Real Donald Trump Wisdom

"Perhaps the most important thing I learned at Wharton was not to be overly impressed by academic credentials. It didn't take me long to realize that there was nothing particularly awesome or exceptional about my classmates, and I could compete with them just fine." - Donald J. TrumpFred Trump: #Competence #EfficiencyMary Trump: #Splendor #Magnificence

"I believe in spending what you have to. But I also believe in not spending more than you should. [...] the day I can’t pick up the telephone and make a twenty-five-cent call to save $10,000 is the day I’m going to close up shop." - Donald J. Trump

"Much as it pays to emphasize the positive, there are times when the only choice is confrontation." - Donald J. Trump

"My point is that the real money isn't made in real estate by spending the top dollar to buy the best location. You can get killed doing that, just as you can get killed buying a bad location, even for a low price. What you should never do is pay too much, even if that means walking away from a very good site. Which is all a more sophisticated way of looking at location." - Donald J. Trump

"Leverage: don't make deals without it." - Donald J. Trump

Maximize Your Options: "Once I've made a deal, I always come up with at least a half dozen approaches to making it work, because anything can happen, even to the best laid plans." - Donald J. Trump

Protect the Downside and the Upside Will Take Care of Itself

key elements: Intelligence, Instincts, Courage, and Good Fortune

approach to media: criticism can go both waysapproach to getting what he wants in negotiations: reads the room, understands other party’s drive and motivations, proposes a relatively good deal, is willing to walk away, balances patience with persistence; comes back to it with different offers as market conditions evolveapproach to costs: lavish for personal space, very careful and cost-conscious in professional settings

Lessons learned: - create compelling spectacles / know how to entertain - when attempting to secure a deal, first highlight the points that the other party will like - being comfortable talking is a skill that helps in sales - Trump prefers earth tones to primary colors (for building decorations) - nailing costs is the name of the game in real estate development - speak directly to the owner/manager if you want your case handled with more expediency and competence - always be willing to walk away - put pressure on mid-level staff by emphasizing the high expectations set with the owner/manager at project iniatiation - remind the other party why you are, and potentially will continue to be, a great partner for business - be determined and unfazed by (corporate) scare tactics - speak up your mind - cultivate great relationships for character references, with people you sincerely admire - be efficient; your family life demands will require you to level up in efficiency - set golf dates (or other outdoor informal entertainment) on weekends, with current & prospective business partners- have extremely high standards, for your career and your personal life - encourage people who work for you to keep up the good work, and directionally, to work harder - sometimes, with some people, less (talk) is more - again, don't give up on your extremely high standards and ambitions ("I tell the guy on the phone that I’m still interested in a plane, but that he should keep his eye out for a 727, which is what I really want.") - follow-up. - in general, be kind, courteous, and generous with your time [and that wraps it for a first week at @TrumpTower with @realDonaldTrump]

lessons condensed: - when the request is in a good-faith and reasonable, be accommodating - it's a loop; do business with people you appreciate, tell people you appreciate them - provide value - know your worth & have a “many options” attitude - have a long time horizon - don't get too excited by the first offer - think of small tasks you can do today that will save time, money, efforts, or energy tomorrow - be persistent (yet adaptable to evolving circumstances) - move quickly & decisively when the time is right - trust your gut - "That experience taught me a few things. 1/ One is to listen to your gut, no matter how good something sounds on paper. 2/ The second is that you’re generally better off sticking with what you know. 3/ And the third is that sometimes your best investments are the ones you don’t make." #Lessons @realDonaldTrump #RealDJTWisdom

lessons learned:- @realDonaldTrump was respected by top Wall Street CEOs already in the 1980s- be a good judge of character & potential; bet on winners and good people- be generous with your gifts; skillset, network- be tough when necessary: "the fact is that if you’re right, you’ve got to take a stand, or people will walk all over you."- "I don’t hold it against people that they have opposed me. I’m just looking to hire the best talent, wherever I can find it."- going out for lunch is "mostly" a waste of time- Trump was already very acquainted with the law system already, with his late sister Maryanne Trump Barry, being a federal court judge in New Jersey- Trump was already exposed to high stakes interactions with foreign governments and getting things done internationally- Trump always made time for his family: "I always take calls from my kids, no matter what I’m doing. I have two others and as they get older, being a father gets easier. I adore them all"