Wang Yung-Ching 王永慶

Just one day before he passed away Wang was still busy inspecting one of his factories, and later dined with several subordinates. He had the heroic resolve of a veteran solider battling to his very last breath, and enjoyed the respect due a commander-in-chief.

When hearing the news of his passing, all the people of Taiwan felt a sense of loss. Those who knew him, and those who did not, all felt a tinge of sadness. It seemed that an archetypical figure had passed from the world, and that with him an entire era had faded away.

 

Childhood

  • Born in 1917 into a poor farmer’s family outside of Taipei city.
  • At the age of 15, Wang went to south to work in a rice store. Next year, he opened his own small rice store with little fund that his father had raised from friends and neighbors.
  • Cold showers saved him three Japanese sen a day, and those three sen would buy him three pecks of rice.
  • A novel approach to customer service-prototype for the management system in his Formosa Plastics Group.

Growth of Formosa Plastics Group (FPG)

  • At age 38 (1954), Wang founded the Formosa Plastics Corporation (FPG) starting with a daily output of four tons of PVC powder.
  • Half a century later,  FPG had grown into the world’s third largest petrochemical company with an annual turnover of NT$2 trillion and almost NT$3 trillion in assets. The two largest U.S. chemical makers, Dow Chemical and DuPont, view Formosa Plastics as a fierce rival.

The God of Business Management

  • He had foresight. In the 1980s he became the first Taiwanese entrepreneur to massively invest in the United States.
  • Formosa Plastics corporate culture- training program and “working hard without complaint” principle.
  • Harsh on his managers.
  • Saving. Ex. cream container  and soap.
  • Soft side
    1. Employee accommodations.
    2. Transfer Chinese cook to Texas plant.

Marital Life

  • 4 wives, 2 sons and 8 daughters.
  • First marriage- Guo Yueh-lan (no child)
  • Second marriage- Liao Chiao (2 sons and 3 daughters)
  • Third marriage- Lee (5 daughters)
  • Fourth marriage (unclear)- Lin (1 son and 2 daughters)

Is he happy or not?

  • Wang said, “nothing is easy in this world, but nothing is impossible.”
  • Wang almost never took a vacation, working until the day before he died.
  • His best friend said, “whatever idea he had, there were people who did their best to help him realize it. His life was full and magnificent. He did things the rest of us could never do.”

key traits

  • Diligence
  • Competitive
  • Action-Oriented
  • Focused
  • Visionary
  • Intelligence