This monograph focuses on the biography of Hou Yu-li (1900-1989), a Taiwanese businessman known as the main founder of the Tainan Group, his early family business operations, and their later development, which collectively helped develop the inner culture of the Tainan Group business family. In addition, by exploring how the third and fourth generations took over the operations of Hou’s two core companies, Tainan Spinning and Universal Cement, the book reflects on the complex dynamics between the Taiwanese family businesses and business families. The story also reveals how Taiwanese businesspeople played key roles during the process of industrialization after WWII.