Archive View (September 2007)

Stephen was anxious to own a company close to where he lived. He became excited when he realized there were no fish supply stores in the area, so he began to pursue the idea of opening one. He borrowed money from family and friends and tapped his own personal finances and credit cards for a total of $18,000 to cover start-up expenses. He found a location, signed a lease, stocked the store with tanks, supplies, accessories and exotic fish of all kinds. He opened the doors for business. Stephen was feeling really exhilarated. But one year later, his business had to close more...

Wealth-building wisdom from the pages of our latest book, Trump University Wealth Building 101 As I’ve discovered, investing is hard work if you want to be successful over the long haul. It’s easy to make a lot of money under the right conditions, but even easier to lose much more (and much faster, too) when the markets turn against you. That is why you need to get some simple strategies in place for safeguarding the funds you really need the most - the funds you need for retirement. Step One: Save as Much as You Reasonably Can To reach financial independence in the future, be more...

Recently, I read an article from Careerbuilder.com about the Seven Deadly Workplace Sins. Two days ago, I gave you my take on Pride. This morning, it’s all about Envy. Jealousy is stupid. It is a waste of time and it’s destructive. Nothing good can ever come of it, so there’s definitely no room for it in the workplace. If a co-worker gets a project or a promotion that you wanted, then don’t spend time stewing over it or lamenting that it should’ve been yours. Instead, turn the opportunity around. Use the situation to motivate yourself to work harder, to achieve more so that more...

Leverage can be explained in many different ways, but let's keep it simple  . . . Leverage is the art of using other people’s resources to reach your goals. Here are few ways to use leverage that have been mentioned on this blog over the last few months. You can use leverage to buy a business. Richard Parker, our Professor and America’s leading expert on buying businesses, explains that it is possible to buy a business with no money down by offering to partner with its seller. You become a partner in the business for a pre-negotiated period of time while the money you make becomes more...

Recently, I read an article from Careerbuilder.com about the Seven Deadly Workplace Sins. I’d have to agree that they did a pretty good job pinpointing the vices that can surely get you in trouble at work. Missing only the stone tablets and Moses, they’re some pretty good sins to avoid if you want to succeed professionally. Here’s the full list. 1.      Pride 2.      Envy 3.      Anger 4.      Greed 5.      Sloth 6.      Gluttony 7.      Lust Taken without explanation, it sounds highly biblical. And I’d even argue that you need a lot of these traits, at least in small doses. Over the next few weeks, I’ll break it down and give you more...

If you ask a group of entrepreneurs how their enterprises could make more money, nearly all of them will give you the same answer: “We need more customers.” That is a smart answer. The broader your customer base, the greater your profit potential. Yet smart entrepreneurs can also increase profits by targeting their current customers more effectively. Growing with current customers has two main advantages over finding new ones: 1.      You already know your current customers and what their needs and priorities are. 2.      You are already in contact with them, so you have opportunities to persuade them to purchase more. The key to making more from your current customers is to more...

It wasn’t too long ago that I was telling you about the early days when The Apprentice was shot here in Trump Tower and around New York. I was saying that we missed the team when they left, which was true. The good news is that they’re coming back--The Apprentice will be shooting here starting in October. That means a lot of extra activity but it also means good energy. We’re looking forward to having them back. September always seems like a New Year to me, probably because that’s when the new school year started. It’s a great feeling, and I hope more...

"Running a business is like being an orchestra conductor. How well your people perform is your responsibility. " - Donald J. Trump Effective leaders develop individual tempos and utilize them. Your tempo is like an inner metronome that constantly keeps time. It should never stop -- even when the world is exploding around you. The people you work with will feel your tempo and plug into it. When they do, everyone will work better together and enjoy it more. We each have our own internal tempos that govern how quickly we move. It's an integral, distinguishing part of us. Some people are deliberate, more...

Alan Greenspan’s new book The Age of Turbulence is ruffling the feathers of many of the biggest eagles in Washington. Greenspan, the most respected economic analyst in the world, uses his book to point out how increased government spending, a growing trade deficit and other governmental miscalculations have put our country’s economic future at risk. I am not going to take sides on the argument. This is not a political blog. At Trump University, we teach our students the skills they need to achieve success predictably, year after year, through good and bad economic conditions. Of course, governmental policies do affect the tactics more...

If you visit this blog often, you already have read my many posts about the advantages of buying a business. You know that buying a business, in nearly all cases, is far wiser than starting one. (On the first day you own a business, a customer will call. You can’t say that about a new business you just started.) But did you know that there is a low-cost way to enjoy all the benefits of buying a business at a fraction of the cost? There is, and it all starts when you ask a very simple question about the business you are considering more...

I recently read about a woman in China who is suing her former employer because she was fired. Apparently, the company sacked her because she talked back to her boss three times. She was fined for her insubordination but refused to pay the fines so she was fired. She was told that according to company rules no matter whether management is right or wrong, employees are not allowed to contradict them and must obey. They obviously have some pretty tough rules. But even here, I know a lot of managers who run their businesses like that. They figure the boss is the boss and more...

When it comes to work, Americans sure know how to do it. According to a recently released report by the United Nations, the United States leads the world in labor productivity. Somehow, that news surprised me. But according to the report, American workers stay longer in the office, at the factory, or on the farm than workers in Europe and most other wealthy nations. And American workers produce more per person annually than everybody else. The average American worker produces $63,885 of wealth per year, more than workers in all other countries. They also get more work done per hour than everyone but the more...

Trump University’s new contest let’s you ask Donald J. Trump any question you want about success . . . and win a course from Trump University too Thanks to all of you who have sent questions to our Chairman Donald J. Trump. It is my duty today to tell you that this Saturday, September 15th, will be the final day to submit questions. Our judging committee will spend next week reviewing all questions and selecting the winners that will be delivered to Mr. Trump.   If you haven't heard about this contest, let me review how it works.  The deadline for submissions is September 15th.  That's just five days more...

Students are returning to college classrooms all across America this month - and paying some very big dollars to be there. Just what are they getting for their money? That’s a tough question to answer, but here are some stories that shed a little light on the question. $50,000 Buys Fast Food Barry Lenson, our editor, has taken his kid to visit about 20 colleges in the last six months. “Some of them seem to represent good value,” he tells me. “But others give you so little for your money that I’m amazed they’re still in business. We visited one well-known inner-city university that charges $50,000 more...

Take the responsibility. Take the hit. If you do that, you will have no need to blame others or continually find fault with them. A guy I once knew used to constantly call me to complain about everybody and their brother. To listen to him, you would think that the entire world was against him and that he never made a mistake in his life. From day one, nothing was ever his fault. Everyone else was to blame. In truth, he was his own biggest blind spot and sad to say, he eventually became a total loser because he never remedied his biggest more...

If you’re a new entrepreneur, your daily to-do list is already a mile long. You’re hiring, managing your managers, getting your systems in place, bookkeeping and all the rest. But how much time to you spend thinking about your customers? If you’ve been too busy to think about them, you’re making a serious mistake. All business failures can be traced to a lack of knowledge about customers’ identities, wants and needs. Here are five groups of customers you need to meet and get to know. Current Customers They could be past customers who are following you into your new enterprise, or the historical customers of a business you have more...

It’s not a job that I could do, but more and more fathers are taking on the role of “Mr. Mom” and deciding to become stay-at-home dads. More than 150,000 men in the United States are full-time fathers which is triple the number from just 10 years ago. They come from all walks of life professionally, ranging from businessmen and computer technicians to bartenders and soldiers. They have one thing in common: wives who make enough money to support the family, so the dads can stay home and take care of the kids full-time. I’m impressed with these men and with their patience and dedication more...

Trump University’s new contest let’s you ask Donald J. Trump any question you want about success . . . and win a course from Trump University too Since we announced our Ask Donald J. Trump contest three weeks ago, dozens of questions are pouring in every day. Don't you want to ask Mr. Trump a question too? Now's the time, because the contest closes on September 15th. If you haven't entered yet, here’s how it works.  The deadline for submissions is September 15th. It’s easy! Simply submit your question as a comment to this blog post. (Click on comments in the shaded box that follows this blog post and follow the more...

Did you read yesterday’s blog post from our Chairman Donald J. Trump - the one he wrote for Labor Day? In it, he wrote that employees may soon be able to sue their bosses for creating unpleasant work environments. He also offers some great advice, Trump style. . . “If you have a bad boss, if the boss is no good, if the boss treats you poorly, then quit. Leave. Do something.” Most of us have worked for bad bosses at some point in our lives.  Stanley Bing, a terrific writer, has written a book called Crazy Bosses about how damaging it can be to more...

Sometimes I just can’t believe the stuff I read. According to The Los Angeles Times, legislatures across the country are considering laws that would allow workers to sue their bosses for being, basically, jerks. The newspaper says that the number of bullying bosses may be on the rise because companies are relying on lower-paid managers with less experience and poor people skills. And those managers just don’t know how to treat their employees well. In New Jersey, a proposed bill would allow workers to claim as much as $25,000 in damages if their superior creates “an abusive work environment.” Similar laws are being considered more...