10 tips from Donald Trump on Entreprenuership
sO. We all know Donald Trump has built some of the world’s best hotels, condominiums, spas and golf courses. Add to that he’s a best-selling author, the highest paid speaker, and a man with his own award winning vodka. Plus, he just got a star on the “Walk Of Fame” in Hollywood for his reality-show with “Survivor” creator Mark Burnett, the Apprentice (The new season is cool but this new style doesnt compare to that first method of really giving little morals-to-the-story etc- jus FYI lol). Maybe the show is so popular because we all wish we could be a fly-on-the-wall able to learn from a branding and marketing master like ‘The Trump’.
With the economic crisis constantly in the news, one wonders what Donald Trump would say to budding entrepreneurs If we were to have a conversation with him. What tips would he give to them? By reading his books, listening to him speak, and watching him, his tips would be:
1. Find your passion: Do what you love and love what you do. What would you do even if you weren’t paid to do it? Or, as Suzanne Evans of Help More People asks, what could you do all day long that you forgot to eat?
2. Business Plans: Plan for Success. Solo practitioners are probably the worst offenders of this. Without a plan, it is a plan to fail. It is too easy to become distracted, or find the newest thing to promote. With a business plan, there is a direction and a focus.
3. Know your target (niche) audience: Target people with money, but help those in need. People who target everyone are really not targeting everyone. Target the people who can afford your product or service. Give back to your community by sponsoring events.
4. Setting rates: Demand to be paid what your services are worth. Never apologize for expecting to be paid a fair rate for services provided. New entrepreneurs are notorious for setting their prices too low, thinking it will give them a competitive edge, but it actually is the start of the death of a business.
5. Mentors: Surround yourself with smart people, not yes people. Seems simple, but too many people with insecurity issues find people that constantly cater to them, instead of advising them. You need people to help you. Lone rangers in business don’t last long, because they burn out. Having a mentor is a great strategy to keep things in balance.
6. Negotiations: Don’t be so invested that you cannot walk away. Some people put all their eggs in one basket, and put themselves in situations where they may not negotiate well. They “need” that deal to pay the rent, stay afloat, or to get that first client.
7. Fail then come back stronger: Deal with failure, by getting back up, and changing strategy. Some people are married to the idea that their way is the only way, and refuse to alter it in any way. They do this to their peril. Times change, people change, and so must some strategies.
8. Business Growth: Always be open to new ideas. Be open to new ideas that will help you get where you want to go. Business conducted in the 21st century is different from the way it was done in the 20th century. Grow your business strategically. You cannot grow a business overnight by trying every tactic that comes along, or trying to do it all.
9. Critics: Answer your critics by your actions, not your words. There will always be critics of what you do, no matter what you do. But, while they are screaming, just keep doing what you are doing. They say you can’t do something, just do it, because in the end the biggest critics are those who are afraid to step out of the box, and resent those who do.
10. Live Well, but wisely: Never apologize for being successful. People that work hard have no need for apology. It is the lazy and the fake that tend to constantly have issues with successful people. Instead of figuring out how to become successful, they have made it their aim to tear down those who are or want to be.