We obtain the exact bound states of the generalized of Hulthén potential with negative energy levels using an analytic approach. In order to obtain bound states, we use the associated Jacobi differential equation. Using the supersymmetry approach to quantum mechanics, we show that these bound states, via four pairs of first order differential operators, represent four types of ladder equations. Two types of these supersymmetric structures suggest derivation of algebric solutions for the bound states using two different approaches. Supersymmetry in quantum mechanics is based on the concept of factorization in the context of shape invariant quantum mechanical problems. If a quantum mechanical problem possesses supersymmetry, we can then factorize the Hamiltonian of the system in terms of a product of first order differential operators leading to shape invariant equations. In this approach, the Hamiltonian is decomposed once in terms of the product of raising and lowering operators and once again as the product of lowering and raising operators, in such a way that the corresponding quantum states of successive levels, are their eigen-states . These Hamiltonians are called supersymmetric partner of each other. In fact, the three separate topics, the factorization method, supersymmetry in quantum mechanics and shape invariance, nowadays have converged to each other. Initially the factorization method was suggested by Darboux (1996) and Schrödinger (1940, 1941a applied it to quantum mechanics. Infeld and Hull (1951) in their review article have studied a large variety of second order differential equations