This Issue: Start Your Own Business -- And Control Your Own Life!

Want success on your own terms? Consider this unique path to success.

WWhen prospective students call Trump University to inquire about our classes in entrepreneurship, our admissions counselors always ask, “What kind of business do you have in mind?”

Most often, the replies are like these: 

• “I have a stupendous idea for a new eBusiness.”

•  “I work for a construction company and now I want to start one of my own.”

• “I’ve been talking to the owner of a big garden-supply company, who might want to sell the business to me. I want to make sure I negotiate the best deal.”

 Those are terrific ambitions. Yet when I review the reports of those calls, I notice something curious:

Very few of our callers are thinking of starting real estate companies.

That’s right. Very few of them are planning to start real estate development companies, or companies that manage apartment buildings - or even real estate brokerages. And I wonder why that is. Could it be that people think they can start real estate investing and then figure out how to run a business later on? If so, it could be a serious mistake.

Think of our Chairman, Donald J. Trump. When he first came to Manhattan and began to acquire and renovate buildings, he didn’t just show up with a checkbook and start buying properties. He had a business already in place - offices, a staff, and a team of attorneys and other experts. I think that’s an important lesson for would-be real estate entrepreneurs. A sound grounding in business can be a great foundation for success as a real estate businessperson.

Why Not Start a Real Estate Company?

When you break it all down, a real estate business offers advantages over most any other kind of business you can name. Whether you buy and renovate buildings, manage real estate or develop land for new construction, you will enjoy:

Flexibility - If you start a health club or buy a dry cleaner, you are going to have to work 50+ hours a week. At least, until you get a reliable staff in place. If you start a real estate company of most any kind, you have a lot more leeway to work when you want, where you want - even in your earliest days of ownership.

Extendability - If you open a real estate brokerage, you can also develop property. If you are developing land, you can partner with a construction company and start building new homes.  If you are a developer of housing projects, you can buy and hold land. Any real estate activity connects logically to many other areas of entrepreneurship. It is hard to think of another business that offers similar opportunities.

Freedom - If you are supervising the renovation of the buildings you own, you can allocate time to a broad range of other entrepreneurial activities. You can buy or launch another business - an eBusiness, a retail enterprise or anything else you desire. You can even continue to work your old full-time job and collect that paycheck while building your own enterprise. And again, only real estate offers that kind of leeway.

So as you are contemplating breaking free of that full-time job and moving your life into a new success track as an entrepreneur, don’t overlook the idea of becoming a real estate entrepreneur. Sign up for one of our great entrepreneurship classes at the same time you sign up for our real estate courses. I predict that you will discover a unique path to success.

It was Thoreau who wrote, "If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them."

I couldn't have said it better. Get your vision, get focused, and then do the work -- starting today!

When I was starting out in Manhattan real estate, I had to be courageous because I was in new territory. I did my homework and studied and watched what was going on, but I was paving my own way here and I had to appear confident, or I knew I'd never make it. Every day mattered, and every day was important. This was the big time, and I knew it.

I've never lost that edge. I still feel that way every day, and I think that's one reason I've managed to achieve as much as I have.

Confidence can get you where you want to go. It's so much easier to achieve when you feel good about yourself, your abilities, and your talents. That's why I'm emphasizing confidence as a way to get the most from every day. It's absolutely essential, so never let anyone undermine you, including yourself.

Even if you haven't encountered great success yet, there is no reason you can't bluff a little and act like you have. Confidence is a magnet in the best sense of the word. It will draw people to you and make your daily life -- and theirs -- a lot more pleasant.

Remember, business is full of complexities. That's what makes it so interesting. Anyone who thinks it's boring hasn't given it much thought. Business can be an art, and as an art, it is evolving and mysterious in its own right. When I wrote The Art of the Deal, I was really just illustrating this aspect of business, and I haven't changed my mind about it. Like an artist, I give my utmost every day to what I'm doing. I'm not pretending in any sense of the word.

If you really want to succeed, you'll have to go for it every day like I do. The big time isn't for slackers. Keep up your mental stamina and remain curious. Bored people equal unintelligent people in my mind. Hopefully since you're reading this, that unfortunate group won't ever include you. It better not!

 I don't like dropouts either. Get with and keep up with the program--and I mean every day. I'm not really a tough guy but I am when it comes to education and using your brains. Ignorance is more expensive than education, and considering what's available these days--Trump University, for example--very few people can make a strong case for ignorance.

Take the pains required to become what you want to become, or you might end up becoming something you'd rather not be.

Richard Parker, developer of Trump University’s blockbuster course The Art of Buying a Business, is one of America’s leading business consultants - and a strong believer in the idea that buying a business is much smarter than starting one.

We asked Professor Parker six of the most common questions that we hear from people who are interested in buying businesses.  Here are the questions, and Professor Parker’s answers:

Question #1: “Why should I leave my job to start a business of my own? I’d be leaving a secure, well-paid position.”

If you’re leaving a well-paid, secure position, your chances of success on your own are great! If you've managed to get to the level you are, then you obviously possess the work ethic and brains necessary to succeed in your own business. Today, the only place where your job is truly secure is in your own business, where you know exactly what is going on at every moment.

Question #2: “What's the downside of owning a business?”

Business ownership requires a serious commitment on all levels. There are financial, emotional, and physical demands. There are daily pressures that you will encounter - but no more so than you already face. Working for a boss and being subjected to his or her mood swings and temperament is a lot more stressful, and there is definitely no upside to that situation. Working for a company where one bad quarter can mean mass layoffs is a lot riskier too.

Question #3: “What if I have zero experience owning a business? I’d probably mess up, right?”

Absolutely not! While I can understand your concern, the first thing you need to have is more confidence in your abilities. That aside, running a business will only be beyond you if you don’t buy the right business for you. It is critical that whatever it is that you do best must be the single most important driving factor of the revenue and profits of any business you consider purchasing, if your plan is to run the business. Further, the beauty of buying a solid existing business is that all the systems, policies, procedures, customers are already in place.

Owning a business necessitates a lifestyle change, and you must consider the impact it will have on you and your family members. Make sure that they fully understand the commitment that is being made. If you do not have their full support and encouragement, it will cause a lot of stress for everybody. The best way to deal with family members is to be sure to include them in the process. Don't lose patience.

Question #5: “Would it be wiser to start a business or buy an existing one?”

This is a question that only you can answer. I am a staunch believer in buying an existing business. For me, the benefits of having a track record far outweigh any positive factors associated with starting from scratch. Also, you will remove a large percentage of risk because someone else (the seller) has done that for you.

I am very biased in my approach, but my reasoning is simple. In a start-up, you can do everything right to get the business up and running, but the one thing you never know is whether or not it can be commercially successful. Furthermore, starting a business requires a substantial number of administrative tasks, and if you have to build an infrastructure of people and equipment, it is costly and time-consuming. Of greater significance is the fact that, in a start-up, you will not be able to focus all of your attention on the business because everything is new.

By the way, 80% of startup businesses fail in the first three years and 80% of those that make it beyond fail by the fifth year. Do the math: that's a 96% failure rate!

Question #6: “How long will it take for me to buy a business and experience independence?”

There's no reason why you shouldn't be able to own a good business within six months from the day that you begin to seriously study the process. Commit yourself - and before you know it, you’ll be embarked on the most exciting experience of your life - your voyage to success!

Note from the editor: This article © DIOMO Corporation.