This Issue: Set Your Business Idea in Motion

For years, career women have heard that it’s fine for them to quit their jobs in order to become stay-at-home moms. They’re told that it’s the best thing for their children and eventually they can make their way back into the workforce when their kids get old enough.

But a new book - called The Feminine Mistake - disagrees with all that. The author, Leslie Bennetts, says that women should not quit their jobs when they have children. The theory is that if women depend on their spouses, it could have serious economic consequences.

What if the husband gets sick or, worse, dies? What if he loses his job? What if the couple divorces?

On top of all that, it’s often difficult for women to return to the workforce after being gone for a few years. Unfortunately, factors such as ageism, sexism and even resentment come into play. Taking three years off can mean earning one-third less than someone who didn’t leave her career.

Are you a better mother if you don’t work? That’s a question only you can answer. But, women, make sure you’re aware of the consequences if you decide to quit your job. I’m not sure I totally agree with Ms. Bennetts because every situation is different, of course, but I think she brings up some valid concerns.

Just because you’re a great career woman doesn’t mean you can’t be a great mom.

"Don’t Let Other People Live Your Dreams" - Michael Sexton

There is really only one thing that billionaires have in common - the Warren Buffetts, Richard Bransons, Donald J. Trumps and Oprah Winfreys of the world.  At some point in their lives, they realized that they could never reach their dreams by working for other people, so they all started companies of their own.

So what about you? Where do you stand on this issue? Are you ready to start your own company? Are you ready to do it today?

If not, I have a Trump University class assignment for you. I want to give you a fill-in-the-blank quiz, so here goes . . .

I am not ready to start my own business today because _____________.

What did you write in that blank? Was it a valid reason, such as the need to raise money or learn some specific skills? Or was it something a little less defensible, such as fear, procrastination or self-doubt?

Or maybe your answer was more complex. Perhaps you have already have started a company and it is not producing the results you envisioned.

If you’re holding back because of insecurity, find your way to a mentor, a coach or someone who can help you face down your fears and get moving. If you need additional skills or if your business is underperforming, don’t hide from those problems. They won’t go away unless you confront them head on. Pinpoint what they are and get the help you need to roll them out of your way.

No matter the delay or frustration you are facing, you can only solve it by taking action. Reach for that golden ring of success. So don’t sit by while other people achieve the triumphs you are willing to work for. Just one small action on your part, today, can start the momentum that gets the job done.

“Tenacity is absolutely necessary for success” - Meredith McIver

Don Trump Jr. started at the Trump Organization the same month I did, which was September of 2001. I remember being impressed by how unassuming he was as well as how diligent he was. Not that I should be surprised, because he has his father’s work ethic to the core. He’s a serious businessman who takes on a lot of responsibility and doesn’t expect any breaks because of his family heritage. If anything, he has more responsibility, which he handles with aplomb. He is mature beyond his years.

A few years later, Ivanka Trump came on board, and by then we knew what to expect. She’s a very hard worker, a dynamo in fact, and there’s no nonsense when she and Don Jr. work together. They make a great team, and share their father’s passion for real estate. Their passion is not fabricated, it’s for real. They’ve taken the Trump Organization global, in a big way and in a short time. It’s been remarkable to watch. Ivanka’s incredibly beautiful too, by the way, but her demeanor cannot be mistaken for anything other than professional. She’s a class act all the way. I heard her father refer to her as being “formidable” and I thought, right on.

Eric Trump joined his siblings in the fall of 2006, and he too brings the same Trump work ethic to his position. He is 6’5” tall, but his countenance is not one of intimidation. He knows what he’s doing and has a low-key approach to getting things done. Which means, being a Trump, they will be done right and done with speed and gusto. He hosted the September Concert tribute to 9/11 in Trump Tower, and did a fantastic job at the microphone. He’s a natural.

Everyone is impressed with the Trump children, although it feels strange to refer to them as children. They are professional, articulate, well mannered, well grounded and as far from being childlike as you can get. I know Mr. Trump is proud of them, and rightly so. Watching them in action is the best antidote to skepticism. They will do the Trump name well for at least a couple of generations to come. The Trump ethos is quality and it is in good hands.

Last week I was telling Don Jr. about the new book I am working on with his father, which is called Never Give Up! It will be similar in format to Trump 101: The Way to Success, which came out last fall and was well received. Don asked what it was about, and I told him it will describe some of the challenges involved in the seemingly Midas-touch empire that his father has built. When we hear the Midas-touch syndrome applied to the Trump properties, we always have a laugh. The Trump brand is what it is today as the result of the hard work, integrity and the incredible tenacity that started with Fred Trump, continued in a big way with Donald Trump, and is flourishing today with the three new Trumps at the Trump Organization. I’d say the Trump brand is poised to be bigger and better than ever.

One of my original observations here had to do with the complexities of the development and management of large properties. It requires amazing daily diligence as well as an eye for details. I began to see how it can become a consuming passion - because if you’re not passionate about it, it could drive you nuts. Nothing is easy, and to hear the meetings and negotiations makes you aware of that fact. Mr. Trump has likened doing business to combat, and I will say that sometimes there is a war zone feeling around here. One journalist who came up commented that spending a day in the offices was like “a day in the trenches” - but the good part is that it is never boring. The Sturm und Drang is there for a good reason - just look at the results! It will be exciting to see how the next few years unfold.

One lesson I’ve learned from watching Donald Trump in action is that tenacity is absolutely necessary for success. That means a daily application of 100 percent focus and nothing less. It’s astonishing to see how he zones in on something, and holds on until he’s satisfied or the problem has been resolved. It can be about trees, sinks, chairs or a multi-million dollar project. All of them will receive his rapt attention. So be tenacious, every single day, day in and day out - and you too will see results.

Bootstrapping is the process of conserving financial resources to the extreme during a business’s startup phase. It means pulling yourself up by your bootstraps by doing most of the work yourself.

Because you want to go into any new business enterprise with your eyes wide open, let’s take a look at some of the pluses and minuses of bootstrapping:

Upside: You can get started, even when you lack the money to hire others to handle the tough work.

Downside: You run the risk of making the wrong decisions and wasting time on tasks that could actually have been done more cheaply by specialists.

Upside: You don’t need to take on extra debt or cripple cash flow during your critical startup phase.

Downside: Designing your own marketing literature and applying other “homegrown” solutions can limit your growth just when you need it the most.

Upside: Once you get through the startup period, you own more of your company - and it might be worth more because you preserved more of your financial recourses. That can pay off if you later decide to sell the enterprise.

Downside: Competitors with deeper pockets can spend money on advertising, salespeople, product development and other assets to gain a critical advantage in the marketplace.

So should you bootstrap, or not? I wish I could pull a rabbit out of my hat here on the Trump Blog and offer you a reliable, one-size-fits-all answer to that question. Every start-up needs to think long and hard about how to allocate its resources, including the abilities and time of its owners. The right kind of knowledge and guidance can make all the difference between enterprises that flourish and enterprises that fail.