Donald Trump in Think Like a Champion, by Donald Trump
On Budget & Economy:
We prospered after 9/11; we'll prosper after Great Recession
What transpired on Wall Street on September 15, 2008, is one day for the history books. I had predicted this would happen about two years ago and again about eight months ago when I appeared on Neal Cavuto's show. That the landscape of Wall Street could
be altered this rapidly is something we should think about. Sept. 15, 2008, was the worst day on Wall Street since right after 9/11 attacks, with a fallout of some financial giants that we thought were untouchable. Here's my view of this situation.
We survived and prospered after 9/11, and we will do the same this time. The components are different, but I believe the government is doing the right thing with this financial mess. They have worked hard and long, but a mess is a mess.
I won't equivocate on that. I saw the indications that the world was in for a tough period of time, so I can't say I'm terribly surprised.
Source: Think Like a Champion, by Donald Trump, p. 83
Apr 27, 2010
On Budget & Economy:
2006: Warned about impending implosion of financial sector
As we've noticed with the recent upheaval on Wall Street, things aren't always as solid as they seem. That calls for individual responsibility and financial intelligence. I have always been wary of the stock market. It's a gamble, but it can be
lucrative, which is the lure.In short, there are no guarantees. That means being alert to nation and world markets. Do your homework daily I shouldn't need to emphasize this if you've paid attention to what's transpired in the United States from
2006 until now, which is late 2008. There was an implosion in the financial sector that was unprecedented in our history. I see it as a wake-up call.
I tried to warn people back in 2006. Now I'm back to tell you loud and clear that this area of
your life is of great importance. We are all businessmen and women, whether you see it that way yet or not. If you like art and can't make money at it, you eventually realize that everything is business, even your art.
Source: Think Like a Champion, by Donald Trump, p. 86
Apr 27, 2010
On Corporations:
Being a know-it-all shuts the door on new ideas
It's important to remain open to new ideas and new information. Being a know-it-all is like shutting the door to great discoveries and opportunities. Keep your door open every day to something new.Once in awhile ask yourself this question: What do I
need to know more about?If I'd started in business thinking I knew everything, I'd have been sunk. Don't make that mistake. There are a lot of hidden aspects in every industry, and you will find out how complex seemingly simple things can be.
Source: Think Like a Champion, by Donald Trump, p. 15-6
Apr 27, 2010
On Corporations:
Business is an acquired skill based on discipline & focus
A lot of people think I'm natural at business, but it's also an acquired skill that takes discipline & focus, just as being an athlete or a musician takes perseverance & training. Before I decided to go to the Wharton School of Finance, I had thought
about studying film, but once I decided on Wharton, I was very serious and focused business student. There's a certain amount of bravado in what I do these days, and part of that bravado is to make it look easy. That's why I've often referred to
business as being an art.
I received a star on the Hollywood Walk of Fame in 2007, which was a big surprise for someone who opted for a real estate career. Did I have a natural talent for the entertainment industry? Maybe, but I've always paid
attention to it, and I'm always learning. When I was in school, I always studied on my own in addition to what was required. I've noticed that a lot of very successful people have done the same thing, no matter what their respective fields might be.
Source: Think Like a Champion, by Donald Trump, p. 57-8
Apr 27, 2010
On Corporations:
Pragmatic positive: be positive, but be realistic
I'm a pragmatic positive thinker. When I hear people saying that anything you what to do is possible, that seems childish or at least uninformed to me. Some things are not going to happen.
For example, if I suddenly decided tomorrow that I wanted to win a gold medal at the Olympics as a swimmer, and I was sure I could because I was so positive about it, well, I think I'd have to have some mental checks.
It's not going to happen, no matter how hard I train. Or if I decide I was going to give Tiger Woods a run for his money as a golfer, starting tomorrow,
I think I'd have to worry about being a little irrational. Be positive, but be realistic.
Source: Think Like a Champion, by Donald Trump, p.140
Apr 27, 2010
On Education:
Americans don't know their roots: study your ancestry
I was listening to some Europeans once and they seemed to agree that Americans didn't seem to know their roots. Of course, their roots go back for many more centuries than ours and may be easier to decipher because many of us have ancestors from
different countries. But it gave me a reason to think about what they said, and I realized in many cases they were right. I recently went to Scotland, as my mother's side of the family is of Scottish ancestry, and I've spent time studying that country &
therefore my heritage. It could even explain why I love golf so much--it originated in Scotland.I found that I enjoyed learning about Scotland and it has broadened my horizons as well as my interests as a businessman. I am building a golf course in
Aberdeen that will be spectacular, and I very much enjoyed my visiting and meeting the people from the culture and country. I also realized I still have a lot to learn, which will no doubt lead me into more interesting ventures as well as adventures.
Source: Think Like a Champion, by Donald Trump, p. 37
Apr 27, 2010
On Education:
Comprehensive education instead of limiting subjects
Comprehensive education dissolves the lines between knowing too much and knowing too little on a variety of subjects--subjects that are necessary for success. Recently, I interviewed a young man who was very well versed in his field of expertise and
almost uneducated in every other subject. It was like he had tunnel vision, and although I admired his knowledge of his field, I had to realize that, considering the scope of my enterprises, he might not be a great fit because of his limited interests.
Source: Think Like a Champion, by Donald Trump, p. 47
Apr 27, 2010
On Energy & Oil:
Oil is the lifeblood of all economies
September 15, 2008 was the worst day on Wall Street since right after the 9/11 attacks, with a fallout of some financial giants that we thought were untouchable. [But] we survived and prospered after 9/11, and we will do the same this time.
Here are some points to consider. The price of oil, which is the lifeblood of all economies, is down. That's good news. I've already written about that subject and about the many tankers full of oil treading water and going nowhere.
Source: Think Like a Champion, by Donald Trump, p. 83-4
Apr 27, 2010
On Environment:
Partner with environmentalists when undertaking projects
In 2006, I saw the link land in northeast Scotland's Grampian Region. I knew this was the right place for my golf course. As soon as my proposed development was announced in 2006, environmentalists were immediately on guard. There were a lot of
issues to be dealt with, from badger and otter protection plans to the economic value to locals. People expected a duel, which I realized, so instead I offered a partnership approach. We worked with the Scottish National Heritage, and it became clear to
them that I am environmentally sensitive. I was also inclined to be sympathetic to the rich history of the area due to my own heritage. I also hired the leading expert on geomorphology, for extensive research on the 25 acres of sand dunes on this land.
Source: Think Like a Champion, by Donald Trump, p.113-4
Apr 27, 2010
On Foreign Policy:
Things change; empires come and go
A lot of life is about survival of the fittest and adaption, as Darwin pointed out. It's not all there is, but it's an indication of how the world has evolved in historical terms. We've seen many empires come and go--the Roman Empire, the Ottoman Empire-
there have always been surges of power. Sometimes they last for centuries. Even so, some of us have never learned of them as of today. In other words, things change. We have to keep up with the changes and move forward.
Source: Think Like a Champion, by Donald Trump, p. 23-4
Apr 27, 2010
On Health Care:
1988: Flew sick kids cross-country on his private jet
On the day before the Rosh Hashanah holiday each year for the past eighteen years, I receive a message from a Rabbi in Los Angles. The reason the Rabbi calls me every year is because back in 1988, he and his wife had a three-year-old son who had an
illness that was confounding the doctors in Los Angeles. One day the boy's father called me to see if they could borrow my jet. He didn't know me, and I didn't know him.
But he explained that no commercial airline would fly his son due to the extreme equipment required to sustain his life. It was considered too big of a risk. I had small children at the time, and I immediately said yes to his request. How could I say no?
I sent my jet out and brought the little boy and his parents to NYC with the hope that doctors here might find a cure for the severe breathing illness from which he was suffering. His cure was not to be, but his parents remained grateful to this day.
Source: Think Like a Champion, by Donald Trump, p. 13-4
Apr 27, 2010
On Homeland Security:
Business students should read Sun Tzu's "The Art of War"
Back in school, I spent time studying wars and their impact on where we are today in civilization. That's a big assignment and I'm by no means an expert, but it is worth spending some time to know how and why we are where we are today.One book that
I would suggest to you, because it is valuable for business and managerial strategies, is "The Art of War" by Sun Tzu. This was apparently written in the sixth century BC and is a study of military strategy. It may sound like an unusual business school
recommendation, but believe me, it isn't. It's valuable and worth your time.
By comparison, another famed book is Machiavelli's The Prince, which is more about political conflict and qualities necessary for leadership than war or business, but its
emphasis on power becomes a negative factor. Ethics and integrity seem to get lost somewhere in the shuffle, and therefore the word Machiavellian has become a pejorative term. It's a better use of your time to read "The Art of War."
Source: Think Like a Champion, by Donald Trump, p. 33
Apr 27, 2010
On Principles & Values:
Greatest fear? I don't have any; I only have "concerns"
An interviewer asked me what my greatest fears were. I said I didn't have any. He seemed surprised, but this is how I see it: If you label something as a fear, then it creates fear when sometimes it's not fear but a concern.Do you fear owning a
business? Translate that for yourself as asking: Are you concerned about owning a business yourself? Why specifically are those concerns?
It's much easier to break down a concern than it is a fear. Fear creates a block that will only hinder your
creative thinking. Objectivity will remove that block & allow creative ideas to flow. If you can learn to deal with & solve problems, you'll have a much bigger margin for success.
Do not allow fear to settle into place in any part of your life. It is a
defeating attitude. Recognize and zap it immediately. Replace it with a problem-solving attitude, faith in yourself, and hard work. Put that formula into working order for yourself and you'll be dealing from a position of power, not fear. That's winning.
Source: Think Like a Champion, by Donald Trump, p. 51-3
Apr 27, 2010
On Principles & Values:
I believe in the toot-your-own-horn theory
I have a wealthy friend who called me up to see if I could get him reservations at Jean-Georges Restaurant and I had to ask myself, "What's the point of his immense success if he can't even get a reservation?" No one has ever heard about him--he's shy
about using his name. He has to call other people, like me, to help him out.That got me thinking about the toot-your-own-horn theory, which is something I believe in. This poor rich guy is a perfect example of why I believe in it. The power of a name
can be incredible. It can open doors like nothing else.
Until you have a "household name" you might do well to tell people who you are and what you've done. It's a start. It's also a way of networking to find out if you might have common interests.
Having an ego and acknowledging it is a healthy choice. Think about it: If you can't say great things about yourself, who do you think will? So don't be afraid to toot your own horn when you've done something worth tooting about.
Source: Think Like a Champion, by Donald Trump, p. 77-9
Apr 27, 2010
On Principles & Values:
I'm more humble than people might think
Soon after "The Apprentice" premiered and was a hit show, I became a popular choice for television commercials. One for Visa always remains in my memory. It was funny and I was allowed to display a self-deprecating attitude that I think took people by
surprise. The surprising thing is that I'm more humble than people might think. In this commercial, called "Rooftop," I am shown on the top of Trump Tower holding my Visa card when a gust of wind blows it out of my hand and down many scores of floors
to the street below, which happens to be Fifth Avenue. Then I'm seeing rummaging through a Dumpster in search of my lost card, and when a well-dressed passerby on Fifth Avenue sees me emerge from the bottom of the Dumpster, she indignantly
remarks, "and I thought he was doing so well!"
Here's my point: Go for having a good time because in the process of a lot of other people just might have a good time, too. My theory is: Take your work seriously, take yourself less seriously.
Source: Think Like a Champion, by Donald Trump, p.123-5
Apr 27, 2010
On Principles & Values:
Build your reputation as "responsible, professional & loyal"
Most of us need letters of recommendation now and then. I write them as well as receive them, and I always look for the words "responsible, professional, and loyal."
If you can build your reputation on three words, those would be three at the top to choose from.
I also think of those words when it comes to the Trump brand--to be authentic when it comes to responsibility, professionalism, and loyalty--to my buyers, clients, students, readers, audiences, and so forth.
I'll be the first to admit it's not always easy. I am responsible for a lot of people. But high standards are high standards, and that's what I stand for. I will not accept less from myself.
Source: Think Like a Champion, by Donald Trump, p.170-1
Apr 27, 2010
On Technology:
Took chance by starting Clear Channel radio program
The word visionary evokes a lot of images and definitions, some even being a Don Quixote. It often connotes someone who is idealistic. There is nothing wrong with that as long as it's contained within reason. Visionaries move the world along into new
dimensions.One of the worst fears we can have is the fear to attempt something. I wasn't sure I'd be a success on the radio, but I went for it and my program on Clear Channel was a big hit. But I had to take the chance first to find out.
Source: Think Like a Champion, by Donald Trump, p. 28-9
Apr 27, 2010
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