The latest victim of the financial crisis is Trump. No, not Donald Trump. It’s the Trump casinos filing for bankruptcy.

The Trump casinos filed for bankruptcy after Donald Trump resigned as Chairman of the board. He was reported as being frustrated that bond holders and their allies on the board rebuffed his effort to buy the company private. Why didn’t he tell the board “You’re fired!”

All these while I thought the gambling business is a sure win business. The gambling odds favor the house. It beats me as to why the Trump casinos had to file bankruptcy.

“Focus on what is important. And do it well.” This is the advice I gave my sister when she told me of her many plans to increase the popularity of her e-commerce website.

Many businesses fail because they did not get their priorities right. The business owners did not put in enough efforts on areas that are critical to the survival and growth of the business, but instead focused on non-critical areas. As a result, valuable funds, time and efforts are wasted.

The Pareto Principle, also known as the 80-20 Rule, states that approximately 80% of the effects are caused by 20% of the causes. For example, “80% of the company’s sales come from 20% of the clients.”

Very often we read about corporations spinning off or selling a small division or business segment. One can view these corporations as ridding business segments that eat up 80% of their resources but generate only 20% of returns for them. Therefore, it’s better to sell off these businesses and focus on the core business that generates the bulk of the company’s income.

I will say it again, if one wants to be successful in business, “Focus on what is important. And do it well.”