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Find out how much of an Apple iPhone is actually a Samsung with our "teardown" infographic. As for Samsung, it is an admirable company, packed full of individual successes that managers (and not just ones in Asia) should study. But inevitably it has not always got everything right—who now drives a Samsung car? And its overall success is not easily replicable. Samsung is patient and bold because the family of its late founder, Lee Byung-chull, wants it to be. Family control is guaranteed by a complex web of cross-shareholdings. This is fine so long as the boss is as brilliant as the late Lee or his son, Lee Kun-hee, the current chairman. But if the founder¡¯s grandson, who is being groomed for the top job, fails to measure up, he will be harder for the company¡¯s shareholders to oust than his peers at GE, Sony and Nokia.
To that extent, for all its modern technology, Samsung¡¯s story is an old one writ new—the well-run family firm, with a strong culture and a focus on the long term, which has made good use of an indulgent state. Celebrate it on those grounds and Asia¡¯s new model has something going for it. Just don¡¯t expect it to keep going at its current rate for ever.
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