Starting a business isn't easy. Keeping it afloat is even harder especially in this economy. It's no surprise that nobody, not even "The Donald," is a stranger to business hardships. On four separate occasions, a Trump branded business has filed for Chapter 11 bankruptcy-in 1991, 1992, 2004, and 2009.
Maybe you feel as though you can't relate to Trump's situation because unlike the average American, Trump rakes in millions of dollars a year just selling his image. However, unlike the average American, Trump also doesn't view bankruptcy as a shameful failure. Trump has admitted, "I've used the laws of this country to pare debt...We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on 'The Apprentice.' It's not personal. It's just business." He sees bankruptcy as a business savvy tactic.
It's not Trump's fault-and it's definitely not your fault either-that we're all suffering from the current recession. But if we can learn anything from Trump's bankruptcy cases it's that even if your business is drowning in debt, you can still manage to stay afloat and stay successful. Business tycoons like Trump use bankruptcy to save their businesses, while protecting themselves personally, one of the biggest advantages of bankruptcy.