Trump | Donald J. Trump with Tony Schwartz

Summary of: Trump: The Art of the Deal
By: Donald J. Trump with Tony Schwartz

Introduction

Welcome to the intriguing world of ‘Trump: The Art of the Deal’ by Donald J. Trump with Tony Schwartz. In this compelling book summary, you will discover Trump’s secrets to success, his invaluable insights, and his tried-and-tested deal-making strategies. ‘The Art of the Deal’ encapsulates keys to thinking big, protecting the downside, maximizing options, knowing your market, leveraging strengths, enhancing location, promoting well, fighting back, delivering the goods, containing costs, and having fun. As you immerse yourself in this summary, you will uncover how Trump’s upbringing, education and early experiences shaped his business acumen and tenacity, paving his way to remarkable accomplishments.

The Art of the Deal

To succeed in business, one must think big, protect the downside, maximize options, know the market, use leverage, enhance location, get the word out, fight back, deliver the goods, contain costs, and have fun. Donald Trump believes in these principles and has built his empire on them. Rather than playing it safe, Trump takes calculated risks, always with a viable fallback position. He trusts his gut instincts more than number crunchers and knows the importance of being written about, even if the press coverage is negative. Above all, Trump enjoys the game of business and encourages others to do the same.

The Art of Deal-making

Donald Trump learned the art of deal-making from his father, Fred Trump, who built rent-controlled and rent-stabilized housing in Brooklyn and Queens. Trump’s father taught him to rely on first-hand knowledge of how a job should be done, and to finish projects faster and better than his competitors. Trump’s first real estate deal was the Swifton Village apartment complex in Cincinnati, which he bought for $6 million in a distressed condition, spent $800,000 on renovations, attracted better tenants, and sold for $12 million to a Real Estate Investment Trust (REIT), netting a profit of $6 million. Trump’s style of deal-making is simple and straightforward – aim high and keep pushing until achieving the desired result, settling for less only in exceptional cases.

Trump’s Big Breaks

Donald Trump’s early real estate deals in Manhattan paved the way for his future success. In 1973, he convinced the Penn Central Railroad to sell him abandoned rail yards in the West Sixties and West Thirties, even though he had no development experience. Trump’s lobbying ultimately led to the city choosing his site for the new convention center, earning him approximately $833,000. Later, he acquired the Commodore Hotel property, which became the Grand Hyatt New York. Trump faced challenges in securing financing and convincing the city to grant him an unprecedented tax break, but ultimately succeeded. These deals demonstrated Trump’s talent for thinking big, being flexible, and rallying people to his cause.

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