The Seven Critical Traits of Top Entrepreneurs

As President of Trump University, I meet often with our Chairman, Donald J. Trump. I never forget that just about every businessperson in the world would envy that opportunity. Who wouldn’t want to sit down with Donald J. Trump to get his expert advice on building an enterprise?

This morning, I’d like to share some of the insights I have gained in those meetings. I’ll call them the Seven Critical Traits of Entrepreneurs, because they are business-building themes that Mr. Trump stresses often and energetically.

1.       Have passion - Mr. Trump has never said to me, “Be passionate!” Yet it’s at the core or his thinking. Exactly what is passion? He summarizes it as, “Enthusiasm on a big scale.”

2.       Be tenacious - Mr. Trump is not someone who lets me, or anyone in his organization,  give up on any project until every possibility of success has been explored. Consider the fact that he bought the land for Trump Place in Manhattan way back in 1974 - and it is now nearing completion. That’s tenacity.

3.       Think big  - We all have to start with small steps on any project, but Mr. Trump urges people to take the biggest steps they are capable of. “Thinking big can get you to the top,” he once said, “and I can tell you, it’s not lonely up here!”

4.       Be a sponge for new information and ideas - There’s really no such thing as knowing too much about what you’re doing. Despite his packed schedule, Mr. Trump reads everything he can and strives to get information he can use from everyone he meets. There’s often a book on his desk, and I find that inspiring.

5.       Take action - When you know what you need to know about a project or idea, move decisively. Yet Mr. Trump also has a flexible philosophy and he’s willing to take a step back and start again - tenaciously - if the time is not right to move forward. So it is a matter of taking risks, but considered risks. Mr. Trump once said, “A lot of people are afraid to fail, so they don’t try. They talk, but they don’t do. That’s the perfect formula for failure.”

6.       Learn to negotiate - “Learning to negotiate is invaluable if you hope to connect in any way with other people.”

7.       Enjoy competition - Your competitors are there to help you perform better in the world and - certainly - achieve more success than they have. “Competition forces me to outdo myself,” Mr. Trump has said. “I love competition because, ultimately, it makes me bigger.”

To those of you who are in the United States, I wish you a happy Fourth of July holiday. America is great place to launch a great business. And to our foreign readers, all good wishes for every success. I believe the seven traits I outline above can offer you a blueprint for winning.