Chairman Cho says the person he admires most is his grandfather and Hyosung Group founder Cho Hong-je. Paying tribute to his grandfather’s insight into the future, he mentioned that his grandfather always taught him to grow as an executive by becoming ”a citizen of the world.” Cho Hong-je often talked about his overseas experiences as well as world history to his grandchildren, and emphasized never missing the opportunity to experience things in person. This grandfatherly advice has helped Chairman Cho grew as a global leader.
|Chairman Hyun Joon Cho of Hyosung Group|
Another person Chairman Cho admires is his father, former Hyosung CEO Cho Suck-rai. The father encouraged his son to improve himself with the phrase: “You’ll never beat a person who is thorough and persistent if you’re not.” For example, while learning Japanese in college, Chairman Cho says he felt the need to speak perfect Japanese so that nobody could recognize that he was Korean when talking on the phone. The elder Cho even made word cards in Japanese when studying for tests and put in hours of practice until he knew the material perfectly. He repeatedly tested his son, Chairman Cho, with the cards he made. This allowed him to learn the language perfectly. Above all, Chairman Cho says he respects his father because not only did his father want him to perfect things, but also applied the same standard to himself by reviewing even small projects in detail. The reason Hyosung has many globally competitive products, Chairman Cho says, is thanks to precision management stressed by his father.
Hyosung and its employees strive to maintain the technical competitiveness upheld from their two respected figures. Despite the uncertain economic situation that has persisted for several years, Hyosung in 2016 broke company records with sales of KRW 11.929 trillion and operating profits of KRW 1.163 trillion. This is because of Hyosung’s DNA and its motto of “Technology is our competitiveness.”
Hyosung established Korea’s first private technological think tank in 1971, Hyosung R&DB Labs), in the belief that securing original technologies is a noble goal. The R&D process requires huge investments of time, effort and capital as well as passion and patience while persevering through failure after failure. For example, a great deal of time and labor went into Hyosung’s R&D of Spandex and Tire Cord, and developing both products would have been impossible without Hyosung’s business philosophy of “securing original technology.” As a result, the company took a bold step ahead by combining daring entrepreneurship with insight into future trends.
Chairman Cho once said he hopes his employees take pride in the company’s technologies and produce items under a sense of duty, while aiming to uphold Hyosung’s technology-oriented business philosophy for being the world’s best.
Kim Su-a firstname.lastname@example.org
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