Greek

Entrepreneur

AVITAE

Ancient Greece

● The ancient Greek economy cannot serve as an example of modern capitalism

● Entrepreneurship was viewed as illegitimate by some (for instance, Aristotle)

● Nonetheless, the ancient Greeks did engage in economic activity. They produced and

exchanged goods both in local and long distance trade and had monetary systems to facilitate

their exchanges

Thales - Philosopher Entrepreneur

Thales wanted to prove that his beloved philosophy can change the way people live; that philosophy is

the way we choose to live our everyday life.

A good meteorologist, he was able to forecast the weather. Taking advantage of this skill, he invested

in olive presses at a low-cost, when olive presses were out of season, having forecast excellent

weather and an increase in olive production.

Byzantine years

Byzantine Empire was the meeting area between Europe, Asia and Africa

Silk Textiles

Thebes, in eastern Boeotia, was considered, by the western part of the Byzantine empire, as the

centre of production of silk textiles of high quality which they dyed by using special sea shells, called

porphyry.

This kind of textile, with the characteristic, unfading, deep scarlet colour was a very expensive

commodity and its value was equal to its weight in silver or precious gems. It was a synonym for luxury

and wealth.

Competitors of the trade were the silk-mills in Lucca and Venice.

Aristotelis Onasis

Aristotle Socrates Onassis (1906-1975), commonly called Ari

or Aristo Onassis, was a prominent Greek shipping magnate.

He amassed the world's largest privately owned shipping

fleet and was one of the world's richest and most famous

men.

Aristotle was fascinated by the story of Odysseus -- about his

eternal journey in search of chimera and adventures and his

ultimate return to his native country to reign in peace on his

people. This character always attracted him as he felt the

sense of a similar destiny and that he, as did Odysseus,

knew how to exist above all will.

Early Life

Aristotle Onassis, was born on January 15, 1906, in Smyrna, a town in present-day Turkey.

He was the son of Socrates Onassis, a ship owner with a modest fleet of 10 ships manned by 40

sailors. The relative wealth of his father got the young Ari a good education, and he became fluent in

English, Spanish and Turkish.

After the Turks invaded his town, Onassis decided to leave. With 250 dollars in his pocket and a valid

permit for a journey into a country of new colonization, Ari set out for Argentina.

The New World

He subsequently found work as a telephone operator with the help of

some Greeks and, on this occasion, he falsified his date of birth, this time

making himself six years older so that he could legally hold a job.

When work was slow, Ari would read the financial pages for the London

and New York stock exchanges and eventually he put his knowledge into

a speculative investment

As he continued his work as a telephone operator, a brilliant idea came to

him. He envisioned the tobacco of the orient spreading rapidly in Argentina

and he wrote his father with a proposal to ship him tobacco for a

contracted rate. He chose a famous opera singer as the perfect model to

advertise his brand in public, By the age of 25, his tobacco business made

him a millionaire.

From tobacco to shipping business

When Greece would later change their export regulations, Ari would become a consul for Greece in

Argentina so that he could continue the business without the additional taxes and duties. Ambitious

and avidly aware of his own talent, he noted while carrying the function as Consul how fascinating the

world of the sea is.

Just when everyone was getting out of the shipping

business, Onassis was able to buy six ships for less than

half of what they would normally be worth.

He foresaw the industrial revolution and the role of oil. He

ordered the first 15,000 tons tanker in the world.

Between 1946 and 1954 he built his complex shipping

business empire consisting of more than 30 American,

Panamanian, Uruguayan and French companies owning by

1954-1955, 60 vessels, mostly tankers and cargo vessels,

and a whaling fleet of 16 catchers

Bank Loan Techniques

The main problem of an invention is to apply for a bank loan without guaranties. Onassis used an innovative

idea, the OPM (other people’s money) method.

● Before actually receiving the money from the bank, he contracted transports on ships that he didn't

own. He then used these contracts as a guarantee to the banks, who gave him his money.

● He gave a guarantee to the bank on an oil tanker that he already possessed, while he could use the

profits from his transports as an identity to the bank.

Tax Avoidance Techniques

When the American companies chartered their vessels to a

Panamanian company that eventually subchartered them to an oil

company which sent the charter fees to a third operating agent,

this meant that the income from the chartering was not received

by the American companies, but by the Panamanian company

After being accused for tax evasion by the U.S, he found the

perfect place for his companies, Monte Carlo of Monaco. Monaco

was a tax-haven, no income taxes, personal or corporate

Monaco Activities

In an alliance with Prince Rainier, the ruler of Monaco, he became the second most powerful man in

the principality. In 1953 he took majority control of the investment company that owned the casinos of

Monte Carlo, the famous Hotel de Paris, the yacht club and one third of the principality area

Greek Activities

He bought a problematic Greek National Airline (TAE) and built Olympic Airways investing in new

airplanes. He had the privilege by the Greek Government to keep the monopoly of flights for 20 years.

To resolve acquisition investments he created a society in Panama - "The Aircraft Leasing company" -

that worked as a financial association, comprised 70% of the first national city bank, 15% by Boeing,

and 15% by another one of Ari's societies in Panama. In this way, the aircraft leasing company bought

the airplanes from Boeing and rented them to Olympic for ten years.

Luxury Activities

He transformed a boat to a luxurious yacht for celebrities.

Luxury Activities

He bought a small island Scorpios in Greece and built a paradise.

Onassis Road to Success

● Ambition and Vision

● Hard Work

● Quality of Services

● Watch… Read… Listen… Ask

● Determination, persuasion

● Innovation

● Right decisions at the right time

● The best defense is a good offense