A person needs talent to do business, that is, he must have the gene to do business. Doing business is not just about being smart, although being smart is one of the necessary conditions. Doing business depends on the intuition of a businessman. For example, if one of the brightest students at Wharton has a perfect score in all grades and an IQ of 170, he will not be a successful entrepreneur if he lacks the instincts of a businessman. In addition, many people have this instinct but fail to discover this ability because they lack courage or are not lucky enough.
Here are the 12 rules that Trump follows when doing business:
1 Set yourself high goals and keep working for them until you succeed. Sometimes you may get less than you expected, but most of the time you get it.
2 Have big things in mind.
The reason is very simple, since people always have to think about problems, so why not think more broadly!
A lot of people are afraid to think about things, they are afraid of success, they are afraid of making decisions, they hate competition, and they give people like Trump an opportunity.
The core of thinking about big things is to be fully focused. This preoccupation almost reaches the level of "obsessive-compulsive disorder", a quality that many people who have become famous for becoming rich have. For the sake of a business, they are selfless, obsessed, single-minded, and sometimes bordering on madness. Some ordinary people suffer from mental distress due to excessive concentration, but good businessmen rely on this spirit to succeed.
Having big things in mind doesn't make your life happier or better, but it can motivate you to get what you want. Be willing to deal with them, fight with them, and then defeat them.
3 Prepare for the worst, prepare for the best.
If you prepare for the worst and think about what to do in advance, then good things will come uninvited.
4 Don't put all your eggs in one basket.
Another rule of doing business is to diversify your options and not just hope for one deal or one approach. There should be a few preparations, many businesses that seem tempting at first often fail to fail. In addition, even if you have already taken over the business, you must prepare several sets of operation plans, and the most perfect plan may have problems and have to be prevented. When Trump first did business in Manhattan, he was given an opportunity to buy a lot of land near the Pennsylvania Railroad on 34th Street. Initially, he envisioned a residential complex on the plot for middle-income earners, with the construction funds allocated by the ** treasury. Unfortunately, ** encountered a financial crisis, and the grant also came to naught. Not discouraged, he implemented a second plan to build a convention center on the site. After two years of planning and negotiation, ** finally agreed to his application, and now, the convention and exhibition center has stood next to the Pennsylvania ** railway. However, Trump knows in his heart that even if the second application fails, he will use the third package.
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5 Understand market movements.
Some people are keenly aware of market movements, others are not. You need to know what your audience wants, and you need to be able to do what they want.
Always do your extensive market research before making a decision. For example, if Trump wants to buy a piece of real estate, he will first ask people who live nearby about the education, security, and shopping environment there. If Trump is on a business trip to another location, he will also ask the driver about the local situation when he takes the taxi. He would keep asking questions until he felt he had nothing to ask before making a decision.
6 Contain the opponent.
In a business, don't show that you're desperate for the sake of the business, as this will make it easy for your opponent to knock you out. In business, it is a big advantage to be good at giving full play to your advantages and being able to contain your opponents. Containing the opponent means that you have in your hands what the opponent wants, needs, and can't live without. However, this is not something that can be done easily. You need to use your creativity and marketing skills to let the other person know that this business can get him a lot of benefits.
7. Add value to the lot.
Many people think that the key to doing a good job in real estate is to have a good location. In fact, the person who said this did not understand real estate at all. First of all, you don't need the best location, but the best business. Just as you can find ways to contain your opponents, you can also add value to your location through marketing and psychological tactics.
8 Make good use of ** and market smartly.
You may have the best product in the world, but if others don't know about it, you still can't use it to create value. You should excite others and make them fascinated by you. One way to achieve this effect is to hire a PR person and ask them to market everything you do. For Trapp, this is like hiring a market analyst from elsewhere and is far less reliable than doing his own research.
* Always like "big events", the more sensational the better, this is their professional nature. So, if you're a little different, or intolerable, bold or controversial, you're going to be noticed. What Tepp does is usually a little different, not afraid of criticism, and ambitious. In addition, Trump's style of doing things has been consistent, so he often captures his news. That's not to say that Trapp is very likable. Sometimes they report on him from the front, sometimes the opposite. From a purely business point of view, the benefits of being able to report frequently outweigh the disadvantages. The reason is simple: for example, Trump could spend $40,000 on a page in the New York Times to advertise a new project, and there is no guarantee that the public will approve of the ad. But if The New York Times were to write a story about his business in even less positive language, it wouldn't cost him a penny, and it could cost him far more than $40,000 in publicity.
9 Fight back.
If someone treats Trump badly, or unfairly, or even wants to take advantage of him, Trump's principle is: fight back forcefully. The risk of this is that sometimes you can make bad things worse, so this principle is not suitable for everyone. But if you fight for something you believe in, you may alienate some people in the process, but things will turn around in the end. At one point, Trapp was unfair on the Trump Tower issue, and they wanted to remove the standard tax deduction that other developers were enjoying on him. Trump indicted them separately in six different courts, which cost him a fortune. Many people believe that Trump will definitely lose, and the lawsuit with ** is already in an unequal position. But, regardless of the outcome, Trump feels the lawsuit is worth it. In this case, the lawsuit was won, which was even more beneficial to Trump.
10 Speak and do.
Don't deceive people, don't throw a lie and just ignore it. You can arouse the curiosity of others, you can also use all the ** to create a good marketing effect, and you can even slightly exaggerate what you are doing, however, if you say it and don't do it, others will grab your pigtails.
11 Control costs.
Money should be spent, but not indiscriminately. To build housing blocks for low-income people, it is necessary to build them in a way that saves time, money, and quantity, so that they can be rented out quickly and profitably. That's Trump's cost consciousness. He never spent money recklessly, and he learned from his father that every penny is valuable, and they add up to wealth. To this day, if he thinks the contractor is asking too much for him, he will say a spade, even if it's for $5,000 or $10,000. Some people don't understand: "Why bother with all this little money?Trump's answer was, if one day I can't pick up the ** and pay $10,000 for 25 cents, I'll be bankrupt. You can have ambitious goals, but you have to keep the amount of money you want to achieve them.
12 Have fun.
Not to deceive oneself, life is actually very fragile, and even success cannot change this fact, on the contrary, success can make life more vulnerable. Nothing lasts forever, many things change without warning, understand these truths, always think about the past and let it pass. Money is not the whole of life, it is just one of the ways to measure success, and what you will really enjoy is the process of making money. Trump never thinks about what would have happened if it had been done differently, and he doesn't worry about what will happen tomorrow. If you ask him what he does these businesses for, he may not be able to give you a definitive answer, but the only thing that is certain is that Trump enjoys every business.