Cliff Notes: The Art of the Deal by Donald J Trump

By December 11, 2016Book Notes
truh

The votes started to come in.

The bar that was hopping like a college party, came to a silence.

I was in Barcelona until the early hours of the morning watching the unraveling of America’s future.

I felt it would be good to understand the man and what makes him think.

If you are looking for the cliff notes from the book Art of Deal by Donal Trump, here are some of the key takeaways I came across.

Hope you enjoy!

Kia Kaha,

Chris, Barcelona. 

Book notes: Art of the Deal by Donald Trump

Think Big

  • Always think big, go after the very best and fight like hell
  • Negative thinking – always expect for the worst.
  • You always do business with the very top. The best in the business. The richest. Not the wasters at the bottom.

Never gamble 

  • Know your market ( ask people’s opinions,  till you gather enough information to make a gut decision) market research is better done yourself.
  • Leverage. Make the other guy feel like he is winning. Don’t make deals without leverage. Never feel or come across as desperate to make or do the deal. The best thing you can do is deal from strength and leverage is biggest strength you have. Leverage is something the other guy wants or has to have or best of all, can’t do without.

Get the word out and do it yourself.

  • If you market different way, people will remember you if it’s good, bad or bold.I promote to people’s fantasy. People want to believe.
  • Don’t pay for expensive surveys. Get stuck in and do the dirty work yourself.
Fighting 
  • If people take advantage of you when you believe in something, fight them like hell. On other stuff, let go.
  • If you catch anyone stealing, you go after them 100x as hard.
Deliver the goods 
  • The highest quality and always the best
  • Deliver true to your highest word.
  • Promoting the hell out of the product is easy when you have done your work, and you have done it right.
  • If you need a favor ask big. Ronald Ragon.
Cost
  • Hammer them down
  • Do the job once and do it right.
  • The most expensive and best materials is not always the best option if you are getting screwed
Winning
  • Playing the game is more important than money. Are you winning or loosing? Is the person you are conducting a deal with winning you over?
  • You have to be very tough, 10x tougher than the toughest person you know. Why? You will get walked over.
  • Be extremely loyal with those who you are close to.
  • You are the complete package. The way you dress, the way you look. The way you talk. Your manners. This is surrounding part to making all your deals. Walter Hogan
  • You want your best customers to feel incredibly special.
  • Controversy can sell.
  • Do the dirty work to win.
  • Employ the best and work with the best.
  • The worst of times, can be the best of times to seek opportunity
Managing your time
  • Get in. Get it done. Get it done right and get out.and then onto the next job
  • My jobs were always under budget. Better than the competition and ahead of schedule.
  • Cleanliness. You can add £400 to a car that is clean and spent £50 to do it. Same with property
  • It’s not how many hours you put in. It’s what you actually get done
Hiring
  • Hire the best from your competitors, pay them more than they were earning and give even more if they meet their incentives and go past the expectations.
Rent
  • What the tenants stand to loose: The lower the rent, the bigger the apartment and the better the location the harder the people will fight to keep what they have.
  • Anyone will move if they are in a mediocre apartment in a marginal neighborhood.
Property
  • Always finish with the highest quality work
Mentors
  • Get tough and rough mentors to toughen and toughen you up. Always expect for the worst. Negative thinking
  • If you want to be bigger than your father or your mentor you have to be prepared to fight like hell and toughen up.
Beating around the bush.
  • Fancy lunches, winning and dining – what are you actually doing? Whose Winning? Are you getting the deal? Can you do it without the love lunch?
  • Surround yourself in places where rocks are at. The best clubs, the best restaurants. The best golf clubs. Find the rocks.
Negotiating
  • Never pays to be into much of a hurry.
  • Never delay deals, make deals.
  • You buy when the price is right. Never be in a rush.
  • But the cheapest in the best street.
  • Always talking to people. In particular people with higher authority and power than you.
  • Tell people what they have is really not worth that much. Highlight the big problems and that the money you are giving them is actually a great deal for what they have.
  • Part of making a deal is breaking down the competition. You do anything you can (within legal reasons) to win.
  • Projects should never be over budget or over time. Ever.
  • Everyone under the top guy is just an employee. You need to go to the top guy and negotiate with him. Employees jus fight for their salary.
  • Never trust anyone in business. No one.
  • Continue to push for the deal. When you hear the “no” you have to push for more and more.
  • You will learn to fight and protect your self. You will have a deep knowledge in self-defense.
  • You will become a winner. And you will start to understand of what it means to actually win.
  • Success is a matter of consistent persistence of developing a relationship with the person you are trying to do a deal with as long as possible until when the timing is right when you break them and they need he cash and you get “the deal.”
  • You don’t move on your end ever. Your word is your word, and anyone who would even think about negotiating with you is just not the deal. And you are loyal to your word, that when you say what you say- you honor it and are very loyal to that. This is good honorable business and the right way to make a good deal.
  • Wealthy people do not look for deals or bargains. They want the best. So if you choose to sell the best, price the best and give no special deals. Special deals is a sign of weakness.
  • there are always buyers for the best
  • Business should be a pleasure to business with the other person
  • Leave emotion at the door. What is the downside? A lot of deal making is on your gut
  • Always pay for the best. Work with the best. Live with the best. Speak with the best. And sell to the best.