Which person in the White House will Donald Trump fire first if he is elected President of The United States? A few weeks ago, I was able to watch a piece of Donald Trump’s coming out party announcing his candidacy for President. Whether you like Donald Trump or you don’t like Donald Trump, you have to admire his uncanny ability to be savvy about using all outlets possible to build the riches of his empire. Trump golf course. Trump hotels. Trump water. It never ends. Here are five business lessons that all business owners can learn from Donald Trump.
- Use The Media To Expand Your Reach
I read this excerpt from www.commondreams.org about Trump’s initial speech. Already the commentators have derided his massive egotitis – he said “I” 195 times in his announcement speech, not counting the 28 times he said “my” or “mine” or the 22 mentions of “me.” But Trump revels in self-promotion and, as one commentator wrote, “plays the media like a harp.” Trump understands from Celebrity Apprentice to his appearances on talk shows that he can multiply his brand message quickest by getting the media to write about him.
- Never Count Yourself Out
First things first: Donald Trump has filed for corporate bankruptcy four times, in 1991, 1992, 2004 and 2009. All of these bankruptcies were connected to over-leveraged casino and hotel properties in Atlantic City, all of which are now operated under the banner of Trump Entertainment Resorts. He has never filed for personal bankruptcy — an important distinction when considering his ability to emerge relatively unscathed, at least financially. (source: Forbes). Even when everyone said he was going bankrupt he was able to turn it around to become a billionaire.
- The Value Of Brand
I’ve learned as we build oXYGen Financial, that brand does matter. Why do you purchase Apple products? Why do you buy diamonds from Tiffany’s? Why do you drink Starbuck’s coffee? Yes, these are all high quality companies, but consumers love to love brands. Trump hotels for example (I know I’ve stayed in the Trump Chicago) are exquisitely designed with luxury materials. You feel as if you are in the most palatial place possible in the city. The Trump brand stands for luxury and power in my opinion. This attracts those people who are attracted to that type of status symbol.
- It’s Just Business
Even on his initial speech for his run for President, Trump went after all of the politicians, many who am I sure he has helped in the past. He said he loved many of these people, but they simply don’t know how to run a business nor make any real decisions. On Celebrity Apprentice, he will go after and challenge even the most famous of celebrities. (Except Gilbert Gottfried of course). Trump is the master at separating business and personal when it needs to happen in a business situation.
- Always Trust Your Family
One debatable topic about business is often whether or not to bring in family members. It is admirable how Trump uses his leadership skills to make Ivanka, Don Jr., and Eric executives in all of the family businesses. This is not a trait that many business owners can duplicate, but a lesson to be learned when thinking about the future employees who can run or take over your empire.
Written by: Ted Jenkin