An entrepreneur is a person who starts and manages a business enterprise by himself or herself. This act of owning business organization is known as entrepreneurship. Entrepreneurship is one of the risky careers one can take as it involves many uncertainties. An excellent business manager should always have this quality of risk taking if he or she has a dream of making enormous profits. I have a lot of interest in entrepreneurship and must assert that one of the greatest person that has influenced me is Donald Trump. Donald Trump started business at a tender age as he worked with his father in their business units. This motivated Donald to venture into entrepreneurship as his father mentored him.
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Trump was influenced by his father, to venture into entrepreneurship. After his higher education, Donald Trump joined his father in the real estate business. He used this opportunity to set a foundation in his career, which marked with obstacles and success stories. Trump’s father owned ‘Trumps Organization’. It is under this organization that they had the ‘Trump Apartment Complexes’. His quality of a brilliant entrepreneur is evident when he managed to provide finance for the expansion of the apartments. Trump managed to convince his father to use the equity loans in order to expand the business loans. Basing on this, we get to see the quality of risk taken by a good entrepreneur. At this time, there were narrow profits from the business, and that motivated him to seek advice concerning the action to be taken.
Despite the fact that competition was now stiff, Trump focused on making profits. In 1971, he decided to relocate his residential home to Manhattan. His main objective was to meet people who were more influential so that he could borrow ideas. Manhattan city had more economic opportunities than his initial city. However, Trump had to be more considerate on what he intended do. As mentioned earlier, he focused on winning more peoples’ recognition. In connection to that, he ventured into building projects in the city. During the 1980s, Trump was involved in numerous projects successfully. One of his outstanding achievements was in 1986, whereby he chose to complete a building that had not being completed for 5 years. It was the talk of the city as he decided to do this at no fee. This drew much media attention that opened other opportunities for him. In addition, Trump worked as a financial advisor of the boxing champion, Mike Tyson.
Donald Trump’s success was later on followed with financial crisis. Initially, he was considered extravagant as he invested in building businesses. This was quite courageous of him, but also the road to obstacles. At around 1985, he purchased 76 acres of land in Manhattan, Whereby he wanted to build a 125-storey building considered the tallest in the world. The community opposition led to a delay in its plan, which eventually was aborted. However, he later bought a Hotel Plaza for $407 million and refurnished it with $50 million. At around 1990, the real market business declined. This was a considerable blow to Trump as he had invested heavily. He had to acquire loans in order to keep his Trump Organization moving. Consequently, he faced severe debts that he was unable to settle. Thus, Trump became bankrupt due to the financial crisis. Trumps financial crisis lasted for roughly seven years. After 1997, his projects made a comeback. He invested heavily and branded his name in numerous products. Trump was successful in his marketing as he had invested his name is almost all industries including entertainment industry where features in beauty pageant and wrestling.
In conclusion, entrepreneurship usually calls for a person with a business-oriented mind. Donald Trump had a tremendously successful beginning. He is the one who mobilized the purchase of the ‘Trump Apartment’ by convincing his father to acquire loans from the bank. Obstacles that almost led to his downfall followed trumps early success. Initially, he had acquired loans to facilitate the collapse of his Hotel Plaza. Donald Trump had severe debts and he was almost declared bankrupt. Despite the shortcomings, he stayed focused and made a comeback in 1997 with greater ideas as he invested in numerous sectors branding the name “Trump”.
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