Great autobiography to kick off the year.
I should have known from the title of the book that this is no ordinary biography about Hyundai. Rather, it was an ode to South Korea by a man who deeply loves his country. Although Chung did not succeed in his presidential bid, his story merits deeper study. He undoubtedly belongs in the pantheons of great nation-builders, alongside figures like Mandela and Lee Kuan Yew. This is a story of how Chung helped build a nation using the power of private enterprise.
The following are some key takeaways:
First, to build something truly great, profit incentive is insufficient. When Jobs launched each successive revolutionary product in his second term at Apple, it wasn’t profit that motivated him, but rather, it was the pursuit of excellence, the drive to craft something truly beautiful and transformative, and his relentless desire to reshape how people interact with technology. When Musk and his crew at SpaceX faced repeated failures with Falcon 1 but bounced back and persevered each time, it wasn’t personal wealth that motivated everyone, but an unwavering commitment towards the mission of enabling humankind to be a spacefaring and interplanetary species. Similarly for Chung and Hyundai, it was that the fate of the country’s economic future rested on their shoulders; that they were not just toiling hard for their own pockets or immediate families, but for future generations lucky enough to call themselves South Korean.
The path towards success in business is non-linear and never smooth. As Marc Andreessen says, “you only ever experience two emotions: euphoria and terror” when building a business. The problem comes when the troughs are so low that there seems to be no light at the end of the tunnel. It is at this point when the following question becomes poignant: what are you and your company fighting so hard for?
Second, the importance of reputation and trust. “If I have to choose between reputation and money, I’ll always take reputation. Finishing on time is how we protect our reputation and honour. So let’s give it a shot.” Early into his career, Chung upheld this mantra, often at great personal financial cost. In this case, he made the difficult decision of continuing with the Goryeong Bridge restoration project despite floods and runaway inflation turning it into a loss-making endeavour. “We had contracted to do the job for 547,800 won but wound up 650,000 won in debt”. While we shouldn’t expect that these difficult decisions yield immediate results, it did become a watershed moment in Hyundai’s early history, as it gave the company a lot of credibility and a strong reputation, culminating in the Ministry of Interior awarding them a high credit score and subsequent projects.
Finally, this is a little difficult to wrap my head around but Chung’s visit to North Korea to see his relatives did provoke a few questions I’ve had about the global geopolitical divide. When Chung visited his relatives in a modest house in Mt. Geumgang, they gathered in a corner and sang prayers to their North Korean leaders in unison, like a choir. “It was only then that I fully felt the tragedy of 40 years of national division and the vast differences between the two political systems.” Chung’s visit underscored the profound impact of political divisions on individual lives.
As the book drew to a close, Chung reflected on unwavering support of his wife, whose quiet strength sustained him through the most challenging moments of his life. On her deathbed, Chung recalled the promise he had once made to reconnect her with her long-lost family in North Korea when they had made enough money - a promise he painfully acknowledged as “a cruel promise that [he] could not keep”.
I had a conversation a few months back with my friend’s partner about the future of humanity might look like. I took a stab and envisioned a world not fractured by political divide but united by a common identity of the human race. A nation is ultimately a social construct; there is nothing inherently “American” or “South Korean” baked into our genes, but what we can unequivocally say is that we are humans. Yet, the international divide has had such severe ramifications on the world - what with all the wars, strife, protectionism. Maybe I’ve been reading too many sci-fi books in recent times, but Seveneves and the Three Body Problem did prompt me to ponder about what world can achieve if all humans were all united towards a common goal. How would that future look like, 1000 years, 10,000 years, 100,000 years from now? Just a thought.
There are so many memorable quotes from this book, spanning the topics of life philosophy, work ethic, managing employee morale etc. I’ll list just a few most poignant ones:
“‘Time is a form of capital provided equally to everyone.’ I couldn't agree more. If I can be considered a successful person in my chosen profession, it is only because I was able to do my very best, based on strong convictions, and made the best use of this ‘evenly distributed capital’. "
“‘Do it until nothing more can be done. Give it your all 'til the very end.’ This thought is the very essence of me as a person and the fundamental principle of my life.”
“When your parents who bore you and raised you suddenly passes away, you are overcome with regret and self-blame for having been an unfilial child, failing to appreciate all that his parents had done for him. Never again would I hear from clearing his throat with an ‘Ahem’ when I could come home in the middle of the night. I missed him terribly and felt empty. I always assumed that he would live longer and look over me.”
“Thinking that anything is possible is the first rule of a successful person. If you doubt yourself, then you will only be able to accomplish as much as your doubts let you. If you think you can’t do something then you won’t be able to do it.”
“In the absence of Hyundai, the Korean economy would have lagged behind by at least a decade or two. We are not merely merchants out for a buck. We are a group of gifted individuals united by the call to lead our country, to build our national economy, and to serve as the backbone of our economic prosperity.”
“Are you considered a happy person if you’re rich? No. I think otherwise. What circumstances a person was born into, what position he is in, or what he does for a living, does not matter. Only when he gives his best and lives fully in the present is a man truly happy. A man who lives fully in the present while dreaming of a brighter future, a man who enjoys his work and who finds happiness in the smallest of things, that man will find success in whatever he does. Such a man is one that lives well. Whether you’re a mid-level or highly skilled engineer, a Chinese food delivery boy, a student, or an executive, it’s the same.”
“The first condition for happiness is good health … Second, you must empathise with others and try to live your life with a pure heart … The third condition is endless self-improvement … The fourth condition is illustrated by the proverb: “Where there’s a will, there’s a way.” There are very few things that go according to plan. Everyone is bound to face fierce trials throughout their lives. But when the times get tough, you must keep your chin up and press forward.”