LCBB5001 Entrepreneurship Assessment: Sir Phillip Green Report

This report provides an in-depth analysis of Sir Phillip Green's life and career as an entrepreneur, focusing on his rise in the retail industry, particularly his role as chairman of the Arcadia Group. The report examines his early life, career progression, including key acquisitions like Bonanza Jeans and BHS, and the controversies he faced, such as tax avoidance allegations and labor disputes. The report also delves into the issues and controversies that have marked his career, including accusations of tax avoidance, labor practices, and the potential cancellation of his knighthood. The conclusion emphasizes the importance of entrepreneurial skills and the influence of successful entrepreneurs in shaping the business landscape.

Entrepreneurship -
Assessment

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Early life.................................................................................................................................1
Carreer Growth.......................................................................................................................1
Issues and Controversies........................................................................................................3
Conclusion.......................................................................................................................................4
REFRENCES...................................................................................................................................6

INTRODUCTION
The entrepreneurship is considered as the most significant and popular profession in the current
time, mean while there are many entrepreneurs who achieved success in their respective areas if
business at a regular time period (Herrington, M. and et., al., 2010). In this report major
emphasis is done on the overall life aspects of Sir Phillip Green. He is amongst the most
successful entrepreneurs of world and basically form United Kingdom being a chairman of
Arcadia Group. The Arcadia Group is the most renowned joint group of multiple industries in
retail. The companies including Top shop, Top man, Wallis, Evans, Burton, Miss Selfridge,
Dorothy Perkins and Outfit are the integral part of Arcadia Group. The project here is based on
the certain points of the academic perspectives of Sir Phillip Green , all the past experiences,
education and career growth is analysed for the better understanding of a standard and successful
entrepreneurship model.
MAIN BODY
Early life
The entrepreneur is often said to be the born leader in some of the business theories as in the case
of Sir Phillip Green this statement proves as the truth. The full name of sir Phillip is Sir Philip
Nigel Ross Green who was born in march 15 in the year 1952. The birth place of Sir Philip is in
Croydon, Surrey. The entrepreneur belonged to a business man family his father was a property
developer and broker at the time of his childhood and later on when Sir Phillip Greene become
12 years old his father had a sever heart attack that caused to their death. The young boy of the
family Sir Phillip then took over their business of property, at the age of 15 Sir Phillip Green
started to work at a shoe importer. After that the life of Sir Philip become quite struggling as he
began his travelling to the Europe (Bygrave, W.D. and Hofer, C.W., 1992) , United States and
through far east. Later in the year 1979, Phillip bought the stocks of designer clothes at a very
significantly low prices. The clothes of 10 labelled designers were sent to receiver ship as by
taking a lesson with this Sir Philip then come up with a new solution to this he then come up
with dry cleaned and fresh looking labelled as well as designer clothes in the retail shop of his
own, he tied those dresses in separate hangers and wrapped them up in plastic covers so that they
look like new dresses to the consumer.
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Carreer Growth
Sir Philip Green is currently holding the lead in the market of retail industry in UK the high
turnover companies like Top Shop, Top Man etc. makes a good profitability and cash flow for
the company that helps in gaining the gradual but consistent success in the market beating al the
rivals (Fayolle, A., and et. al., 2020).
In the year 1985, Philip Green bought the clothing company named as Bonanza Jeans
which was completely on the phase of bankrupt. One of the company’s customers, Jean Jeanie,
owed the company Bonanza nearly about $350,000, So the owner of Jean Jeanie offered to sell
Philip the company. Phillip’s accountants observed an analysed the books of Jean Jeanie. With
the study of old companies accounts it has been came forward that the Jean Jeanie was also
bankrupt and has a loan of more than $4.8 on Barclays bank and owing another $4.8 million to
the suppliers. Then Sir Phillip went back to the owner of Jean Jeanie and gave him the bad news
along with a offer. The man and his company was bankrupt, but Sir Green has offered him
$90,000 along with a promised due of additional $600,000 in upcoming months of business. This
money was an alternate token to settle other assets of company as to buy the 65 shops. The
owner was agreed on this offer and the deal was signed . After that Phillips visted to Hong Kong
and Paris whwre he found some great opportunities and established trhe connections wiith the
local wholsalers to provide him the raw material and all the needed variables oon the pay on sale
manner.
` The tycoon of retail industry then steeped in the pool of retail market by becoming a
chairmen and along with that the chief Executive back then in year 1988 of a recognised
organisation named as Amber Day it was basically a retailer of discount. The organisation was
performing well the shares were quite effective in respect to the company but by the year 1992
there was quite a business downgrade the flow of profitability was in the negative direction with
these circumstances Sir Philip Green resigned from that company.
As per the biography, the Amber Day times were “shattering” for Sir Philips, who then
took a pledge never to run a public company again. But Phillip’s now claims the opposite: that
Amber Day was the best thing that ever happened to him, opening up the way for bigger
conquests. But first he had to focus on his health. In 1995 Sir Phillip Green had a very poor
conditions cardiac problems that was cured by implanting nine stents in his chest Another
incident did took place when a person attacked Phillips with a sword.
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While in the year 2000 Phillips shifted his attention to BHS, by acquiring the retail chain
for $300 million. It soon became clear that he had made a fabulous deal. Two years after the
purchase, BHS was valued at $2.1 billion and had already paid its new owners $240 million in
dividends. Green now says he should have sold the company at that point but he had fallen into a
romance with BHS. He held on to it. In 2002, Green bought Arcadia Group, a collection of retail
brands that now forms the basis of his fortune, for $1.3 billion. To do so he put in $15 million of
his own money and borrowed the rest. In 2005, a group of banks refinanced the Arcadia debt,
permitting Tina to take out the $2.2 billion dividend. Green’s retail empire continued to thrive in
the years after the financial crisis—with the exception of BHS, which started to face steep
challenges from Internet retailers and other competitors.
The next step of Sir Green in the career was proved as more effective and table turner to his
professional career (Moehs, C.P.,. and et. al., Arcadia Biosciences Inc, 2020). The purchase of
Arcadia Group was done by Philip Green under the assistance oh his own wife Tina Green.
Arcadia Groups was said to be quite potential firm at that time and it is still a efficient firm
indeed. The groups were back than in the year 2002 majorly included the companies and bigger
chains like Burton, Dorothy Perkins, Evans, Miss Selfridge,
In 2006, Phillip Green was knighted to the respective “services to the retail industry.” Even
the Prime Minister Sir David Cameron demanded a help from Sir Philip in the year 2010 to
carry out the observations on the national finance and prepare the review on government’s
spending. The reviews presented in the form of report then by Phillip, where he emphasised and
highlighted on the glitches and errors of the government budget and the holes of extra money
leakage were also spotted by him and found much waste across spending categories and the
departmental level. Thus Sir Phillip Green also came up with some solutions to minimize the
adversity of wrong financial functioning in the country by officials.
Issues and Controversies
The entrepreneurs faces many flaws and controversies in their professional career as well
as in their life, each problem or failure coms with a hidden solution and remedy which is only be
resolved by the tactful and smart entrepreneur even in the most adverse condition. These issues
often leaves with a great lesson to the person that makes one self more refined and effective to
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achiev the top position in success. It is most crucial for an entrepreneur like Philip Green to use
the correct reasoning in each and every action of his own and on the parallel side the aspiring
entrepreneurs should also hold a positive aptitude in order to maintain a proper balance between
the wrong and right choices (Bhushan, B., 2020). Thus to evaluate these problematic and adverse
condition the each and every aspect of the
In the year 2010 November, Phillips was accused for the omission and avoidance of the
corporate taxes by the local activists group of United Kingdom named as the UK UNCUT.
Along with that there were some accusations were also there on Phillip’s wife Tina as the
company BHS’s earning and higher amount of profits were directly sent in the company of his
wife Tina Green who was officially a citizen of Monaco and certainly has not cleared any
amount from the dividend of her company and incoming earnings. The Arcadia Groups was
lately criticized to not following the standards rules and regulations of the labour and
employment in the nation, the company was cruised for the use of sweatshops by the Channel 4
Dispatches programmer where the company was stated as accused of molesting with the
payment rights of workers as the organization was using Britain factories therein the workers are
getting half salary of the standard and legal salary of the minimum wage ratio.
In the year 2016 House of Commons stated about the motion that recommend Philip’s
Knighthood to be cancelled and annulled. That time the motion of cancellation was supported by
the vote of 100 MPs. The vote was not binding on the government. Following his paying £363m
into the BHS pension scheme in 2017, and a decision in 2018 not to ban him from being a
company director,[58] it appeared that he would not be stripped of his knighthood
Green likes to point out that he is not the only businessman in the world with a boat and a
plane, and he blames his country for what he considers unfair—and anti-Semitic—persecution.
“Listen, all I can tell you is this,” Green said to me in May. “You can phone as many people as
you like that know me, and they’ll tell you I don’t tell lies. I say it how it is. I’m reliable. If I say
9:00, it’s 9:00. If I say I’m going to do something, I do it. You’re going to find England,
unfortunately, is a place where you get a lot of jealous, envious, you know, negative people.
That’s how it is.”
Conclusion
According to all the information as per in this report it can be ascertained that the An
entrepreneur is considered as the person who seeks to perform business activities on their own
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without depending on anyone and has higher ambitions to establish the business units of their
own. This success and potential of one individual influences many new commerce in the trading
sector to evolve and make growth in their entrepreneurships career by following one’s standards
and principles of work. Thus it can be inferred that the entrepreneurship is an art in itself and the
bone who seeks to be master in it is needed to be either born talented or to attain such sets of
skill to be a distinctive artist in this.
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REFRENCES
Books and Journals
Herrington, M. and et., al., 2010. Tracking entrepreneurship in South Africa: A GEM
perspective (pp. 1-174). South Africa: Graduate School of Business, University of Cape
Town.
Bygrave, W.D. and Hofer, C.W., 1992. Theorizing about entrepreneurship. Entrepreneurship
theory and Practice, 16(2), pp.13-22.
Fayolle, A., and et. al., 2020. Effective models of science, technology and engineering
entrepreneurship education: current and future research. The Journal of Technology
Transfer, pp.1-11.
Moehs, C.P.,. and et. al., Arcadia Biosciences Inc, 2020. Wheat Having Resistance to Glyphosate
DUe to Alterations in 5-Enol-Pyruvylshikimate-3 Phosphate Synthase. U.S. Patent
Application 15/740,876.
Adams, L.A. and et, al., 2020. Bile acids associate with specific gut microbiota, low level
alcohol consumption and liver fibrosis in patients with non‐alcoholic fatty liver
disease. Liver International.
Treanor, L., Noke, H., Marlow, S. and Mosey, S., 2020. Developing entrepreneurial
competences in biotechnology early career researchers to support long-term entrepreneurial
career outcomes. Technological Forecasting and Social Change, p.120031.
Bhushan, B., 2020. Motivational Model of Social Entrepreneurship: Exploring the Shaping of
Engagement of Social Entrepreneur. In Methodological Issues in Social Entrepreneurship
Knowledge and Practice (pp. 111-136). Springer, Singapore.
Santoro, G., Messeni-Petruzzelli, A. and Del Giudice, M., 2020. Searching for resilience: the
impact of employee-level and entrepreneur-level resilience on firm performance in small
family firms. Small Business Economics, pp.1-17.
Hernández, J.V. and Zazueta-Félix, M.G., 2020. Entrepreneur´ s profile and factors that
influence the potential of business internationalization. Iberoamerican Business
Journal, 3(2), pp.04-17.
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