346SAM Exploring Entrepreneurship
Group Members: Adriana Costescu, Devika Srivastava, Kosusol Choudhury, Mohsin Araf
Word Count: 3220
Deadline: 13th of March
‘Philip Green is one of the most controversial and colourful businessmen in Britain. A little over a decade ago he was a tag – trader, a mere millionaire and barely known. Today he is worth over £4.5 billion and is estimated to be Britain’s fifth richest person.’ (Lansley and Forrester, 2005) In this group essay, we will discuss how Philip Green became such a successful entrepreneur by analysing four themes. These themes will include the characteristics of the man himself as well as his social life from a young age and what he learnt from it. Furthermore we will discuss innovation and change with regards to his businesses and the failures he came across along his journey to become the biggest name in high street fashion.
Characteristics/Traits of Philip Green
Essentially to become a successful entrepreneur, you need dedication in order to succeed. Many entrepreneurs struggle in their early stages of their career and tend to give up their hopes and dreams. Philip Green has successfully been self-motivated throughout his career. Self-motivated can be defined from as ‘initiative to undertake or continue a task or activity without another's prodding or supervision.’(Dictionary, 2013) From a young age, Philip’s mother Alma stated that her son ‘always wanted to earn money... that was his ambition ever since he helped me out with the business in the summer holidays.’(Lansley and Forrester, 2005) With such ambition at a young age it led him to become one of the biggest names in fashion retail. As a successful entrepreneur, Philip Green did not require somebody who he had to be held accountable for as well as not needing someone forcing him to be productive and efficient.
When initiating a business idea it involves creativity from the entrepreneur. This is important, as there are chances that other entrepreneurs have established themselves already in the market with the product and services on offer. In order to be creative ‘you need to be able to view things in ways or from a different perspective. Among things, you need to be able to generate new possibilities or new alternatives’ (Mellor, 2008). Philip Green first entered market place in 1979, which was an extraordinary time for British retailers. With the government tackling rising inflation by hiking up interest rates, many retailers where struggling to afford their rent which had led them to close down. Under the terms of the shop lease, owners had to return the premises to the landlord free of stock. Philip Green had agreed to buy stock from Orginelle and saw an opportunity to buy at low price and then sell it on. However having studied the situation more carefully, he saw a chance to become creative and sell the stock for premium. When referring to the stock, he said ‘It didn’t look all that bad to me . . . so I sent it all to the dry cleaners, got it put on nice satin hangers and polythened it up so it looked brand new.’ (Lansley and Forrester, 2005) As other retailers where closing, Philip Green seized the opportunity and struck a deal to take over a place to sell his stock from which he had purchased from Orginelle. This was the start of many ventures for the billionaire businessman as we know of today.
When Philip Green decided to enter the business world, he learnt very quickly that in order to be a successful entrepreneur, he had to network with many different people such as suppliers. He got an early taste of this in his career when he brought jeans from overseas to sell in the UK. However Philip Green understood that not everybody had his best interest in mind. He quickly understood that he must not allow himself to be influenced easy by other people...