Using “Has been”

[Mr_jim]

In dictionary, I found that we can use “has been” with following meaning.
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has-been:
- a person who in the past was famous, important, admired or good at something, but is no longer any of these.
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Now if I say,

1> Jim “has been” a great business man, but now he is bankrupt.

Does this sentences mean that,
"Jim was a famous business man before but now is a bankrupt."

Is this Correct?

[Rusty]

In dictionary, I found that we can use “has been” with following meaning.
------------------
has-been:
- a person who in the past was famous, important, admired or good at something, but is no longer any of these.
-----------------------
Now if I say,

1> Jim “has been” a great business man, but now he is bankrupt.

Does this sentences mean that,
"Jim was a famous business man before but now is a bankrupt."

Is this Correct? (No. Has-been is a noun. You are using it as a present perfect verb. Here's an example: Jim used to be a great business man, but now, unfortunately, he's a has-been).