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He may be famous as the face of The Apprentice today, but Donald Trump has been one of the most influential and successful entrepreneurs around for some years. However, he has also faced his fair share of financial troubles as well and has rebounded back from them to be as successful as ever. Once on the brink of personal bankruptcy and having filed for business bankruptcy, Donald Trump is now worth $3 billion in his own right. As such, he is the best iconic entrepreneur to show that it is possible to recover from financial ruin and prosper.

Financial Training

Donald Trump was born in New York on June 14, 1946 and is easily one of the most famous entrepreneurs in the world. However, this is because of the high profile nature of his pursuits as much as for the level of success he has achieved over the years.

Trump was born into a relatively wealthy family and had the education that was expected of him at Fordham University, where he majored in finance and commerce. Upon graduating, he immediately went to work for his father’s company, the Trump Organization. In the 1960s, Trump made a massive impact on Trump Organization and initiated a $6 million profit margin for a project whilst fresh out of college. He then set about revolutionising the business and was soon the star, turning millions of dollars with his property development projects. He eventually moved into skyscrapers, many of which can be seen against the New York skyline, and casinos. Business was booming in the 1970s and 1980s, but towards the end of the decade the recession hit Trump just as hard as anyone else.

Bankruptcy

In 1989, Trump found himself unable to meet the repayments on loans he had taken out to be able to finance the development of the Taj Mahal casino, which was to cost $1 billion. Despite attempts to stabilise his own personal and business finances, Trump was left with no other choice than to declare business bankruptcy. He had taken risks that has paid off in the past, but had not left a safety net for unforeseen troubles, the likes of which the recession brought on.

The entrepreneur’s bankruptcy package was comprehensive and forced Trump to give up many of the businesses that he had worked so hard to establish. However, it did eliminate a vast chunk of the $3.5 billion debt he had incurred, which allowed him to start again.

Trump Org And Beyond

Trump’s fortune did begin to turn by the 1990s. The completion of the Trump World Tower in New York and several other developments in the city financed the company once again. By 2005, Trump was once again back on track. The vast majority of his debts were cleared and developments began in earnest elsewhere in the United States.

Although Trump Org is slowly getting back on track, it will be a few years before they are completely clear of them yet. However, Trump’s resilience just goes to show that it is possible to hit rock bottom and dig your way out of it into the category of financially stable. Many lessons can be learned from looking closely at the entrepreneur’s example, including how to have the odds stacked against you and yet still come through it with your business interests intact.