Presidential candidates Donald Trump and Hillary Clinton held their third and final debate last week in Las Vegas. Once again, Trump attacked Clinton’s lack of productivity in Washington, and Clinton bashed Trump for his issues with bankruptcy.
Donald Trump has argued repeatedly that the economy needs a business leader, not a politician. Hillary Clinton has argued that her resume of political experience makes her most qualified for office.
While Donald Trump certainly has his fair share of business experience, Clinton and others have repeatedly pointed out that his track record is far from pristine. In fact, Trump’s companies have filed for bankruptcies four times under his leadership.
Now that the debates have come and gone, voters have less than three weeks to decide which candidate is best qualified to lead the country. The word “bankruptcy” certainly makes people cringe, and for good reason. Trump’s bankruptcies, however, don’t necessarily mean he’s a poor leader. In fact, there have been a number of incredibly successful leaders and entrepreneurs whose pasts are littered with bankruptcies.
Here’s a look at seven business leaders other than Donald Trump who overcame bankruptcies.
Bankruptcy Icons: Henry Ford
When you break the mold like Henry Ford did, there are no blueprints for success. Often, entrepreneurs have to figure it out as they go by trial and error.
Ford clearly saw value in the “Quadricycle” he created in 1896. He was so convinced of its potential that he quit his day job as chief engineer at Edison Illuminating Company to launch the Detroit Automobile Company back in 1899.
Unfortunately, Ford’s obsession with the details of car designs resulted in major production delays. The Detroit Automobile Company declared bankruptcy in 1901, and Ford eventually left the company all-together.
Ford’s business struggles serve as a lesson that there’s more to running a successful business than simply having a great product. In 1903, Ford founded the Ford Motor Company (NYSE:F). The Model T was introduced in 1908, and the rest is history. Today, Ford has a market capitalization of more than $47 billion.
Bankruptcy Icons: George Foreman
George Foreman made
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