If you're looking for a masterclass in business building — one that transcends geography, culture, and time — Born of This Land, the autobiography of Chung Ju-yung, is essential reading.

Chung, the founder of Hyundai, grew up in poverty in rural Korea and ran away from home in search of a better life. With no formal education, no capital, and no connections, he went on to build not just a company but an economic backbone — playing a leading role in South Korea’s transformation from post-war destitution to global industrial power.

Under his leadership, Hyundai expanded into key strategic sectors such as construction, infrastructure, shipbuilding, and automobiles — industries that became the pillars of Korea’s export-driven growth.

What makes this book extraordinary isn’t just the story — though the scale and adversity are astonishing — but the thinking behind it. This isn’t a memoir of luck or genius. It’s a detailed record of decision-making under pressure, leadership by example, and principles forged through experience.

For anyone in business — whether you’re running a startup, leading a team, managing capital, or building a country — the lessons are immediate and actionable. From operational discipline and time management to talent development, execution, and ethics, Chung offers a universal framework built on timeless truths:

That great work requires obsession, not balance
That competition is fuel, not threat
That reputation is capital
That frugality is a form of respect
That growth comes not from genius, but relentless improvement
And that leadership is earned on the ground, not bestowed by title

What follows is a selection of direct quotes from Chung Ju-yung. Taken together, they form a philosophy of action — born not in lecture halls or boardrooms, but through hunger, hardship, and hard-won victories. I hope you find them as powerful and inspiring as I did.

Education and Smarts

“I became successful even though I came from a poor family and had no proper education. The story of my life demonstrates that one does not need great wealth and education to become successful.”

“I did not receive much schooling. But not receiving formal education does not mean one is lacking in wisdom. It is a mistake to think that broad and deep knowledge can only be obtained through formal schooling.”

“My own academic progress stopped at the sixth grade due to the extraordinary hardships of our family's circumstances, not because I found formal education to be superfluous.”

Reading

“Even though my education stopped after the sixth grade, I've always enjoyed reading great books. If my first mentors were my parents, then my second mentors were books.”

Think and Work Hard

“I think harder, work harder, have greater courage, and am more active than others. Before starting any project, I spend an enormous amount of time and effort thinking, analyzing, and planning every detail. When it is time to implement these plans, it may look like I am working off the cuff, or even recklessly, but if I hadn't first sat down and planned everything out, the Hyundai Group of today could never have existed.”

“If I'm not sleeping, I'm thinking. My thoughts are not the result of a conscious decision to think. They just come to me in a successive stream of thoughts, all connected and flowing into each other. Like all business people, a great idea starts with one single thought. When a small idea the size of a grain of rice is implanted in my mind, I nurture it until it grows into a major project that I can visualize in my head. That is a specialty of mine. I don't just cultivate one seed but plant multiple seeds. As they grow, I carefully consider my options before selecting a seed or two to cultivate.”

“If you search for a method, it will come to you. If you can't come up with a method, it's because you didn't think hard enough.”

"My education was limited to primary school, and I do not possess exceptional writing skills or an exemplary character... With strong conviction and concentrated effort, everyone has an equal chance to succeed. Someone once said, ‘time is a form of capital provided equally to everyone.’ I couldn't agree more.”

“Success is 90 percent determination, 10 percent confidence. I remind myself of this every time I start a new project. There is absolutely no room, not even 1%, for doubt or apprehension.”

“No matter how small the task, such as delivering rice on a bicycle, I pour all my energy into achieving the best possible result. Half measures, compromises, cutting corners, or ‘being realistic’ do not exist in my world.”

“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.”

“Looking back, I see that my life has been an unending series giving all I have until there is no more that can be done.”

“It is much harder for a poor man to become rich than for a rich man to become richer. South Korea had no resources that would help us catch up to advanced nations. We only had the strength and determination of our people. The poor man has to work 10 to 20 times harder than the rich man. With sheer force of will, we made it. Hyundai is living testimony of what hard work can do.”

“If you are diligent for a year, two years, 10 years, your whole life... your accomplishments will be recognized by all. The diligent lead lives a 100 times more productive than the lazy. Their lives are thus more fulfilling.”

“Be a better person. Be a better worker. Work harder and achieve more. Even if you lack proper education, by thinking deeply you can achieve great things. Likewise, those who are highly educated but never reflect on their lives are bound to be unhappy. The difference between those who think deeply and those who are shallow is as large as the sky and ground. In this difference, education is not a factor.”

Obliquity

“I do not feel like a rich man. The only time I truly felt rich was when I operated a rice shop. Even as I grew my businesses and engaged in various projects, I found my greatest pleasure in the work itself. I was never motivated by the desire to amass great wealth and become the richest man in Korea.”

“While I very much wanted to be financially comfortable, my goal was not to work to become the richest man in Korea. If that had been my ultimate goal, Hyundai would not have succeeded, and I would just be living comfortably as a medium-sized business owner. Just because a potter dreams of molding the greatest ceramic work that ever existed, it does not necessarily mean that he will succeed. Only if the potter frees his mind from all distractions and concentrates solely on the pottery process will he be able to create a work of lasting value.”

Tone from the Top and Humility

“A person in a position of authority is a role model for everything.”

“If the CEO does not lead by example and merely orders workers around, his words will fall on deaf ears. Believing that each and every one of our workers could become a future CEO, I trained them to be like me.”

“Never in my life have I ever considered a job to be beneath or above me. Nor have I ever considered one job more valuable than another. I have never in my life considered myself to be above or beneath anyone, whether I was doing manual labor, working as a clerk at a rice store, or serving as president and chairman of my own company. I absolutely detest showing respect or disrespect to a person just because of their job title. A title is given to someone who has the most appropriate level of capability to carry out a task. It is a responsibility and nothing more or less than that.”

“Some time ago, someone proposed installing a separate elevator for executives at the company headquarters. I rejected the idea right on the spot. I truly despise the inflated sense of superiority held by executives who expect different treatment from their workers.”

“In the workplace, a hierarchy exists for the sake of work, yet just because someone is in a higher position, does not mean that he is intrinsically more valuable. Being in a high-ranking position does not give one the right to put on airs, nor does an entry-level employee need to shirk away in shame.”

“Hyundai was not built by me. All our workers including numerous unacknowledged technicians, executives, and staff members built Hyundai. Since we built the company together, we are basically all equals. Although there are different tasks and pay grades, discrimination for someone beneath your rank is obnoxious and arrogant.”

“I believe being a positive influence on others is more important than the quality of one's clothing, food, and shelter. I have about 210,000 workers. A commonly held perspective in Korea is that I am providing these people with their livelihood. However, that is not the case. On the contrary, I believe I owe my fortune to them. I cannot agree with the suggestion that a single individual is the source of livelihood of the many. I believe we all need to take care of each together.”

Fanatic

“Now I am in my mid-80s. But age was never important to me. To this day, I remain completely engulfed in my work, with no spare time.”

“It's not an exaggeration to say that my life was defined by ‘time’ rather than "age." This is how I have lived and this is how I have succeeded. I've never thought of retiring for a moment, much less of dying.”

“Even now, I don't think I am too old to work. Work knows no age. For the very best workers, there is only the next assignment and the passion for the job.”

“I have lived my entire life driven solely by the satisfaction derived from hard work. I buried myself in work because I enjoyed the very act of working, and having lived thus, my soul became one with my work. Because I liked working so much, I was never distracted by fancy clothing, delicious foods, or luxurious goods. A worker by nature, I am who I am today as a result of my hard work.”

Trust and Integrity

“Trust is everything to a businessman. The moment you lose trust, it's all over.”

"Credibility grows like a tree. Credibility is honorable."

"If I have to choose between reputation and money, I'll always take reputation. Finishing on time is how we protect our reputation and honor.”

“A contract is a contract. Even if we are in dire monetary straits, we have to build Thailand the high-quality expressway they are expecting within the time we have. That's why we are here. We cannot and will not just cut and run. We have to finish what we started for the good of the Hyundai brand and for the good of the country."

*Hyundai’s 100 Millionth Car 2024 [Source: Drive].*

“A man's trustworthiness, sincerity, and honesty are his capital.”

“My diligence and honesty were the keys to my success. Because my boss trusted me, he gave me the rice shop. I was also able to get the capital to start my business because I had a reputation for being trustworthy.”

Growth and Continuous Improvement

“Every day needs to be a journey towards growth. If we pause today, it is a step backward. We must move forward even if it means only one or two steps at a time. If we don't, we will be overtaken and soon find ourselves falling behind.”

“In the business world, standing still is the same as falling behind. Economic competition is not a battle of guns and swords. There is no room for defense, as there would be in a military battle. In an economic war, if you are not leading, you're losing. If you hesitate, you lose momentum and can only get the remaining scraps.”

“A life without daily self-improvement has no meaning. We live in order to make ourselves better. No one can control where they're born or what kind of family they're born into-these conditions are naturally unique. But there is one thing we have in common. Our future will be determined by our effort.”

Complacency

“As with individuals, so to businesses and nations, if you remain complacent and fail to take risks, you will never flourish and you will never know what you could have achieved.”

Tailwind

“Since Hyundai's founding, the company and the country grew in tandem. It was my aspiration to build the business that best served the country.”

“With financial support from the U.S., postwar recovery construction projects blossomed in South Korea.”

“As the 1960s came to a close, our government announced that it would only use domestic construction companies for power plant construction. This was made possible because Korean construction companies had successfully accumulated the necessary expertise... Korean companies' hard work allowed us to domesticize construction projects.”

Go To Where The Money Is

“If you want to make money, you have to go where the money is.”

Trial and Error

“There is a saying in Daehak, one of the ‘Four Books’ of Confucianism, that true knowledge can only be acquired through direct experience.”

Win-Win

“Hyundai has helped the government by cutting costs through continued research. This is why Hyundai was ultimately recognized as being indispensable to Korea's economic growth. This is also why Hyundai was able to continue growing in the midst of violent political upheavals, regardless of who was in power.”

“It was my aspiration to build the business that best served the country.”

“The goal of Hyundai has always been to profit in foreign markets and then use that profit to create abundance in Korea.”

*World’s Largest Shipyard - Hyundai (HHI) shipyard - Ulsan, South Korea [Source: WSJ]*

“Businesses are an integral part of society. Those businesses that put profits over national interests, material wealth over ethical values will never be truly successful.”

Embrace Competition

"Running alone in a marathon will slow you down: if there is no competition, you don't need to improve the quality of your product, and there's also no pressure to shorten production times. A company without competitors is not going to grow, and it will eventually turn into a stagnant, bankrupt company, just like the ones operated by communist states. Competition is at the heart of capitalism and is the only way to grow."

Resilience

“There are very few things that go according to plan.”

“My motto is that, ‘As long as you don't die and remain healthy, there may be periods of hardship but never complete failure.’”

“Even if a business is struggling and everything seems hopeless, I will make it work. Not once have I ever packed up and quit halfway through. If I start something, I'm going to see it through. I don't care if it's struggling right now or if it's not making any profit.”

“Quitting is not in my dictionary. It's never going to happen. This is my principle, my pride, and the way I run my businesses.”

“If there is one thing that I've learned, it is that life is a constant struggle.”

“I worked with a do-or-die attitude. Eventually, I became the owner of a rice shop. I pushed myself again and ended up owning an automobile repair garage. I pushed myself again and ended up starting a construction company. I've lived my entire life this way. This is how I have ended up where I am today.”

“Find joy in the midst if our troubles When times are bad, all we can do is assess our situation and carry on. By doing so, we can overcome the bad times without needing to rely on luck.”

“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. Tell yourself, ‘I will emerge from this trial prepared for greater things.’ You need to learn how to think positively. Just as the wind makes tree roots grow deeper and stronger, trials and tribulations make people wiser and stronger.”

Winning in Construction

“Taking advantage of legal loopholes and doing shoddy work is unacceptable. But to make money, you have to ‘shorten the construction time.’ This is the line I have always repeated and the strategy I have used to keep my business together. But to make it work, full utilization of heavy machinery was critical.”

“My motto is ‘shorten the time.’ This was the surest way for improvement. Yet there are always people stuck in their rigid ways of thinking, content to waste time and money.”

“The first thing I did was to acquire nearly 2,000 cutting-edge heavy machines for the astronomical price of $8 million. In 1965, all civilian construction companies in Korea owned a combined total of 1,647 machines. This gives you a sense of the size of this purchase. Hyundai was the very first company to use such equipment.”

“One of the main factors that contributed to Hyundai Construction's growth was our early adoption of advanced machinery and heavy equipment.”

“Loans beget interest. Interest begets more interest. Time is the greatest enemy of construction firms. The longer a project takes, the more interest accrues.”

“By the end of the 1960s, Hyundai had built most of Korea's infrastructure, ranging from roads, port facilities, dams, schools, and cultural facilities. Anytime someone came up with a cheaper plan, I adopted it without hesitation. Be it time or money, whether it be for an individual or a nation, I believe wasting anything is a sin.”

“Long-term construction projects should be carried out on the basis of instalment contracts to prevent losses from inflation.”

“Overseas construction has its own difficulties. We must understand local culture, habits, language, and law. Good relations with people and the government are essential, and the project must follow the plan regardless of the weather or the environment.”

“What's most important is to motivate the engineers and laborers. They have no stake in the company's future, and their stint with us ends when the project ends. It is important that they feel like they are invested in the project.”

“To succeed in the construction business, you need the knowledge, skills, and courage of an adventurer. Hidden problems and dangers have a habit of creeping up on you in this business and have caused many great business people to fail. It is challenging but rewarding. I relish beating the odds.”

Local Focus

“I hold to the principle that when you need to partner with a foreign firm, you do it with the industry leaders.”

“I ordered the managers to treat the locals with respect and kindness while we finalized the deal. When purchasing land, and even after the factory was built, it was important to maintain good relations with the locals in order to avoid any potential problems when hiring new workers or conducting future operations.”

“Good local relations are especially important when you expect to become a permanent part of the community, as was the case with the Hyundai Motor plant.”

Keep Learning

“It is not shameful to ask about something you don't know, even if you have to ask someone younger or of lower rank than yourself. While carrying out these construction projects, we were earnest and prepared to learn anything and everything we could from American technicians.”

Execution

“It is a harsh reality that bold actions are required to develop and operate a company. You just can't build a company with intelligence alone. It requires both a brain that thinks intelligently and a will to put those thoughts into action.”

Mistakes

“If a loss yields experience, then it is not truly a loss. If you can learn from a loss, then you can turn it into a gain.”

“Sometimes you get more from losing money than you do from making it. We lost money on the highway construction project in Thailand, but we also gained something in return. While we quickly tried to understand our failures, we gained experience and valuable knowledge, which helped us modernize.”

“Anyone can make a mistake, of course, but it is important not to give up on the entire project because of the mistake. In any given mission, the most devastating error is to give up.”

Business is People

“The power of the human spirit is immeasurable. In building the shipyard, I became convinced that the success and failure of any project, and even a nation's destiny, are determined by the willpower of the people.”

“We had, and still have, the most powerful weapon in the world: the most tenacious and resilient workers.”

“People with a strong will to succeed have unlimited potential and creative abilities. By bringing together all of this potential, the collective energy of a people can be unleashed.”

“Human resources cannot be compared with material resources. This is why I don't equate the economy with money, but rather with the vitality and "can-do" spirit of the people.”

“While natural resources are limited, the creativity and endeavor of its people are limitless.”

Value Employees and Walk the Floor

“Because I knew hunger, I was particularly sympathetic to those who couldn't afford to bring lunch to work. I made sure that Hyundai was the first company to provide free lunch to its workers.”

“I began as a laborer. I still see myself as a laborer. I just happen to have a little money now. I spent most of my time with skilled workers and blue-collar workers. To meet tight deadlines, I could get tough, pushing them to the limit. But whenever I could, I would mingle with them, sharing drinks and even arm wrestle during short breaks.”

“I wanted to be a businessman who could communicate with (my workers) and listen to their hopes and dreams.”

“Workers achieve their full potential when a certain level of pay is guaranteed. Some may think that raising wages leads to a direct reduction in profitability. But raising wages to a certain level is another way to boost both productivity and profitability... As long as competitiveness is not affected adversely, there is no reason for the owner of a business to be opposed to a pay raise.”

Frugality

“Our company motto is ‘diligance, frugality, affection.’”

“After luxury comes corruption. I've never seen a country prosper with a leader who enjoys luxury. I've never come across a company that thrives under a luxury-loving, wasteful owner.”

“I am very frugal. I make all my workers use both sides of a sheet of paper.”

“My working principle is that money should not be spent in an ostentatious manner.”

“I feel guilty when newspapers report that I have the highest income in the country. People wonder how I spend all that money. But in fact, my lifestyle is hardly different from that of any middle-income household. By middle-class, I mean I live a lifestyle similar to any typical Hyundai employee."

“All in all, although I may be better off than others, there is nothing special about the way I live.”

Optimism and Confidence

“Thankfully, I'm a naturally positive person. I was born with the ability to accentuate the positive rather than the negative.”

“Everyone has the ability to solve his or her own problems. But to do this, positive thinking is critical. We should always remember that every major achievement was led by men with positive attitudes.”

“Negativity and pessimism impede self-development. A man who can't break through that wall will never amount to anything.”

“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.”

Regime Change

“There is one thing I fear the most as a business leader: regime change. Whether it's a coup d'état or a democratic election, private businesses are always the first target. The new regime always accuses us of having been too cozy with the previous administration and using our leverage for ill-gotten gains.”

Acquisitions

“Unlike some others, I have never done a hostile takeover. I despise that kind of business. I have always won fair and square.”

“Buying someone else's company at a dirt-cheap price is like using their misfortunes as a stepping-stone to increase my own profits. For those reasons, I hated doing such things, and I still do. So if I want to be in a particular business, then I will start it myself.”

Capitalism and Democracy

“History has proven that only a capitalist, free-market economy can improve the lives of its citizens. Sustained economic development is the only way to create a prosperous nation that values individual freedom and human dignity.”

“Though communism dangles the fantasy of the equal distribution of wealth, in reality, it is an equal distribution of poverty. The Chinese and Soviet experiences over the past 50 to 70 years are a powerful indictment of communism and its shortcomings.”

“Nothing is more unnatural than the deprivation of personal freedom. Nothing is more tragic than the government deciding what your job will be and how you will live. For that reason, I believe that there is no better system on earth than democracy, a system that guarantees these sacred freedoms.”

Government Policy

“The proper way to create a free and balanced economy is by taxing profits to alleviate the inherent shortcomings of the capitalistic system and to reduce economic imbalances. The wrong way to create a free and balanced economy is to break up the most profitable companies to level the playing field artificially.”

“Regardless of how minor a policy may be the government should not make the mistake of rushing to implement it solely on the basis of some expert's report. Policymakers should work carefully and calmly to develop the most rational, promising conclusion, taking into consideration the opinions of people from all levels of society.”

Conclusion: A Mental Model for Investors

For the investor, Born of This Land is more than biography — it’s a lens through which to identify enduring business greatness.

The characteristics Chung lived by — fanaticism, frugality, integrity, optimism, empowerment, continuous improvement, walking the floor, and embracing competition — are the same traits found in the world’s most exceptional companies.

They are the fingerprints of great compounders. They signal not just past success but the cultural DNA for future resilience and reinvestment. In markets obsessed with numbers, it’s easy to forget: business is people. And durable returns often come from organizations built in the image of determined, long-term thinkers like Chung.

As investors, our job is to recognize these patterns, identify companies led by similar principles, and hold them long enough to let those qualities work their magic. The right culture, led by the right people, with the right principles — that’s the most valuable edge of all.

Chung’s story is a reminder that greatness isn’t random. It’s built. And with the right lens, it can be discovered early — and held through decades.

Source:
‘Born of This Land - My Life Story,’ Chung Ju-yung. The Asan Academy. 2019.

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