Survey: Most Respected Businessmen in Korea

Koreans view the late Chung Ju-yung, the founder of the Hyundai Group, and Lee Kun-hee, the chairman of the Samsung Group, as the most respectable businessmen, a survey showed yesterday. The Korean Chamber of Commerce and Industry (KCCI) carried out a survey of 300 citizens, 100 college professors, and 100 CEOs on entrepreneurial spirit and respectable businessmen. Out of the 500 respondents, the largest number of people, or 34.1 percent, picked Chung Ju-yung as a respectable entrepreneur.

Lee Kun-hee ranked second with 29.3 percent, followed by the late Yuhan Corp. founder Yoo Il-han with 10.5 percent, the late Samsung Group founder Lee Byung-chul with 9.5 percent, Daewoo Group founder Kim Woo-choong with 3.2 percent, POSCO Chairman Lee Ku-taek with 1.8 percent, and LG Group Chairman Koo Bon-moo with 1.6 percent.

CEOs and professors (50.0 percent and 27.7 percent respectively) chose Chung Ju-yung, whereas the general public (35.0 percent) picked Lee Kun-hee as the most respectable entrepreneur.

Among living businessmen, Lee Kun-hee topped the survey with 69.8 percent, followed by Koo Bon-moo with 6.8 percent, and Hyundai Kia Automotive Group Chairman Chung Mong-koo with 4.2 percent.

Out of the eight surveyed categories, Lee Kun-hee ranked No. 1 in five areas – leadership, human resources management, creativity and innovation, prediction of the future, and development of overseas markets.

When asked to select a businessman who has made the most contribution to the development of the Korean economy and to the community and ethical management, a majority of those surveyed named Chung Ju-yung and Yoo Il-han, respectively.

With regard to the quality required to become a respectable businessperson, 42.0 percent picked creativity, followed by honesty and morality with 29.8 percent, humanity with 11.6 percent, and craftsmanship with 9.4 percent.

When asked to pick the biggest goal that businesspeople should pursue, 48.8 percent answered profit making, followed by job creation with 30.8 percent, and returning profits to society with 17.0 percent.

Meanwhile, 46.0 percent said entrepreneurial spirit is dampened among Korean businesspersons, and 51.5 percent of them said this is because of the contraction of the economy, followed by 21.3 percent for government regulations, 12.6 percent for labor and management relations, and 8.7 percent for anti-business sentiment.

Among the surveyed businesspersons, 35.5 percent said that government regulations are the biggest problem. “Although the survey was conducted after the disclosure of Samsung`s slush funds, the public still think highly of Chairman Lee Kun-hee because they put more emphasis on his ability to manage businesses or his contribution to Korean economy rather than the truth about the allegation,” said Park Dong-min, a senior official at the KCCI.

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