本論文では、企業経営における教育事業の持つ意義を考察する為、売薬（市販薬）市場に着目してその製造と販売を試み、日本全国にチェーンストアを展開した星製薬株式会社とその創業者である星一の事例を分析した。分析手法としては、星薬科大学の大学史、星一に関する評伝、言語録などを用いた。教員時代に西洋の文化、文明に感銘を受けた星は若くして東京へ遊学した後米国へ渡った。そして大学で学ぶための学費を調達する傍ら中流家庭の需要調査を行い、出版社経営から広告の重要性を認識した。帰国後は滞米中の健康維持に頻用した売薬を事業の中心に据えた星製薬所を創業し、後に自社を株式会社へと改組して発展させた。販売においては広告宣伝に多額の資金を投入し、「クスリはホシ」のキャッチコピーで消費者の耳目を集めた。そして販売網を築くにあたり、啓蒙教育活動の要素を取り入れた。星の教育事業は、長期間を要する人材育成を優先するという考えの下に推進された。これが販売網の拡大において大きな役割を果たし、同時に企業成長の一因となったことを示した。 This article discusses importance of corporate education in business management. It focuses over-the-counter drugs market. It deals with the case of Hoshi Pharmaceutical Corporation which producedand distributed products into the market from 1906 to 1933. The company developed nation-wide chain store in Japan. This article also focuses on Hajime Hoshi who founded that company. Analysis method is mainly based on Hoshi University’s history, his critical biography and his analects. Hajime Hoshi founded that university. He was inspired by western culture and civilization in his young age while he worked as a primary school teacher. Under the influence of western culture and civilization, he moved to Tokyo where the center of Japanese culture and civilization was. After Hoshi graduated Tokyo Commercial School, he moved to the United States. In the U.S. Hoshi worked as a house keeper in the middle class families to earn academic fees. He also learned the demanding of them. Meanwhile, he recognized the importance of advertising through managing publishing companies. After he returned to Japan, Hoshi founded pharmaceutical company which focused on producing over-the-counter drugs based on his experiences in the United States. Hoshi made it a stock company afterward. He spent many assets on advertising and spread the catch copy “Kusuri ha Hoshi (Hoshi’s drugs are the best)” that attracted people’s attention. He adopted enlightening education program for accelerating the growth of sales network to improve his firm’s performance. Hoshi’s education process was propelled under the concept that prioritizing development of human resources which takes long time and costs many assets. This effort played a major role in expanding sales network which drove growth of the firm.