Daewoo Korean for "Great Universe" was a major South Korean chaebol conglomerate. It was founded on 22 March 1967 as Daewoo Industrial and was dismantled by the Korean government in 1999.
Kim Woo-jung was an excellent entrepreneur. He led the company's growth from an $18,000 initial capital value to $25 billion in annual sales. Some of the solutions he employed to counter problems his company faced are as follows:
He used organizational politics to work with the government. He understood that to gain power, resources, and growth, he needed the protection of the government
Daewoo Group was excellent at turning around faltering companies due to a well-managed, highly centralized organizational structure. Under Kim's vision, he developed a unique culture in his chaebol known as the "Daewoo Spirit". This spirit meant a commitment to creativity, challenge, and sacrifice. Kim believed in co-prosperity whereby the company provides value to employees, customers, suppliers, partners, and the country as a whole
Daewoo enlarged its capital supply sources by diversifying its method of securing funds, including leasing and deferred payments. It raised funds successfully overseas for large foreign investment projects
Daewoo established a number of joint ventures with U.S. and European companies. Under the Vision 2000 campaign, Daewoo established joint-venture production facilities, invested in foreign facilities, established sales and local subsidiaries, and localized component production and other operations. This campaign was aimed at strengthening Daewoo's international competitiveness
After two workers committed suicide in 1987, Kim developed a unique program to mend management-labour relations. Managers and company presidents were required to work on the assembly line, and assembly line workers could be promoted to management level. This policy was aimed at improving the management-labour relations as well as helping managers to understand the difficulties and problems on the assembly line
Daewoo increased their R&D expenditures to be more internationally competitive. To boost this effort, Daewoo established a technology R&D team called the Institute for Advanced Engineering. This team used three strategies in technical development: competitiveness, managerial system development, and the use of a technology network .
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