Trump 101 by Donald Trump: on Corporations
First real estate deal: 1,200-unit residential foreclosure
In college, I spent my spare time reading about real estate and foreclosures. I read on my own because I was interested and truly wanted to learn, not just to pass a test. My extracurricular studying led to my first successful real estate deal in which
I earned enough money to start building my own business. I found a 1,200- unit residential development that had 800 vacant apartments. It was a disaster.
Although the developers had gone under and the government foreclosed, I saw it as a great opportunity. I worked hard and learned a lot, which gave me confidence and increased my thirst to move forward in my real estate career. I've continued the pattern
I began with that first deal throughout my life: Before I commit to any venture, I study it fully because I want to know all the facts.
Source: Trump 101, by Donald Trump, p. 27
Oct 20, 2006
Do your research, but then trust your instincts
Questions from Readers of the Trump University Blog:Q: I'm starting a small business, and I have a clear vision of what I want my business to become. What do you think are the five most important aspects to consider when opening a small business in a
small but global (when tourism is considered) town?
- Know the market.
- Do your research.
- Go with your gut. Trust your instincts.
- Be prepared to work every single day at full capacity.
- Don't give up--ever. Be tough and tenacious.
Source: Trump 101, by Donald Trump, p. 54
Oct 20, 2006
Learning to be spontaneous takes preparation & practice
When I started in business, I spent a lot of my time researching every detail that could affect the deals I was considering. I still do today. People often comment on how quickly I think on my feet, and they think I've had this gift from birth. Actually,
I make decisions quickly because I always do my homework. Outsiders never see the thorough research, analysis and all the other preliminary work. They only see the results, which are just the tip of the iceberg. Ironically, learning to be spontaneous
takes preparation and practice.Few people are naturally gifted extemporaneous speakers, but most can learn. It usually takes training, experience, and discipline. If you want to learn how to talk on your feet, know your subject inside out so that you
will never have to hesitate or bluff because questions will not surprise or stump you. You'll know every answer, and each question will give you a great opportunity to show how good you are and how much you know. Master your subject; know it cold.
Source: Trump 101, by Donald Trump, p. 64-5
Oct 20, 2006
Move quickly from seeing problems to seeing solutions
Pay attention to your business. Find out what problems exist and anticipate those that are likely to arise. Nip problems in the bud before they grow into more serious and hard- to- solve issues. In other words, take responsibility.
People who take responsibility have no need to blame or continually find fault with others. Naysayers rarely contribute much, and they usually don't amount to much.
By now, I've been in business long enough to have had ups and downs. I've enjoyed magnificent victories and suffered painful defeats.
I've learned to go quickly from seeing problems to seeing their solutions. The secret to resolving problems is to emphasize the solution more than the problem; accentuate the positive without ignoring the negative.
Source: Trump 101, by Donald Trump, p.141-2
Oct 20, 2006
12-hour working days are my norm, not an exception
People are surprised to learn that I put in 12- hour working days. For me, that's the norm, not the exception. To remain successful, I have to be persistent and work hard; I work long hours to get everything done.
If you usually work a 40-hour week and then add on another 20 hours a week for a few weeks, you'll be surprised at how much more you can accomplish. Productive people accomplish more for a reason--they work long and hard.
Source: Trump 101, by Donald Trump, p.146
Oct 20, 2006
Page last updated: Feb 25, 2019