Today, fashion designer Tommy Hilfiger is the founder of his eponymous clothing company, but when he was in his early 20s, he was an aspiring entrepreneur struggling to break even, CNBC reported today. Hilfiger said the early financial struggles served as his real-life MBA. "I was bankrupt when I was under 25 years old. I was in my mid-20s with my first business," Hilfiger said. "That was the best learning experience I ever had. It was my MBA." When he was a living in Elmira, N.Y., he opened a clothing store called People's Place in 1969 with $150, which he writes about in his new memoir. Business was booming, and Hilfiger decided to forego college and start opening new stores across the state. But soon after, Hilfiger's accountant told him that the company had run out of money and that he needed to file for chapter 11. It was a turning point that forced Hilfiger to get serious about business. In the years following the bankruptcy, he rebuilt his business model and went on to launch the Tommy Hilfiger brand in 1985. He relentlessly pursued major retailers until the retailers finally bought shipments. Hilfiger's fashion empire now spans 115 countries and more than 1,600 stores.
