joon, the founder of Pohang Steel Deng Xiaoping Tried to Recruit” (660,000 views) and “Koo In-Hwoi of Lucky Goldstar ushers in the era of radio and TV” (270,000 views).
These videos feature inspiring anecdotes, including Hyundai Chairman Chung Ju-yung securing a $1.2 billion contract to build the King Fahad Industrial Port (Jubail) in Saudi Arabia, and Chairman Lee Byung-chul’s habit of waking up early to write down his daily tasks. The renewed interest in first-generation entrepreneurs who were pivotal in laying the foundation of South Korea’s industrialization 70 to 80 years ago is driven by millennials and Gen Z, collectively called the “MZ generation” in Korea.
“I feel like there is nothing I couldn’t do if I gave it my best shot every moment,” one viewer commented in one of the videos. “Seeing them overcome seemingly impossible risks gave me goosebumps,” wrote another.
The lives and accomplishments of first-generation entrepreneurs resonate with young Koreans facing complex realities and struggles. Although they are much wealthier than previous generations, they have less resilience against challenges such as unemployment. The MZ generation now draws inspiration from the stories of industrialization heroes who achieved the seemingly impossible with tenacity and sheer strength of will. “In a society where people were preoccupied putting food on the table for survival, I admire that first-generation entrepreneurs drove themselves forward while considering the nation’s welfare,” said a 30-year-old founder of a domestic startup.
Rising interest in these entrepreneurial stories has led to the organization of camps, educational events, and autobiographies for young people. Over 200 university students attended an entrepreneurship camp hosted by the Federation of Korean Industries (FKI) and Lotte Group in June. The students were particularly interested in stories about Lotte founder Shin Kyuk-ho, who hung paintings of rural Korean landscapes in his Japanese office to keep his homeland in mind while building his business in Japan.
“Older generations tend to associate first-generation entrepreneurs with corruption and close chaebol-government relations, but younger generations are more impressed by the cinematic stories of those who created something out of nothing,” said Kim Young-eun, head of the economic education team at FKI.
In June, LG Electronics published a book titled “Brave Optimists, LG Electronics,” featuring an anecdote about founder Koo In-Hwoi. When ‘Lucky Cream’ gained popularity in 1948, Koo reprimanded his younger siblings, who said it was okay if a few products were defective, saying, “Even if only one out of 100 products is defective, the other 99 also become defective. It’s crucial to build trust by selling good products, even just one, rather than many substandard ones.”
Young Koreans have also been visiting the birthplace of SK Group founder Chey Jong-gun and second-generation Chairman Chey Jong-hyun, called the “Ancient Residence of SK,” in Suwon, Gyeonggi Province. They are moved by stories of the founding chairman rebuilding a factory destroyed during the Korean War to establish Sunkyong Textiles and the former chairman’s belief that “business is about selling the future, not just products.”
