by Donald Trump
Maybe you don’t know what you want to do yet.That’s fine—just set your compass to finding out what it is, and there’s a good chance you’ll discover it. Meantime, learn everything you can about as many subjects and businesses as you possibly can. Knowledge is never a waste of time. I had studied the entertainment business a bit when I was younger, even though I had decided to go into real estate, and sure enough I ended up being in the entertainment business later in life. That was not wasted time, even though I hadn’t consciously planned to enter that field. Now I have a production company in Los Angeles, Trump Productions, and we’re entering the eighth season of The Apprentice. Considering that the first Apprentice season started in January of 2004, NBC, Mark Burnett, and I have had a very successful time of it.
It’s important for you to know something about this story. I didn’t do The Apprentice for money. That was not my incentive. I was initially paid next to nothing. Happily, it became a hit show, and the result is that it gave publicity to my brand, which has garnered greater financial success for me than ever before.
Sometimes being too cautious is the greatest risk of all. Preparation and organization will help to downsize the element of risk that is often involved in becoming rich. If you are well prepared and have everything in order, you will have provided yourself with a safety net. The best way to do that is to learn to be highly efficient. Highly efficient people keep their bases covered. Easier said than done, but it’s a skill set that you can acquire for yourself.
Efficiency is the productive use of time. Learn to monitor yourself and the amount of time you use to focus on any specific thing. Having a time limit can be a terrific way to make your brain work at its most effective pace. I remember reading about an order of monks who have a determined amount of time for each duty, then a bell rings and they stop and immediately go on to their next chore. Creating and employing a discipline of focus is a good way to avoid spending more time than necessary on any one thing. I had an editor who, after a meeting with me in my office, commented that he needed oxygen. He wasn’t accustomed to the fast pace he encountered, and I think he learned something about economy of time.
In summing up, if you want to get rich, two important considerations are passion and efficiency: Have passion for what you do and be efficient about it at the same time. That combination has worked for me.
Individual commitment to a group effort—that is what makes a team work.
—VINCENT LOMBARDI
Work with People You Like
There’s a saying I remember that is appropriate for this subject: “If you’re going to live in the river, better make friends with the crocodiles.” That being said, let’s proceed to this topic, which hopefully will help to make your business life as reptile-free as possible.
I’ve been fortunate to work with people I like. Some of my employees have been with me for twenty, twenty-five, even thirty years. If we didn’t like each other, that would be a long-term sentence of misery. As it is, we work together well, we respect each other, and we get a lot accomplished. Management becomes a whole lot easier if you are careful when finding employees or partners.
People I work well with have to work fast. That’s how I work, and they follow suit. Allen Weisselberg, my CFO, Rhona Graff, VP and my chief assistant, and Jeffrey McConney, my controller, have the ability to distill a lot of information and can explain something to me with a minimum of words, sometimes ten words or less. Considering how much I have to do every day, I appreciate this brevity. George Ross, Senior Counsel, Jason Greenblat, General Counsel, and Matthew Calamari, my COO, have the same ability. It’s not that I don’t enjoy talking with them on a personal level, but our agendas have to be attended to and by now we all know how to get things done quickly, both individually and as a team. The respect goes both ways, and it’s a great environment for everyone.
If you can get a core group around you that you like and who understands your needs, you will be heading in the right direction. Sometimes I think it’s divine intervention when the right people show up, because as we all know, it happens that people who give great interviews sometimes aren’t so great, and vice versa. In that sense, every hire is a bit of a gamble. Solid gold credentials don’t always mean solid gold people, but sometimes they do. You have to give people a chance to prove themselves. But in the interim, it helps a lot if you like having them around to begin with.
You will have to see beyond what is presented to you. Every person has unique talents that may or may not be in their job description or listed on their resume. People are not one-dimensional. I don’t like being underestimated or stereotyped, so it is safe for me to assume that other people don’t like it either. I appreciate being seen as something more than my public persona, and people whom work for me know that although I may be demanding, I am also fair. My door is always open, and they feel confident that when they have something to say, I’ll be listening.
Someone recently wrote in to ask me how to manage people whom she didn’t like. My response was to ask her if she liked anything about any of the people she was attempting to manage. We all have hidden potential, and a good manager will find it. A good manager will also look for what he or she likes about the people around them. No one is perfect. We all have strengths and weaknesses. Your attitude toward others plays a big part in surrounding yourself with the right people. If you don’t like the people around you, you might start by taking a look at yourself first.
Most of us spend a great deal of our time at our jobs. That fact alone makes it important to carefully assess what kind of people we want to spend it with. What matters to you? What combination of personalities will make the day the most effective for everyone? An organization is ever evolving, as we are, and a good balance is necessary for everyone. Does everyone understand, clearly, what the common goal of the organization is? One reason Don Jr., Ivanka, and Eric have done such remarkable jobs is that they understand—thoroughly—what our goals are and make significant and daily contributions to that end. They work together effectively as a team and individually, which is the ideal representation for any organization.
Make an effort to make your working environment as pleasant and effective as possible. It’s not impossible—my organization proves that it’s not impossible. Just set the example, and you’ll be a magnet for the right people. That’s the best way to work with people you like.
Integrity is the essence of everything successful.
—RICHARD BUCKMINSTER FULLER
In Addition to Business: What the Successful Person Needs to Know
I’ve recently encountered a situation that brought me back to something I had learned a long time ago—that it’s not just business acumen but integrity that carries you forward in the business world. It’s as simple as keeping your word or, in some cases, remembering what your words were. It seems that for some people, simple isn’t always easy.
I came from the world of construction and real estate development, which is known for being demanding and difficult, but it also requires precision. There can’t be anything haphazard in construction or people can be injured. “Happenstance” is not acceptable. I’ve applied that approach to everything I do.
I can remember when a visitor to my offices commented on how many blueprints there were. He said, “Some people have skeletons in their closets, but I can see that Trump has blueprints in his.” Sometimes I think people forget that I’m a builder, a developer. That’s my core, and blueprints are important. It took me awhile to realize how valuable that background was in forming my discipline as a businessman. It gave me a foundation from which to operate and expand and a tendency toward thoroughness.
There’s integrity to building that cannot be compromised. We’ve all seen the results of hastily constructed buildings in the earthquakes and in other disasters around the world. I will not jeopardize the safety and well-being of people, and if I’m known to be a stickler for details, that is one of the reasons.
Our actions
and words will eventually point us toward having a reputation for having integrity or not having integrity. I’ve been around long enough to know how valuable a commodity candor can be. As a businessperson, it’s a strength that can see you through everything.
Another important skill is negotiation. I receive many requests asking me about my negotiation skills, and there’s a balance to successful negotiation that many people fail to see. The best negotiation is when both sides win.There’s a compromise involved, which means careful listening, and when that is achieved you’ll see results that work. Business is an art in itself, and powerful negotiation skills are one of the techniques necessary to facilitate success.
I give a lot of speeches, and one thing I will always emphasize is the importance of passion. If you don’t love what you’re doing, your margin for success is significantly reduced, and tough times will be much tougher to get through. Passion gives a resiliency that is necessary to achieve great things. Michelangelo is remembered in our time more than any pope or politician of his time simply because he gave the world so much—and against great odds. That guy was intransigent. There is no doubt that he was passionate about what he was doing. When things seem difficult, it’s good to remind yourself of someone like that, someone who kept the integrity of his art first and foremost in his mind and actions.
The second point I will bring up when it comes to success is that you cannot give up.You have to keep going and moving forward, no matter what is happening around you or to you. It’s a form of positive thinking that is very powerful. A word that comes to mind as a result of this approach is “indomitable.” I overcame some great setbacks just by being obstinate. I refused to give in or give up. To me, that’s an integrity of purpose that cannot be defeated or interfered with to any significant level. Being steadfast in your intentions can reap great results.
The other word I like to think of along with indomitable is “tenacious.” In a way, they are almost interchangeable when it comes to business. Being tenacious will make you indomitable in the long run. The old tortoise versus the hare story still prevails.
With today’s globalization, I will emphasize the importance of paying attention to global events. The United States cannot be isolationist. We may be the super power, but what that really means is that we have more responsibility. Our position requires us to be more alert, more careful, and more empathetic than ever. Power is at its best when it’s used in the most compassionate way possible.
When it comes to business success, it is equally important to know that success carries the same sort of responsibility. Always know that you can be topped and that you can be toppled over. Keeping that in mind will guarantee that you are in your best form for competition. Even if you are currently the top gun, pretend that you are the underdog. It will improve your insight as well as your vision.
Intrinsic value is a value that has been overlooked in today’s marketplace. Everything has a dollar value, and it becomes very black and white. That is necessary in business. We live in a tangible world with tangible needs. But I will say that I often look for the obscure, the gray area that implies a mystery or a value that is more than money alone can carry. I think most people will know what this is—something that is beyond monetary value. I read a story about an art collector who had amassed a fortune in art, but his prized possession was a painting of his deceased son done by a friend of his son’s. This painting was hung next to works by Picasso, Matisse, Monet, and Miró. But it mattered most to the art collector. Its intrinsic value far surpassed the millions represented by the masters. When the collector died, he bequeathed his entire collection to the person who bought the painting of his son, which sold for $10.
I mention intrinsic value because as a businessman, it’s something that gives integrity and even mystery to everyday business. Not everything is dollars and cents, although in many cases it has to be. Look for the gray areas—it will enhance your life as well as your business sense.
As a businessman, I have realized that “to whom much is given, much is expected.” See yourself as having a lot already, and keep your integrity intact. It’s the best way to pave your way to a comprehensive success.
Somewhere, something incredible is waiting to be known.
—CARL SAGAN
You Can Be in Charge
That’s an empowering thought. It’s also a real possibility. If it seems you’re being thrown curveballs every day, that means it’s time for some strategy. In short, you need to be bigger than your problems are in order to handle what’s being delivered.
Here are a few things to think about:
1. What is your creative capital? Many of us have hobbies, knowledge, and experiences that can be turned into something useful in the marketplace. Give this some comprehensive thought.You probably have talents that could be further developed to create a career.
2. Are you lucky? Some people seem to be naturally lucky. Another definition of good luck is the ability to turn bad luck into good luck.
3. Be proactive. Don’t be passive or fearful. Just taking the next step can get you to better and even great places. Start today.
4. Be objective and strive to be your own counselor. I listen to others, but I know the final decision is mine and I hold myself responsible. That in itself is empowering.
5. If you haven’t given history enough attention, start doing so today. Also, realize you are in a pivotal time in history, and see it as a challenge as well as an opportunity.
“Creative capital” deserves a bit more explanation. In essence, one way to become rich is to be able to move an idea into your asset column. Those people who’ve had an innovative idea and put it into production, whether it was for an automobile or for Post-Its, have been able to move their invention from “idea” to “asset” in a very big way.
A lot of great ideas get discarded before they’re developed, and some ideas deserve to be discarded before they take up too much time and end up being more of a problem than a solution. This is where objectivity and research are useful.
Let’s say you have an idea for a new product or a variation on one that has been successful. The first thing to do is to check out the global marketplace. The best scenario is if you can find a void in that marketplace and find something unique to fill it. It’s important to consider that you could have something to offer that would be viable as well as valuable.
In the current economy, many people are being challenged to find alternative venues for income. That can be an exciting time if you approach the situation in a positive light. It’s also empowering to think of being an inventor—what doesn’t exist yet that could or should exist? That way of thinking will open you up to the possibilities that are definitely there. One important consideration is to make sure you define yourself instead of allowing others to define you. They will limit you when instead you should see that your possibilities are limitless. When it was reported that I was done and in financial ruin in the early 1990s, I took control by refusing to believe that I was finished. That’s not the definition I chose for myself, which gave me a resiliency that probably surprised a lot of people.
Another point to consider is that when you allow others to define you, you become a bit of a puppet in their hands. Be very wary of this kind of strategy, because some people need to win by getting their competition out of the way instead of being superior to their competition. Be your own barometer of success. We all experience failures, but that doesn’t make us failures, even if others say so. Take control of the circumstance by seeing it in a different light.
Each of us has a different route to our destiny and challenges are part of that path. Keep your self-image strong and intact by defining yourself in the best way possible—every day, no matter what the circumstances might be. Know from the inside out that you have the power to succeed and you will. That’s taking control. Your creative capital might be waiting to be discovered.
Most powerful is he who has himself in his own power.
—SENECA
Synergy
Synergy is a word that implies the whole is greater than the sum of its parts. It’s a coming together of energies that is made clear by the Greek roots of the word: syn + ergos = together working.The word has a scientific application, but it also works for business aptitude—as in, combining forces to create a greater momentum, a greater whole.
This can apply to teamwork as well as to individual enterprise. I may be an entrepreneur, but I also head a large organization, so I know how important this concept is. Teamwork and individual responsibility combine to create a force that will make you far more viable in the marketplace. This is one of the concepts of The Apprentice that business students are likely to recognize.
When you have a job, always consider the big picture and the gestalt of the organization first. This is a bit like a negotiation technique—take into consideration where the other side is coming from. How you can contribute to the overall success will be made clearer to you. When everyone works that way, success is much easier to attain. You will also be on the wavelength of the CEO, because it is his or her job to keep the organization healthy, vital, and moving forward.
If you are an entrepreneur, you’ll find there are times when you are your own team. I’m surprised sometimes to notice that people can actually be working against themselves. Pay attention to that possibility and cooperate with yourself. Make sure you are airtight by combining the forces within yourself to create a whole. Your efforts will automatically become more effective.