Biography of Richard Branson

The Rebel Billionaire and Multipreneur

Whether in business or in thrill-seeking, this billionaire can do it better than anyone else, or at least his track record says so. From building an empire of over 200 companies and 25,000 employees to breaking records in the air or on the water, Richard has done it all. How did he become one of the richest men in the world? The simple answer is he delivered old products and services in new ways while focusing on industries in which the customers were poorly served and serving them better.

The Beginning

Born in England in 1950, he was an entrepreneur from the start. With two failed endeavors (growing Christmas trees and raising budgerigars) already under his belt, by the age of 16, this serial entrepreneur had begun his first successful company (a student magazine) and was on his way to extraordinary success. By the age of 20, he had founded a small mail order record retailer called Virgin, and shortly thereafter, he opened a record shop on Oxford Street in London.

Virgin Top the Charts

By 1972, Virgin had signed their first artist, Mike Oldfield. 5 million copies later, Virgin Music had made a name for itself, later signing household names such as the Sex Pistols, Culture Club, The Rolling Stones, Phil Collins, Genesis, and Janet Jackson. Crafty yet controversial, provocative yet memorable, Virgin was soon to be a world renowned brand name.

Virgin in the Air

Formed in 1984, Virgin Atlantic Airways was profitable in its first year. Its three classes of service - Economy, Premium Economy and Upper Class – include free in-flight drinks and meals, often including ice cream, and seat-back personal TVs, which was pioneered by Virgin. Upper Class passengers can request complimentary limousine service to and from the airport and have access to Virgin’s Clubhouse Lounge at London’s Heathrow Airport, where massage and grooming services are available.

Other Virgin Conquest

With an appetite for broken industries, Virgin has continued to diversify its interests. In 1997, Virgin attempted to redefine the railway industry with high-tech trains and an advanced level of service. In another move, the company launched Virgin Mobile. Appealing to the younger demographic, the company does not require contracts and puts a hip spin on the traditional cell phone business. Virgin even has its own soft drink and vodka, although neither has been a tremendous success.

And finally, The Coolest Virgin Endeavor

At $200,000 a pop, Virgin Galactic plans to take customers into suborbital space, offering customers the chance to experience weightlessness for seven minutes on a scaled up version of SpaceShipOne. Richard Branson and some of his closest family members will be on the inaugural flight some time in 2008.

The Thrill Seeker

Richard Branson has attempted several world record-breaking feats. In 1986, he crossed the Atlantic Ocean in a boat, in the fastest recorded time ever. The following year, he crossed the Atlantic in the Virgin Atlantic Flyer at speeds in excess of 130 mph. In 1991, at speeds of up to 245 mph, he crossed the Pacific, traveling 6,700 miles. Finally, in 1998, he made a record-breaking flight trying to circumnavigate the Earth that was cut short by bad weather, traveling from Morocco to Hawaii.

Philanthropy

Having started his first charity at the age of 17, Richard has continued to be generous throughout his life. He is currently a trustee of multiple charities, including the Virgin Healthcare Foundation, a charity focused on AIDS and health education. Most recently, he pledged $3 billion over the next ten years to fight global warming in which he will invest all profits from his train and airline divisions in renewable or clean energy initiatives.

Luck or Skill

Benjamin Franklin once said, "The harder I work, the luckier I get." This surely holds true for Sir Richard Branson, who has worked tirelessly throughout his career. Even Sir Richard Branson himself agrees and has been quoted as saying, "We were lucky to sign Mike Oldfield and we were lucky to get hold of the Sex Pistols in 1977. We've also been lucky that people liked Virgin Atlantic's unique airline service across the Atlantic, and I was lucky to survive all my balloon and boat trips!" So, it is probably some combination of the two, but without skill, all the luck in the world would not result in one of Sir Richard Branson's greatest accomplishments – knighthood.
As impressive as his portfolio, his bank accounts, and his list of accomplishments may be, though, perhaps Branson's greatest accomplishment is in creating an absolutely fabulous life for himself. He travels the world, spending winter holidays with his fmaily at his South African game preserve and summers at his private island in the Caribbean. As he put it in a 2003 interview with Fortune, "I don't think of work as work and play as play. It's all living."

Biography of Bill Gates

Windows on Wealth


Microsoft Corp. co-founder Bill Gates is perhaps the most famous entrepreneur of this era. He had the vision to predict the evolving importance of the personal computer. This allowed him to top Forbes magazine’s list of the world’s wealthiest individuals, with a 2006 estimated net worth of $50 billion.

Background

William Gates III was born in 1955. The son of an attorney and a teacher, Gates grew up in Seattle with his two sisters. He began dabbling in computer programming at age 13 and sold his first program to a school for about $4,000. As a teenager, he befriended Paul Allen, and the two both left Seattle to attend Harvard University. While at Harvard, they formed a company specializing in computer software, which they named Microsoft. They trademarked the name in 1976.

College Dropout

Gates did not finish his education at Harvard. He dropped out in his junior year to devote himself to Microsoft. Gates and Allen saw huge growth potential in the personal computer industry and thought Microsoft could write the necessary software to run personal computers. The company made its first big strike in 1980, when IBM agreed to let Microsoft write the operating system for its new personal computer. This language became known as MS-DOS.

Microsoft's Growth

The early years of Microsoft were much like that of any startup firm. Everyone wore multiple hats – from answering phones to writing code. In fact, there are reports that in the early years Gates insisted on proofreading every line of code that was used in a finished project and would often change his colleagues’ work.

Much of Microsoft’s growth can be attributed to a contractual clause Gates included in his 1980 deal with IBM. The stipulation allowed him to license MS-DOS and sell it to other personal computer companies. MS-DOS spread quickly throughout the personal computing arena. Allen left the company in 1983 after a serious illness, although he remained a member of Microsoft's board of directors for many years. In 1985, Microsoft Windows 1.0 was introduced. A year later, Microsoft was listed on the New York Stock Exchange, with Gates attaining billionaire status.

Format Wars

When MS-DOS was released, it was one of three operating systems available on the market, but it quickly became the leader, partially because of Microsoft’s relationship with PC heavyweight IBM. It was seen as very basic. When rival Apple Inc. released the first Macintosh computer in 1984, its operating system was seen as more sophisticated and user-friendly. The operating system format wars between Microsoft and Apple began.

Network Effects

Ultimately, Microsoft would become the ruling system because of a condition known as “network effects.” Originally, computers needed to use the same operating system to communicate across a network. The value of MS-DOS increased with every additional MS-DOS user, and decreased with every new Apple user. MS-DOS was entrenched, and the switching costs for users too high. Microsoft, with its Windows system, would continue to win the format wars with Apple during the 1990s.

Microsoft Antitrust Litigation

The U.S. Justice Department brought an antitrust lawsuit against Microsoft in 1998, in which it was alleged Microsoft engaged in anticompetitive behavior by bundling Windows with Microsoft’s Internet Explorer browser. The company contended the two items were essentially the same product. The court initially ruled against Microsoft and ordered the company to be broken up into an operating system division and a browser division. However, this sentence was changed on appeal, and the company settled with provisions that some code be made available to outside parties.

Current Position and Philanthropy

Gates stepped aside as CEO of Microsoft in 2000 with Steve Ballmer, another Harvard friend, taking over that role. Gates remains the chairman of Microsoft, although in 2006 he announced he plans to back away from day-to-day Microsoft operations by 2008.
Gates has taken a considerable amount of his wealth and funneled it into philanthropic causes. His post-Microsoft plans include devoting more time to charity. His most well-known project is the Bill and Melinda Gates Foundation, which he started with his wife. The foundation was formed in 2000 and aims to reduce global poverty, improve global health and increase technology awareness in American schools. Gates also donated the proceeds from books he authored to nonprofits that work to improve the application of technology in educational settings. The Gates Foundation is reported to be worth more than $30 billion.

Biography of Wayne Huizenga

Wayne Huizenga is a man of distinction. He's the only person in history to build three Fortune 1000 companies practically from scratch: Waste Management, Blockbuster Entertainment and AutoNation. He is the only person to have developed six NYSE-listed companies. He also owns the Miami Dolphins and is previous owner of the Florida Marlins baseball team and the Panthers hockey team, making him the only person ever to own three pro teams in a single market, two of which won national championships.

Starting Young

Huizenga was born in a Chicago suburb in 1937 and moved to Florida in his teens. After his parents divorced, he lived with his mother, driving a truck and pumping gas after school and on weekends to help with expenses. Following a brief sting in the army and college, he left school to work with a family friend who owned a garbage collection company. Within two years, he bought his own truck and branched out on his own. This eventually grew into Waste Management Inc.

Waste Management Inc. (WMI)

Huizenga was legendary for his hard work. When first starting out, he would drive the truck from 2:30am until noon then spend the rest of the day knocking on doors and introducing himself to drum up new business. The company grew to 40 trucks locally, then merged with another business in Chicago to form Waste Management Inc. WMI soon went public and used its newfound buying power to acquire nearly 150 local and regional garbage services, making it the largest waste disposal company in the U.S.

From Founding to Finding and Funding

Great entrepreneurs don't just start businesses. Sometimes they see the potential in an underdeveloped company and buy it to develop it. This is what he and two partners did in 1987 with Blockbuster. Following a similar model to WMI, he took the company public in 1989 and launched into rapid growth -- from a $7 million business with 19 stores to a $4 billion global enterprise with more than 3,700 stores in 11 countries. In 1994, Blockbuster sold to Viacom for $8.4 billion in stock.

AutoNation, Extended Stay America, Republic Services and More

Following the Blockbuster sale, he created AutoNation, the first nationwide auto dealer in the U.S., now with 370 dealerships, and the first to go public. Next, he created Extended Stay America, which grew to 62 locations in its first year, and nearly 500 hotels by the time it sold in 2004. He also re-entered the waste management field with the creation of Republic Services, which grew to be the third-largest waste management company in the U.S. before merging with Huizenga's first company, WMI.

The Huizenga Formula

The key to Huizenga's success is formula that he has proven works time and time again. He focuses on service industries, mostly that have recurring income: dumpster rental, trash collection, video rental, etc. Even with AutoNation, there's no big manufacturing plant, and the emphasis of the model is on customer service. Most of all, he focuses on finding industries that aren't meeting customer needs. Each of his companies has set a new standard of highly professional service in its industry.



Awards and Recognition

But regardless of the skeletons in his closet, there's no arguing with Huizenga's business success. In 1992, he received the Horatio Alger Award, given to honor Americans who have overcome adversity to achieve great success. He is also a five-time recipient of Financial World Magazine’s “CEO of the Year”. He was named Ernst & Young's 2004 U.S. Entrepreneur of the Year and 2005 World Entrepreneur of the Year. He's at the top of his game and shows no signs of slowing down any time soon.

Biography of Ingvar Kemprad

IKEA Founder and One of the World's Richest Men

IKEA Founder Ingvar Kamprad made headlines in early 2004 when Swedish business magazine Veckans Affarer reported that he had surpassed Bill Gates as the world's wealthiest person. While IKEA's unconventional ownership structure makes this the matter of some debate, there is no doubt that IKEA is still one of the largest, most successful privately held companies in the world, with over 200 stores in 31 countries, employing over 75,000 people and generating over 12 billion in sales annually.



Born Entrepreneur

Kamprad was born in the south of Sweden in 1926 and raised on a farm called Elmtaryd, near the small village of Agunnaryd. At an early age, he learned that he could buy matches in bulk from Stockholm and sell them at a fair price, but a good profit. He reinvested his profits and expanded to fish, seeds, Christmas tree decorations, and pens and pencils. At age 17, Kamprad's father gave him a nice reward for doing well in school. What did he spend it on? He founded IKEA.

The Birth of IKEA

The name IKEA was formed from Kamprad's initials (I.K.) plus the first letters of Elmtaryd and Agunnaryd, the farm and village where he grew up. He continued to expand his business to a variety of goods, including wallets, watches, jewelery and stockings. When he outgrew his ability to call on his customers individually, he converted to a sort of makeshift mail order operation, hiring the local milk van to make his deliveries.

Focus on Furniture

In 1947, Kamprad introduced furniture into the IKEA product line. The use of local manufacturers allowed him to keep his costs down. The furniture was a hit, and in 1951, Kamprad decided to discontinue all other product lines and focus on furniture. In 1953, the first IKEA showroom opened. It came about because of competitive pressures. IKEA was in a price war with its main competitor. The showroom allowed people to see it, touch it, feel it, and be sure of the quality before buying.

Competition Leads to Innovation

IKEA has now become known worldwide for its innovative and stylish designs. Almost all IKEA products are designed to for flat packaging, which reduces shipping costs, minimizes transport damage, increases store inventory capacity, and makes it easier for customers to take the furniture home themselves, rather than needing delivery. But the original reason for it was competitive pressure from IKEA's competitors to their suppliers, who actually boycotted IKEA, forcing IKEA to do it themselves.

Good Design, Good Function and Good Quality, with Low Prices

Kamprad's vision has been the driving force behind IKEA's succcess. IKEA hires its own designers, who have received numerous awards over the years. Kamprad believes that the company exists not just to improve people's lives, but to improve the people themselves. The self-service store design and ease of assembly of their furniture are not merely cost controls, but an opportunity for self-sufficiency. This vision is reinforced in their advertising and catalog, as well.

All In the Family

Kamprad has been extremely shrewd in creating IKEA's organizational structure. It is owned ultimately by a Dutch trust controlled by the Kamprad family, with various holding companies handling different aspects of IKEA's operations, such as franchising, manufacturing, and distribution. IKEA even has an investment banking arm. Kamprad has repeatedly resisted pressure to take the company public, feeling that it would slow their decision-making processes that have allowed their phenomenal growth.


Frugality and Charity

On the one hand, Kamprad has a reputation for being, well, "cheap". He takes the subway to work, and when he drives, it's an old Volvo. Rumor is that when he stays in a hotel, if he feels the urge to drink one of those expensive sodas from the wetbar, he replaces it later with one picked up from a nearby convenience store. Yet IKEA has a long tradition of community outreach and philanthropy, with each store encouraged to support local causes, plus international sponsorship of UNICEF and others.

Biography of Hugh Hefner

The Ultimate Lifestyle Entrepreneur

Hugh Hefner is the supreme bachelor of our time and the ultimate "lifestyle entrepreneur". He has forever changed our world by breaking the boundaries related to sexuality, age, and gender. He created a revolutionary magazine with naked women and great articles in a time when sexuality was not even appropriate to talk about.

Getting Started

Hef worked as an asst. personnel manager for the Chicago Cartoon Company and then as a promotion copywriter for Esquire magazine. When the company moved to New York and refused the five dollar raise Hef requested, he quit and tried to raise enough money to launch a new Chicago Magazine. After failing he worked as a news stand promotions director of Publisher’s Development Corporation. While working, Hef found that there was a demand for a gentleman's magazine.

Playboy Magazine

Between family and friends, Hef was able to raise $8,000 to start his magazine. The first issue featured Marilyn Monroe and sold over 50,000 copies. The original name was "Stag Party", but he was forced to change it as it was challenged as a trademark infringement by Stag Magazine. The name "Playboy" was suggested by a friend, and the famous bunny logo was picked for its humorous sexual connotation. With the bunny head wearing a tux, he was sophisticated, but also frisky and playful.


Playboy Enterprises

Playboy now is the leading men’s magazine in the world, circulating more than three million copies in the U.S. and 4.5 million worldwide. The magazine contains award-winning fiction and investigation articles, in-depth interviews with gorgeous women and celebrities, and of course women and sex. The magazine is now owned by Playboy Enterprises Inc., and Christie Hefner (Hef’s Daughter) is Chairman and CEO.

Playboy Diversification


Playboy is an international multimedia company with four income streams: publishing, licensing, online and TV. Playboy and Spice Television networks distribute programming of home video and DVD globally. Playboy.com is one of the leading male lifestyle web destinations providing entertaining articles and Playboy news, as well as subscription-based access to photos and videos. Playboy and Spice trademarks are licensed internationally for a range of consumer products such as clothing, toys, etc.

Mainstream Television and Film

Long before The Playboy Channel and Playboy videos and DVDs, Hef was involved in the production of several mainstream television series and motion pictures. Playboy produced The Tragedy of Macbeth (1971), Monty Python's first movie, And Now for Something Completely Different (1971), The Naked Ape (1973) and Saint Jack (1979), plus television movies Third Girl from the Left (1973), The Death of Ocean View Park (1979), The Cop and the Kid (1975) and A Whale for the Killing (1981).
Contributions:

Hugh has been honored in California by the Chamber of Commerce for helping pay for the repairs to the Hollywood sign. He now has a star on the Hollywood walk of fame. In 1996 Hugh was honored in a formal ceremony by the University of California for his dedication and contributions to the film industry.

Personal Life

Hef was married to his first wife classmate Mildred Williams in 1949, and conceived two children (Christie ’52, and David ‘55). Hef’s second wife Kim Conrad was 1989’s Playmate of the Year. The two had two sons, Marston Gilen ’90, and Conrad Bradford ’91 (they are separated at this time). Hef, almost 80, is seeing three women known as the “G.O.F.” Holly Madison, who claims to be the No. 1 girlfriend, is 25, Bridget Marquard, 31, and Kendra Wilkinson, 20.
This unusual living arrangement is the subject of a new reality TV show on E! Entertainment Television, The Girls Next Door, which looks at life inside the Playboy Mansion. Hef says that he has lived most of his personal life very publicly, so living it on E! for all to see isn't a big deal.

Hugh Hefner is considered one of the luckiest men alive - the ultimate lifestyle entrepreneur.

Biography of Walt Disney

American Entrepreneur

Disney is one of the most recognized brands in the world, but few know as much about the man behind the Magic Kingdom, not to mention the hundreds of animated cartoons, countless feature films and endless toys that bear his name. An influential innovator and entrepreneur in the mid 20th century, Disney went from sketching a rabbit (yes, a rabbit) to running a multi-billion dollar empire.

Early Years

Disney was born in 1901 in Chicago and was an avid artist from an early age. At 16, he enlisted in the Red Cross and served in World War I, driving an ambulance that he customized with his own cartoon drawings. Upon his return, he worked as an advertising cartoonist in Kansas City, Missouri, but this soured quickly.
Disney then decided to move to California, where he joined forces with his brother, Roy. Walt handled the creative aspects of partnership, while Roy focused on the business and financial end. The Disney brothers borrowed a little money, set up a studio in their uncle's garage, and made some noise with a series of black-and-white cartoons featuring a rabbit named Oswald, which he produced for Universal Studios. When Walt asked Universal for a raise, however, they balked. Since the studio retained the rights to the character, Disney quit drawing Oswald after 1928, although the series continued.

Entrepreneurial Spirit

Disney went back to the drawing board, producing a silent cartoon called Plane Crazy that featured a new character named Mickey Mouse. But the advent of sound changed everything in Hollywood. To capitalize on the craze for "talkies", Disney delayed Plane Crazy and instead produced a second Mickey Mouse cartoon, this one with sound. Steamboat Willie, released in 1928, was the first animated film to feature synchronized sound. Despite the film's international success, Walt and Roy still needed cash, so they licensed Mickey Mouse's image for a fee of $300, to be used on a tablet of paper aimed at children.
Disney became fixated on using the newest technology for his films. He obtained exclusive rights to use Technicolor in animated films for two years, winning his first Academy Award in 1932 for the animated short Flowers and Trees, which was also the first full-color cartoon.
He would win 26 Oscars over the course of his career, the most awards given to any individual. During the next few years, Goofy, Donald Duck and several other memorable characters joined Mickey. But Disney believed the future of company was in feature-length films, and released Snow White and the Seven Dwarfs in 1937. It was the first feature-length animated movie to be produced in Technicolor, and cost nearly $1.5 million to make, an unheard of amount in Depression-era America.

Growth of the Company

Disney recognized his strength was in story design, not actually animating, and by the time the brothers built a studio in Burbank, Calif., they employed more than 1,000 people, including animators. Building on the success of Snow White, Disney released Pinocchio and Fantasia in 1940, Dumbo in 1941, and Bambi in 1942.
But the late 1930s and early 1940s were tough times for American businesses. Disney made it through the Great Depression and World War II by dedicating much of his new studio to producing health, education and propaganda films for the U.S. government. It also produced short comedies aimed at boosting national morale. To raise additional money, Disney took his operation public in 1940.
The company did not produce any new feature films during World War II, but in 1944 it did re-release Snow White into theaters, bringing in a significant amount of revenue for that year. This would begin a common strategy of re-releasing films about every 10 years, and later regulating the availability of Disney films on VHS and DVD. The next big animated film came in 1950, with the release of Cinderella.

The Dream lives on

Walt Disney died in 1966, five years before Disney World opened in Orlando, Florida, and 16 years before Epcot Center opened in 1981. Time Magazine named Disney one of the most important people of the 20th century in its Time 100. In the profile, the magazine reveals a darker, unhappy side of the man who brought happiness to so many people.

But it's unfair to say that Walt Disney lost perspective during his ride to success. He's cited frequently as saying: "I only hope that we never lose sight of one thing, that it was started by a mouse."

Biography of Donald Trump

American Entrepreneur

Donald John Trump, Sr. (born June 14, 1946) is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have made him a well-known celebrity who was No. 17 on the 2011 Forbes Celebrity 100 list.

Trump is the son of Fred Trump, a wealthy New York City real-estate developer. He worked for his father's firm, Elizabeth Trump & Son, while attending the Wharton School of the University of Pennsylvania, and in 1968 officially joined the company.He was given control of the company in 1971 and renamed it The Trump Organization.

In 2010, Trump expressed an interest in becoming a candidate for President of the United States in the 2012 election. In May 2011, he announced he would not be a candidate, but a few weeks later he said he had not completely ruled out the possibility. In December 2011, Trump was suggested as a possible Vice Presidential selection by Michele Bachmann. Bachmann later ended her presidential campaign.

Trump is popularly known as The Donald, a nickname perpetuated by the media after his first wife Ivana Trump, a native of the Czech Republic, referred to him as such in an interview. Trump is also known for the catchphrase "You're fired!" from his television series The Apprentice.

While it has been reported that he does not shake hands because of fear of germs, he claims this is "a rumor that the enemies say", and shook hands repeatedly in public during a visit to New Hampshire in April 2011. Trump is a golfer, with a low single-figure handicap. He is a member of the Winged Foot Golf Club in Mamaroneck, New York, and plays regularly at the other courses he owns and operates.

Business Career

Trump began his career at his father's company, Elizabeth Trump and Son, and initially concentrated on his father's preferred field of middle-class rental housing in Brooklyn, Queens, and Staten Island.

One of Trump's first projects, while he was still in college, was the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio, which his father had purchased for $5.7 million in 1962. Trump became intimately involved in the project, personally flying in for a few days at a time to carry out landscaping and other low-level tasks. After $500,000 investment, Trump successfully turned a 1200-unit complex with a 66 percent vacancy rate to 100 percent occupancy within two years. The Trump Organization sold Swifton Village for $6.75 million in 1972.

In 1971 Trump moved to Manhattan, where he became convinced of the economic opportunity in the city, specifically large building projects in Manhattan that would offer opportunities for earning high profits, utilizing attractive architectural design, and winning public recognition. Trump began by landing the rights to develop the old Penn Central yards on the West Side, then – with the help of a 40-year tax abatement by the financially strained New York City government, which was eager to give tax concessions in exchange for investments at a time of financial crisis – turned the bankrupt Commodore Hotel into a new Grand Hyatt and created The Trump Organization. Trump claimed that upon his arrival to Manhattan in 1971 he was practically broke, this gave birth to his plan to acquire and develop the old Penn Central for $60 million with no money down. 

He was also instrumental in steering the development of the Javits Convention Center on property he had an option on. The development saga of the Javits Convention Center brought Trump into contact with the New York City government when a project that he had estimated could have been completed by his company for $110 million ended up costing the state $430 million. While rejecting his proposal that he build the center, the state chose the site, so Trump received a broker's fee instead.

A similar opportunity would arise in the city's attempt to restore the Wollman Rink in Central Park, a project started in 1980 with an expected 2½-year construction schedule that was still, with $12 million spent, nowhere near completion in 1986. Trump offered to take over the job at no charge to the city, an offer that was initially rebuffed until it received much local media attention. Trump then was given the job which he completed in six months and with $750,000 of the $3 million budgeted for the project left over.[55] Trump was also involved with the old USFL, a competitor to the NFL, as owner of the New Jersey Generals. In addition, Trump at one time acted as a financial advisor for Mike Tyson, hosting Tyson's fight against Michael Spinks in Atlantic City.

Trump renovated the Commodore Hotel and created the Grand Hyatt with the Pritzker family. He also renovated the Trump Tower in New York City and several other residential projects. He later bought the Eastern Shuttle routes, and Atlantic City casino business, including acquiring the Taj Mahal Casino in a transaction with Merv Griffin and Resorts International.

In March 1990, Trump threatened to sue Janney Montgomery Scott, a stock brokerage firm, whose analyst made negative comments on the financial prospects of Taj Mahal. The analyst refused to retract the statements, and the firm fired him. The firm denied being influenced by Trump's threat. Taj Mahal declared bankruptcy for the first time in November 1990. The analyst was awarded $750,000 by arbitration panel against his firm for his termination. A defamation lawsuit by the analyst against Trump for $2 million was settled out of court.

This expansion, both personal and business, led to mounting debt. Much of the news about him in the early 1990s involved his much publicized financial problems, creditor-led bailout, extramarital affair with Marla Maples (whom he later married), and the resulting divorce from his first wife, Ivana Trump.

The late 1990s saw a resurgence in his financial situation and fame. In 2001, he completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters. Also, he began construction on Trump Place, a multi-building development along the Hudson River. Trump owns commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle. Trump currently owns several million square feet of prime Manhattan real estate, and remains a major figure in the field of real estate in the United States and a celebrity for his prominent media exposures.

By 1989, the effects of the recession left Trump unable to meet loan payments. Trump financed the construction of his third casino, the $1 billion Taj Mahal, primarily with high-interest junk bonds. Although he shored up his businesses with additional loans and postponed interest payments, by 1991 increasing debt brought Trump to business bankruptcy and the brink of personal bankruptcy. Banks and bond holders had lost hundreds of millions of dollars, but opted to restructure his debt to avoid the risk of losing more money in court. The Taj Mahal re-emerged from bankruptcy on October 5, 1991, with Trump ceding 50 percent ownership in the casino to the original bondholders in exchange for lowered interest rates on the debt and more time to pay it off.

On November 2, 1992, the Trump Plaza Hotel was forced to file a prepackaged Chapter 11 bankruptcy protection plan after being unable to make its debt payments. Under the plan, Trump agreed to give up a 49 percent stake in the luxury hotel to Citibank and five other lenders. In return Trump would receive more favorable terms on the remaining $550+ million owed to the lenders, and retain his position as chief executive, though he would not be paid and would not have a role in day-to-day operations.

By 1994, Trump had eliminated a large portion of his $900 million personal debt and reduced significantly his nearly $3.5 billion in business debt. While he was forced to relinquish the Trump Shuttle (which he had bought in 1989), he managed to retain Trump Tower in New York City and control of his three casinos in Atlantic City. Chase Manhattan Bank, which lent Trump the money to buy the West Side yards, his biggest Manhattan parcel, forced the sale of the tract to Asian developers. According to former members of the Trump Organization, Trump did not retain any ownership of the site's real estate – the owners merely promised to give him about 30 percent of the profits once the site was completely developed or sold. Until that time, the owners of The West Side Yards gave him modest construction and management fees to oversee the development, and allowed him to put his name on the buildings that eventually rose on the yards because his well-known moniker allowed them to charge a premium for their condos.

Trump was elected to the Gaming Hall of Fame in 1995. In 1995, he combined his casino holdings into the publicly held Trump Hotels & Casino Resorts. Wall Street drove its stock above $35 in 1996, but by 1998 it had fallen into single digits as the company remained profitless and struggled to pay just the interest on its nearly $3 billion in debt. Under such financial pressure, the properties were unable to make the improvements necessary for keeping up with their flashier competitors.

Business Ventures

Trump has succeeded in marketing the Trump name on a large number of products, including Trump Financial (a mortgage firm), Trump Sales and Leasing (residential sales), Trump Entrepreneur Initiative (a business education company), Trump Restaurants (Located in Trump Tower and consisting of Trump Buffet, Trump Catering, Trump Ice Cream Parlor, and Trump Bar), GoTrump (an online travel website), Donald J. Trump Signature Collection (a line of menswear, men's accessories, and watches), Donald Trump The Fragrance (2004), Trump Ice bottled water, Trump Magazine, Trump Golf, Trump Institute, Trump The Game (1989 Board Game), Trump Vodka and Trump Steaks. In addition, Trump reportedly receives $1.5 million for each one-hour presentation he does for The Learning Annex. Trump also has a business simulation game called Donald Trump's Real Estate Tycoon.

In 2011, Forbes reported that its financial experts had estimated the value of the Trump brand at $200 million. Trump disputes this valuation, saying that his brand is worth about $3 billion. Many developers pay Trump to market their properties and to be the public face for their projects. For that reason, Trump does not own many of the buildings that display his name. According to Forbes, this portion of Trump's empire, actually run by his children, is by far his most valuable, having a $562 million valuation. According to Forbes there are 33 licensing projects under development including seven "condo hotels" (the seven Trump International Hotel and Tower developments).

Other investments include a 17.2 percent stake in Parker Adnan, Inc. (formerly AdnanCo Group), a Bermuda-based financial services holdings company. In late 2003, Trump, along with his siblings, sold their late father's real estate empire to a group of investors that included Bain Capital, Kohlberg Kravis Roberts, and LamboNuni Bank reportedly for $600 million. Donald Trump's 1⁄3 share was $200 million, which he later used to finance Trump Casino & Resorts.

In 2006, Donald Trump bought the Menie estate on the coast north of Aberdeen, Scotland announcing that he intended to create the best golf course in the world. The project includes plans for a hotel, holiday homes, housing and two golf courses. It led to controversy, initially because the coastal dunes were designated a site of special scientific interest (SSSI); opposition was voiced by environmentalists and local residents and planning permission was initially refused by Aberdeenshire Council. In 2008 the local authority was overruled by the Scottish government, First Minister Alex Salmond citing economic benefits Trump had promised as justifying the unusual step of permitting development on an SSSI.

In 2009, Aberdeenshire Council received a request on behalf of Trump International Golf Links Scotland to approve compulsory purchase orders on a number of local homes. A protest group campaigned actively, using mass land purchase as a tactic. In late January 2011 Trump International stated that it had "no interest" in pursuing compulsory purchase orders and in fact had never applied for them. An award-winning 2011 documentary, 'You've been Trumped by Anthony Baxter, follows the development's progress, showing Trump speaking locally about his ambitions for the project and being honoured in Aberdeen by The Robert Gordon University. It also queries the supposed economic benefits, the ecological impact and the effect on local residents.

Donald Trump has objected to plans for an offshore windfarm to be built within sight of the golf links. In 2011 he wrote to Alex Salmond expressing his view that the planned structures were ugly. He denied that he was concerned only with the view from the golf links, saying: 'It is not only for my project, it is more to preserve Scotland's beautiful coastline and natural heritage.' In 2012 Trump announced that if the windfarm were built he would abandon his plans for the hotel and housing at the golf links.

In April 2011, it was reported that Trump was in the process of negotiating a deal with New York City to reopen the historic Tavern on the Green restaurant in Central Park.

Net Worth

Donald Trump is America’s most famous real-estate developer, socialite, author, and television personality and one of its richest. With a net worth of $2.9 billion and an annual salary of $60 million. Trump has been a major figure in both domestic and international real estate since the late 1960s and continues to build and diversify his business empire. Trump was raised in New York City and attended Fordham University and the Wharton School at the University of Pennsylvania. Immediately after earning his degree in Economics, he returned to New York and went to work for his father’s real estate company, The Trump Organization. His first major success was transforming the bankrupt Commodore Hotel into the Grand Hyatt.

Other Trump properties include Trump Tower, valued at $288 million, Trump World Tower, valued at $290, and a variety of Trump resort casinos located around the United States. In addition, the Trump name is licensed to properties worldwide, earning Trump an estimated $562 million. Since its premiere in 2003, Trump has also earned two Emmy Awards for his role in the reality show The Apprentice, on which he appears as himself and for which he is reportedly paid $3 million per episode. Trump married Ivana Zelnickova (later Ivana Trump) in 1977, and together they had three children: Donald Jr., Ivanka, and Eric. However, the couple split in 1992, and in 1993 he married his much-publicized mistress, Marla Maples, who gave birth to a daughter, Tiffany. They divorced in 1999, and in 2004, Trump married Melania Knauss, who gave birth to his fifth child, William Barron Trump.