Four Lessons Entrepreneurs can learn from Samsung

//Four Lessons Entrepreneurs can learn from Samsung

I recently visited the Samsung headquarters where there’s the Samsung Innovation museum in Seoul, South Korea. From a humble start,  Samsung is now the #1 chip manufacturer, Memory, TV. Their slogan ‘CHANGE EVERYTHING’ transformed the company’s failing trajectory. For my fellow ‪entrepreneurs‬ or business owners, here’s a summary of their SUCCESS DRIVERS:

1. Commitment to R&D: Samsung innovates aggressively: They have made heavy investments in R&D – $13.7b in R&D in 2014. They also show commitment to the R&D process, for example they stopped manufacturing the CRT TVs to focus onFlat screen even when the CRTs still had market.

2. Customer-oriented mindset: To be truly global, a company has to study culture and lifestyle trends, there is never a one size does not fit all. Company has 1700 designers around the world. Meaningful design is thoughtful, slow and resonates with people’s lives. The solution should support them rather than dominate them. Good SCM – Supply Management system – also helps:

3. PEOPLE FIRST Mentality : people are the key components of a successful country, successful company. Samsung boasts over 300,000 employees in 84 countries. 2/3 located outside Korea. A Global Mobility Company. Creative and Innovative Centre C-Lab. Enhanced Team Work. Global Citizenship : Samsung Smart School program

4. Adherence to Core Values including:

  • People
  • Excellence
  • Change
  • Integrity
  • Co-Prosperity