Philip F. Anschutz: Entrepreneur with a "Contrarian Strategy"
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Code :ENT0013
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Region : USA
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Introduction: Philip F.Anschutz (Anschutz) was born inKansas in 1939. Since childhood,Anschutz believed that he had the requisite skills of an entrepreneur that eventually led to interests in more than 100 businesses. By the time he was 64, he had established businesses that included energy (oil and natural gas), transportation,media, telecommunications, professional sports, entertainment, agriculture and real estate.He invested inmultiple businesses at one time, as he believed that “he had to have a lot of things going on because not everythingwouldwork out.” Since Anschutz had a flair for taking up challenges in business by acquiring under performing and under utilised assets, he was called a “contrarian”. For his entrepreneurial skills, he was also awarded the Horatio Alger Award. Nevertheless, Anschutz experienced setbacks when Qwest, his telecommunications companywas involved in an accounting scandal that forced himto resign fromthe post of non-executive chairman.Moreover, he also acquired few troubled newspapers inWashington DC, which analysts described as a bold step. They believed that competing against TheWashington Post, themost established newspaper in the US, was quite a challenge. “It’s definitely not going to be an easy business tomanage. It is operating froma defensive position,” saidDavid Cole, who publishes the weekly industry newsletter News Inc.
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