Trump: Art Of The Deal
Author: Donald Trump
The Art Of The Deal is more or less just a handful of stories about Donald Trump’s experiences in real estate. However, he does touch on some pretty solid points that I would consider to be pretty important for any future real estate investor. Every point Trump makes can also be related to almost any other entrepreneurial venture as well. Regardless of the fact that he is our President, the man knows how to craft a deal.
One of the very first lessons Trump gives is about the idea of thinking bigger than you are right now. I’ve heard many entrepreneurs say something along these lines and happen to be a firm believer in the cliche myself. “If you’re going to be thinking anyway, you may as well think big” Trump quotes in the book. Good point, I say. He goes on to explain that the reason most people think small is that they are afraid of success, making decisions, and sometimes of winning. Overall, I think the point Trump was trying to make in this section of the book is to use your imagination and really go after what it is that you want. Don’t settle for what society says is good enough.
Know Your Market
I have read quite a few books on real estate investing, and this is a pretty common theme among them. I think it’s safe to say that in the real estate investing world, it would be common sense to know your market. Of course, this can relate to other areas of entrepreneurship as well. Trump gives a few examples of other people who knew their markets in whatever their industry and became a great success. One of the examples being Steven Spielberg. The point here that you just need to understand who you are selling to. When it comes to real estate, you need to know what the neighborhood is like, what the employment rate is like, etc.
Get The Word Out
No matter how great your product or service is, if nobody hears about it or sees it, nobody is going to buy it. So many people out there have gifts that the world will never know about because those gifted people aren’t getting themselves noticed. Trump makes it very clear that you need to get people interested and excited about what it is you have to offer. It may be easier for some people than it is for others, but that is no excuse not to make it happen. Trump, of course, has been able to pretty much use his name every time he built a new building and that alone created enough interest and excitement for him. Trump also makes a point that often times even if the excitement is negative, it can still be positive for business.
Although the book seems to be pretty fluffed up (filled with useless explanations and unneeded stories,) Donald Trump does deliver some very much needed perspective on real estate investing. I don’t think I would ever recommend the book to anybody, but I also would never tell anyone it wasn’t worth the read either.