6. December 2013
The entrepreneurial alternative – The Trump Organization
What is an Entrepreneur?
An entrepreneur is a risk taker who seeks a profitable opportunity in the private enterprise system1. It is someone who has an idea and is willing to take the risk to make that idea reality, to set up and operate a business. An entrepreneur is a person who discovers opportunities where others may not, who has vision, creativity and leadership qualities. A perfect example of a successful and well-known entrepreneur is Donald John Trump. Donald is an American businessman and is considered to be “America´s iconic entrepreneur” 2.
How it all started
Donald Trump started his business career in Brooklyn with his father Fred and his company Elizabeth Trump & Son. When he was giving the control of the company he renamed it The Trump Organization and this is where it all started.3 The Trump signature is now known all over the world. The Trump Organization is a limited liability company located in Trump Tower, on Manhattan, New York. The organization owns a big amount of prestigious skyscrapers buildings all around New York such as Trump Tower, Trump World Tower, Trump Park Avenue, Trump Palace, The Trump Building, Trump International Hotel and Tower and many others. The organization develops, operates and owns several hotels, resorts, award winning golf courses and residential towers all over America as well as in other countries4. The Trump Organization also owns part of the Miss USA, Miss Teen USA, and Miss Universe. The organization is a family owned business, with Donald as the CEO and the three of his oldest children as Executive Vice Presidents.
Qualities of an Entrepreneur
More than ever, people are starting to choose the path of entrepreneurship. Today there are more than 100 universities in the U.S that offer major in entrepreneurship5. But how do you know you are suited for the job? An entrepreneur has certain qualities that one need in this business world. Other than being a risk taker an entrepreneur is creative. The person is capable of developing a fresh and new idea and is not afraid to think outside the box. The entrepreneur also needs to have determination and passion for what he or she is representing. Donald keeps continuing expanding his interest’s bots nationally and internationally. 6 He has a commitment to everything that has his name on it and this has made him one of the greatest entrepreneurs of all times. The most important part is that an entrepreneur has an idea, knowledge and vision on how they want to run their business. They need to have faith in themselves, but also have resistance to failure.
Different types of Entrepreneurs
There are different types of entrepreneurs and these differences can be classified into categories: classic entrepreneurs, serial entrepreneurs and social entrepreneurs. 7 Classic entrepreneurs are a person who pursues a personal interest where there is an opportunity, a market and a consumer demand. Social entrepreneurs recognize a societal problem and are focusing on solving society´s challenges and problems through their own business. 8 However a serial entrepreneur is someone who starts and runs many businesses in succession like Donald. There is no secret that if you do things right as a serial entrepreneur you can be very successful like Donald, but it hasn’t always been sunshine shining on The Trump Organization. Failure is always a reality, and to specially a serial