Apr 17, · Failure is only the first step to success down the road. And, there’s a way for entrepreneurs to protect themselves, the U.S. Bankruptcy Code. Bankruptcy is a tool that businesses and business owners use all the time, and that is how it is designed. Look at Donald Trump. Many of his businesses have filed for bankruptcy protection. I was one told that you arn't a true entrepreneur if you haven't got bankrupt at least once! Well Walt Disney shows us how its done, he was fired by a newspaper editor because "he lacked imagination and had no good ideas." He went bankrupt several times before he built Disneyland. In fact, the proposed park was rejected by the city of Anaheim on the grounds that it would only attract riffraff. Apr 29, · Starting and running your own business can come with many ups and downs. These successful female entrepreneurs who survived bankruptcy are amazing examples of what’s possible when you don’t give up. Tracy Matthews In , Tracy .
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Ford hadn't quite mastered the production techniques that would eventually make him rich, though. Over the next two years, Ford proved to be too much of a perfectionist, and his plant only produced 20 cars as he painstakingly tinkered with designs. The enterprise went bankrupt in and reorganized into the Henry Ford Company later that year. Ford eventually left that group and finally got things right in , when he founded the Ford Motor Company. Things didn't go so badly for the Henry Ford Company after he left, either.
It changed its name to one you might find a bit more recognizable: the Cadillac Automobile Company. Ford wasn't the only auto magnate who knew how bankruptcy felt. He spent his last few years running a bowling alley in Flint, Michigan.
His name may be a stalwart brand today, but early in his career, Disney was just a struggling filmmaker with too many bills.
In , he started his first film company with a partner in Kansas City. The two men bought a used camera and made short advertising films and cartoons under the studio name Laugh-O-Gram. Disney even signed a deal with a New York company to distribute the films he was producing.
That arrangement didn't work out so well, though, as the distributor cheated Disney's studio. Without the distributor's cash, Disney couldn't cover his overhead, and his studio went bankrupt in He then left Kansas City for Hollywood, and after a series of increasingly successful creations, Disney debuted a new character named Mickey Mouse in Milton Hershey always knew he could make candy, but running a successful business seemed just out of his reach.
Although he never had a formal education, Hershey spent four years apprenticing in a candy shop before striking out on his own in Philadelphia in Six years later, his shop went under , as did a subsequent attempt to peddle sweets in New York City. Hershey then returned home to Lancaster, Pennsylvania, where he pioneered the use of fresh milk in caramel production and founded the successful Lancaster Caramel Company. Once he finally nailed the recipe, he was too rich and too flush with delicious chocolate for anyone to remember the flops of his early candy ventures.
Burt Reynolds was one of Hollywood's biggest stars of the s. Unfortunately, he spent money like his career would never hit a downswing. He owned mansions on both coasts, a helicopter, and a lavish Florida ranch. Gradually, his financial situation got grimmer as he made poor career choices and weathered a pricey divorce from Loni Anderson. Reynolds declared Chapter 11 bankruptcy , from which he emerged in Not only did he not have to sell his trademark mustache at auction to pay his bills, Reynolds even got to keep his Florida estate, Valhalla.
In fact, when the Senate passed measures tightening these loopholes in , Reynolds' keeping his ranch was one of the examples they used to decry bankruptcy proceedings as going too easy on the wealthy. When Heinz was just 25 years old, he and two partners began a company that made horseradish. Ulysses S. Francis Ford Coppola. Isaac Hayes. MC Hammer. Wayne Newton. Burt Reynolds. Mick Fleetwood. Randy Quaid. Stan Lee. Abraham Lincoln. John Connally. Heidi Fleiss. Perez Hilton.
Buffalo Bill. William McKinley. Jerry Lee Lewis. Benedict Arnold. Turn your humble blog into an authority website. Learning from mistakes and growing from them is the best thing you can do. You cant be successful with out failing at least once. What an inspiring blog!
Loved it. Though i dont wish to be bankrupt but yes i definitely want to reach the top. Good Great Work Micheal. Very interesting to see some of the greatest entrepreneurs of our time, such as Henry Ford, on this list. It proves that you can become rich no matter what, just like these people did.
Interesting list. Some names here I had no idea they were bankrupt at one time! Good post. When I mentioned to my mum that Walt Disney went bankrupt, she said I know, like 6 times!
Just what I needed to get me motivated again. All your lists are Awesome Michael. I am really experiencing the fame the ford company has bought to itself.
It has grown a lot in India. Wow, pretty long list. But thanks for that surely it gives hope to many who has been greatly affected by the economic crisis. Great post as ever. Great List and quite motivating. I guess I will file for bankruptcy right away, so I can begin making millions. Very cool haha. Excellent information, and another lesson, failure is a learning experience, but we should never quit reaching for our dreams.
Walt Disney and Ford. Really interesting. How do you get these data and how the idea comes to your mind. Enjoy your articles as always! I really enjoyed this post and I want to read more from you. I had some question for you though but I will email you that. Great Blog. You tabulated 30 celebrity, high profile examples. They are the tip of a massive iceberg of failure to success stories that are inspiring stories of passion and persistence.
Hey Michael, Great post. It only goes to show me that no matter what happens if you are doing what you really believe in and have a passion for it… and if you fail once, twice, get up and keep on trucking. Thanks for the list also. Definitly keep getting up, whats the worst that can happen? We end up back being where we are, happy and motivated! There are many folks who went from nothing to something.
I found your great post just when I needed it! Thank you! Morgan, at The Debt Dance. PerezHilton is also in the list. Great list of people. It is amazing to know that even when you hit rock bottom in life and in business, you can always bounce back and do very very well.
Going through it right now as an entrepreneur… this blog has been so meaningful to me in so many ways! Hopefully one day I will be added to this list. Going to bankrupt is make you success? Facing up to your financial problems is difficult.
Taimur Asad says:. Tom Ross says:. April 3, at PM. Awesome list! Charlie Deann says:. GirlieGeek says:. Nice List! And Scary too. You should show this list again on Halloween! Scott :: IrnMedia. Eric D. Greene says:.