Before Donald Trump became president, he was busy doing small deals. These small deals were all businesses comprising of multi million dollar projects. Today, Donald Trump is doing deals relating to politics and the governing of America.
If it wasn’t for decades of experience in deal making, I don’t think he would of won the presidential election. Decades of business has prepared him the strength and stamina of becoming the president of the United States of America. I won’t get into a political debate and we’ll just leave it there but what I would like to talk about in this article is his book “The Art of the Deal”.
The book “The Art of the Deal” was written when Donald Trump was in his early 40s. He talked about the deals he made in hotels, skating rings, New York businesses and more. It really gives a glimpse into Donald’s psyche and how he goes about creating these deals worth millions.
My favourite line in his book is that he loves deal making. That’s where he gets his kicks. He makes phone calls with people regarding all sorts of businesses or projects and organises them so they are profitable. Some people watch sports, some people play video games, some people like cooking, Donald Trump likes deal making.
Deal making is key to people’s riches. If you think about it, if you know how to create a powerful deal that is profitable for yourself and the other person, you can make lots of money quickly. For example, let’s say a house is valued at $100,000 but you managed to create a deal with the seller and you purchased it for $10,000.
With your deal making skills, you were able to pocket $90,000 almost instantly! How long would it take to save up $90,000? It would take years. However if you got great at negotiating and making deals, you can make a ton of money. I think this is one of the secrets of the rich. They all know how to negotiate and close big deals.
Hence Donald Trump has continually generated millions of dollars through deal making. Therefore it’s wise to learn this powerful art of making deals.
Below are the top 3 lessons and takeaways from the book.
You have to be sharp.
Donald Trump talks about how he had a big meeting with someone in New York. This person invited him to a wealthy club where the person continually drank. Donald Trump doesn’t drink so he wasn’t sure how to behave with drinkers. However he later discovered that this was his huge advantage for most business people are drinkers and as a result, their mind would not be as sharp as someone who doesn’t drink.
In order to create deals, you have to be sharp and quick with your decision making.
Never be desperate.
When you’re in the middle of the deal, don’t be desperate for the other party will smell it. As soon as they pick it up, they will smoke you out and you’ll end up losing. You should always deal in strength and also use leverage. Leverage is the ultimate key for creating deals for the other party wants what you have and you can leverage this.
Maximise Your Options
Of course, not all of Donald’s deals goes well, however he always has a set of options that he can fall back on which enables him to still win. Some of his deals doesn’t usually go ahead on the first go, therefore Donald always has options that the other party can use and he will still walk away profitable. He’s also found that plan b or even c is usually better than Plan A. He finds that he ends up making more money and creates better opportunities from them.
I highly recommend reading this book “The Art of the Deal” by Donald Trump. No one really teaches you how to be good at deal making and this book is a great start to learning this crucial skill. By mastering the skill of deal making, you are on your way to millions just like Donald Trump himself.
Stay Strong and Be Relentless.