Business Career of Donald Trump

 

Donald Trump’s business career spans several decades and is characterized by a mix of successes, failures, and controversies. His journey in the business world began in the late 1960s and has evolved through various sectors, primarily focusing on real estate development, entertainment, and branding.

Early Career

Trump started his career at his father’s company, Trump Management, which specialized in middle-class rental housing in New York City. After graduating from the University of Pennsylvania’s Wharton School with a degree in economics in 1968, he took over the family business in 1971 and renamed it the Trump Organization. His early projects included managing rental properties and attempting to revitalize troubled developments like Swifton Village in Cincinnati.

In 1973, Trump’s organization faced allegations of racial discrimination when the Justice Department claimed that they denied apartments to black applicants while offering them to white applicants. This led to a settlement that required the company to present qualified minority applicants through an Urban League partnership without admitting wrongdoing.

Expansion into Manhattan

Trump’s significant breakthrough came with his first major Manhattan project: the Grand Hyatt Hotel, developed from the aging Commodore Hotel. This project was completed in 1980 and marked Trump’s rise to prominence as a real estate developer. He utilized bold architectural designs and media strategies to gain public attention.

Throughout the late 1970s and early 1980s, Trump expanded his portfolio by acquiring and developing high-profile properties such as Trump Tower on Fifth Avenue, which became a symbol of luxury and success. His ventures during this period included hotels, casinos (like Trump Taj Mahal), and golf courses.

Branding and Licensing

In addition to real estate development, Trump capitalized on his public persona by licensing his name for various products and services. He ventured into beauty pageants by owning Miss USA and Miss Universe from 1996 until 2015. His reality television show “The Apprentice,” which premiered in 2004, further solidified his celebrity status and provided him with substantial income.

Despite these successes, Trump’s career has also been marked by notable failures. He filed for bankruptcy multiple times for several of his casino businesses during the late 1990s and early 2000s due to financial mismanagement. The most significant bankruptcies occurred in 1991 (Trump Taj Mahal), 1992 (Trump Plaza), and again in subsequent years as economic conditions worsened.

Legal Issues

Throughout his business career, Trump has been involved in thousands of legal disputes—over 4,000 lawsuits have been documented against him or his businesses. These include contract disputes, allegations of fraud related to Trump University (which was shut down after lawsuits claimed it was a scam), and various other legal challenges tied to his business dealings.

Transition to Politics

After winning the presidency in November 2016, Trump resigned from all management roles within the Trump Organization but retained ownership through a revocable trust managed by his sons Donald Jr. and Eric. This arrangement raised concerns about potential conflicts of interest between his business interests and presidential duties.

In summary, Donald Trump’s business career is characterized by ambitious real estate ventures that brought him both wealth and notoriety but also significant legal challenges and financial setbacks. His ability to leverage media exposure has played a crucial role in maintaining his public image throughout these ups and downs.