Trivia Tuesday,

3 Surprising Facts About Samsung

Samsung is an illustrious company that has been around for quite some time now and has been the most serious competitor to Apple's smart phone domination in the past few years. That being said, since today is Trivia Tuesday, its time to dive a little into this company. So without further ado, I present to you the facts.

#1 The Word "Samsung" means three stars in Korean

When naming the company in 1938, the founder, Byong-Chol Lee, wanted to express the strength of the company with the number three and the everlasting light the company would bring with the word star.  In the beginning, Samsung was a small trading company with forty employees located in Su-dong. It dealt in groceries produced in and around the city and produced its own noodles, eventually prospering

#2 In 1993, Samsung ushered in a radically different management style.

At the time, Chairman Lee Kun Hee was very unhappy with the product quality. As such, he told his employees to "change everything but their family". Still unhappy in 1995,  he ordered his staff to assemble over 150,000 phones and fax machines into a pile. Subsequently, over 2,000 employees watched as the old products were destroyed. These theatrics officially marked a new era. Nowadays, to ensure product quality, Samsung builds over 90% of its products in its own factories.
Samsung-Factory

Samsung Factories

#3 Samsung is ranked as the 9th most valuable company in the world

In 2013, Samsung had $327 billion in revenue and employed 427,000 employees in 88 countries around the world. Samsung Group as a whole comprises of nearly 80 companies and affiliates with businesses ranging from Skyscraper, plant construction, chemicals,  fashion, life insurance, finance, and hotels. Granted, Samsung Electronics started in 1969, but this isn't bad for a company that originally provided groceries for the community 80 years ago. There you have it! I hope that you learned something new about this huge company. Be sure to check out last week's Trivia Tuesday on Apple and to join the discussion here.
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Laurent Hesnard

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A cautious but optimistic observer of the market, Laurent enjoys finding investment opportunities that might disrupt their respective industries. He also has a passion for helping others learn about the inner workings of the markets in order to achieve their financial independence. As the Marketing Manager at SprinkleBit, Laurent gets to live out that passion everyday.

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