Donald Trump

on
Owning a Business
and
Owning a Life
1. Stop working for other people. All the world’s
billionaires have one thing in common. At some
point, they stopped working for other people and
started working for themselves.
2. Consider buying a business instead of starting one
from scratch. You can look at the books of a
business that is for sale, identify improvements you
can make – and have an operating business at a far
lower cost.
3. Be wary of franchises. They offer an established
brand name and advertising. But buying an existing
business offers the same benefits and gives you
greater bang for the buck.
4. Beware of foreign competition, new technologies
and other surprises. Read industry-related
publications before starting or buying a business.
You don’t want to be broad-sided.
5. Start a business that lets you do what you love. You
will always do better in the business that is right for
you, even though other enterprises might look more
profitable.
6. Talk over the demands of owning a business with
your family before you make the move. Explain the
extra time you will need to invest and make it a
group decision.
7. Talk with people who own businesses similar
to the one you are considering. They will
almost always be happy to share their advice,
warnings and knowledge.
8. Take a job working for a business like the
one you are considering. It’s the best way to
be sure it is right for you.
9. Remember, a lack of start-up funding can
sometimes be compensated for by the simple
“sweat equity” (also known as hard work)
you invest during the start-up phase.
10. Take a marketing course before you start your
business, to learn how to kick start profits without
hiring a costly sales force.
11. Beware of false optimism. Just because you believe
in your product or service doesn’t mean the world
will beat a path to your door.
12. Target your competitors’ weaknesses. If their
premises are dirty, be spotless. If they don’t deliver
to customers’ homes, deliver. If they are closed on
Sunday, stay open. It’s the simplest way to gain a
competitive edge.
 Adopt
a
Trump Mindset
for
Wealth
1. Follow your passion. You are much more likely to
become rich by doing something you love.
2. Set immense goals. Why decide that you want to
make $1 million when you can decide to make $100
million instead? Big dreams make your potential
vast.
3. Learn something new every day. Small parcels of
knowledge – about a new kind of mortgage or a new
building material, for example – boost your success
potential in immense ways.
4. Cultivate patience. For example, you will sometimes
need to own a property for a very long time before
the time is right to develop it. You need the maturity
to wait.
5. Never settle for second best. Build the best
buildings, hire the best people and make the
wisest decisions. Excellence costs no more than
mediocrity and it will make you richer, faster.
6. Live big. Within your budget, of course.But
remember that the point of becoming
successful is to live well, not walk around with
holes in your shoes so you can have an extra
$20 in the bank.
7. Work only with honest and moral people.
Crooked people will cripple your success. Steer
clear of them.
8. Be direct with people. It saves time – and
time really is money.
9. Reward worthy people. It doesn’t matter if
they cut your grass or who manage your
money. Be fair and generous and the good
you do will come back to you many times
over.
10. Learn to negotiate. Most of everything in life
hinges on effective negotiation, so learn to do
it well. And remember, not every negotiation
is of the win/win kind. You sometimes have
to be willing to come out ahead.
Get Organized
to
Get Rich
1. Remember that computers crash. Back up all your critical information in
at least two different locations, such as in your filing system and in your
lawyer’s files.
2. Keep financial records indefinitely. You never know when some check
stub or receipt is going to save you from an audit or another cataclysmic
problem.
3. Don’t let anyone sign your checks until he or she has worked for you for
a minimum of five years – preferably 10. The moment you let someone
do it for you, they can turn from honest to dishonest in a heartbeat.
4. Shred all your financial statements, bills and credit cards before you
dispose of them. Not all identity theft occurs online.
5. Keep a paper notebook next to your office phone and quickly summarize
phone conversations you have. It’s a pain, but when someone calls
someday and says, “We never discussed that!” you will have them dead
to rights.
6. Return phone calls within a day. If you can’t manage that, return them the
next day. And if you can’t manage that, hire somebody to do it for you.
To get rich, you need to be responsive.
Let a Success Image Carry You to the Top
1. Follow the ancient advice and dress for the job you
want, not the one you have. It’s a cliché for a reason.
2. Sweat the small stuff. A stain on your tie or scuffs on
your shoes will tarnish your professional image a lot
faster than you imagine.
3. Stand up and shake hands when people enter your
office. When they leave, stand up and escort them to the
door. Those little customs single you out for success.
Cultivate
Healthy
Financial
Habits
1. Pay your bills on time – especially your credit card bills. For recurring bills,
schedule automatic payments through your bank’s online services so you
will never miss a payment.
2. Save enough cash to see you through three to six months of lean times. If you
lose your job, you won’t then have to use credit cards to pay for daily
expenditures.
3. Don’t buy the latest new gadgets today. Wait a few months for prices to
come down.
4. Buy airline tickets as far in advance as possible. The cheapest tickets are
often the ones you buy two months in advance.
5. Pay off your credit card balances as soon as you receive your bills. Don’t
just believe in doing so – do it. Remember: Earning 5% in your savings
account doesn’t mean much if you are paying 23% interest on unpaid card
balances.
6. For one month, keep a log of everything you purchase. At the end of the
experiment, you will get some surprises about where your money goes. Make
adjustments.
7. Automate your saving process. One way is to have your paychecks deposited
automatically into a checking account and then have your bank
automatically transfer a set amount each month into your savings account.
What is entrepreneurship?
• The process of creating a business
enterprise capable of:

Entering new or established markets by

deploying resources and people in a
unique way
Who is an entrepreneur?

• A person who creates and manages

change by the recognition of
opportunities(needs, wants, problems,
and challenges)
• and manages resources …in order to take
advantage of the opportunity and create a
venture.
The entrepreneurial mindset

• An entrepreneur views needs, problems and

challenges as opportunities.
• An entrepreneur comes up with innovative ways
to deal with challenges/problems.
• An entrepreneur realizes that he/she is in the
business of creating value.
• An entrepreneur thinks/learns ahead and
consolidates opportunities before they become
obvious.
• An entrepreneur is a visionary and a leader
Sees needs as opportunities

• An entrepreneur sees the problems/needs

around her and sees opportunities to make
profits or create value.
• Needs and problems are a blessing to the
entrepreneur!
• Example
Your thirst is Coca-Cola’s opportunity to
sell you Coke
Innovative ways to solve problems

• An entrepreneur is a skilled problem solver and

uses the resources around him to solve
problems.
• Example
– Jeff Bezos, the founder of Amazon.com solved a
problem for people who have used books but don’t
know what to do with them. He created a website that
allowed such people to meet online and sell used
books to each other and in the process created a
billion dollar company.
Entrepreneurs create value

• Entrepreneurs create value to society by:

• Increasing the number of customers
served by a product/service
• Reducing the costs of a business
• Improving on the quality of products and
services
• Inventing a new product or service!
How Amazon.com creates value

• Because it can be accessed online,

anyone with internet access can use it
• After initial success with book swapping it
began providing more services to
members by selling new books, movies,
electronics, etc.
• It has continually improved its website to
make it as customer friendly as possible
Amazon.com vs. a Bookstore

• Amazon.com is online and open 24/7.

• Anyone who has access to the internet
and a credit card is a potential customer.
• Amazon has automated customer handling
processes –needs less employees and
therefore has lower costs
• Amazon has millions of book titles and you
can find any book you’d want from them
 A forward thinker
• Before opportunities become obvious, an entrepreneur
quickly moves in and consolidates his position:
• In 1994, Jeff Bezos read that the web was growing at
a rate of 2,300% a year.
• He quit his job on Wall Street and started looking for a
way he could benefit from the phenomenal growth
• Decided to sell books online since he noted that there
were 3 million books in print in the world and there was
a need to be able to organize them, search them and
sell them electronically.
• He realized that it was only a matter of time before the
internet spread world wide and knew he had to take a
chance immediately
A Can-Do attitude

• An entrepreneur is a visionary, an optimist, a

strategist, confident and very hard working.
• He/She is willing to go where others have not
been and will not give up on his/her dream when
others say it can’t be done.
• If an entrepreneur can’t win the game he will
change the rules of the game to come up with a
new solution to a problem!
• He/She is challenged by the words-“It can’t be
done.”
A visionary and a leader

• Entrepreneurs lead and others follow.

• In the process they generate value for
themselves and others.
• Amazon.com has created value for the millions
of customers since it makes it easy for them to
find books they need from the comfort of their
home
• It has also helped authors sell their books
• In the process, Jeff becomes $4.8 Billion richer.
Entrepreneurs as leaders
• Entrepreneurship is the ONLY source of new
wealth and new productive jobs in society.
• It only takes a small part of the population, 1-2%,
to become successful entrepreneurs in order to
pull the whole society along.
• Throughout history, countries that have nurtured
entrepreneurial culture have been the most
successful and dynamic.
• Entrepreneurs are at the heart of success of
modern economies.
• Society must encourage and reward
entrepreneurial activities
Entrepreneurs are risk takers

• Successful entrepreneurs are not afraid of

failure.
• They acknowledge failure but prepare for
it.
• However, if they fail they can quickly learn
from their mistakes and try again!
• Jeff Bezos quit his well-paying job in order
to found Amazon.com without any
guarantees of success.
Entrepreneurs as visionaries
• Jeff Bezos reads about the huge growth rate of
the web.
• He makes a list of 20 commodities that he could
sell on the net
• Settles on books since there is a large market
that can be made easier to access and can be
greatly improved upon
• As the business grows, he expands the market
by selling CDs and DVDs
• Eventually he adds toys, clothes etc.
• Amazon now has 39 million customers
 Michael Dell - Computers
• Foundedd the largest PC maker in the
world out of his college dormitory.
• Built a personal wealth of more than
$20 Billion US and inspired millions of
entrepreneurs.
• At age 15, he tore up a computer and
put it back together.
• Started selling computer parts to his
friends and then grew the business
P. Diddy–Entertainment etc.
• After a successful music career ventured into
many businesses using his celebrity status
as a resource•Interests:
• Sean-John Clothing Company
• Bad Boy Productions
• Restaurants
• Studios
• Very creative and versatile entrepreneur who
has managed to create a huge net worth and
is active in his community
Oprah Winfrey –
HarpoProductions
• Talk-Show host of the Oprah Winfrey
show
• O-Magazine
• Oxygen Media
• Personal value of more than $1billion
dollars•
• She’s turned the business of
counseling into major business
Warren Buffett-Investor

• Warren Buffett is the World’s Greatest

Investor
• He is Chairman and CEO of Berkshire
Hathaway, an investment company which
buys businesses and then increases their
value
• Buffett is the first richest man in the world
with a net worth of over $62billion US,
• He has built his empire slowly but steadily
using time-tested investment principles