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Inside Trump University
This Issue: The Great Marketing Information GiveawayIssue 65
When I Say, "You're Hired!"
The essentials of building a great staff
One of the keys to being a great leader is the ability to delegate. For some strong people, that’s not an easy thing to do. It’s often difficult to relinquish the reins because you want to make sure things are done correctly. Many people adamantly believe the adage, “If you want something done right, you have to do it yourself.”
But executives and managers and leaders of any kind are too busy to tend to every detail so delegation is crucial. However, in order to assign tasks to others, you have to really trust those who work for you.
In recent years, I have built a public reputation for firing people. In all honesty, I put much more emphasis on hiring people and promoting those already working within the company. I think I’m a pretty good judge of character. When I interview people, I try to size them up fairly quickly. I don’t waste a lot of time on interviews because, although first impressions are lasting and often tell me immediately what I need to know about someone, every hire is a gamble.
Impressive credentials don’t always add up to a great performance or a good fit. I’ve had résumés that have blown me away and then, the real live person has done nothing once he or she has joined my staff. Likewise, nonexistent credentials don’t mean nonexistent talent. Being circumspect helps a lot and keeps you from being surprised. Time will do the weeding out for you. All you have to do is pay attention.
One characteristic I look for in employees is a concern for the organization as a whole. I admire employees who see themselves as having a direct relationship to the success or failure of the company they work for. When employees believe they are important to the company, their work reflects that loyalty.
I respect employees who act quickly and can think on their feet. Time is often of the essence and I value staff members who are ready with answers and solutions. I also like employees who spend (and, more important, save) the company’s money as if it were their own. Companies suffer when employees don’t make enough of an effort to control costs. Finally, although some amount of personal ambition is necessary, too much could undermine the common goal of the company. The company has to come first in every employee’s eyes.
It’s an employee’s job to do the work of the company and keep the company’s goals in mind. And it is the company’s job to keep the employees motivated and challenged. If it’s a good fit, everyone works together well. If not, then it’s a dead-end situation and no one benefits.
For more insights on getting your company to run as well as a fine Swiss watch, enroll in Trump University’s Entrepreneurship Mastery Program. Classes are forming now.
The Great Marketing Information Giveaway
You’ll be glad that you stopped by today, because Trump University is giving away some of the most powerful marketing ideas available anywhere - information that can make your enterprise vastly successful in today’s competitive marketplace. Better yet, we are not giving away this information next week or next month. You don’t have to send us an email to request it either, because we have already given you all this information in recent postings on this page. In case you missed it, here it is for you. So grab that mouse and get clicking.
Even more great information will be coming your way in the future. Whether you are an entrepreneur, a real estate developer, an investor or simply someone who create wealth, you will find what you are looking for. Why are we giving away all this information for free? Because we are a learning institution, and helping people reach their goals is what we do. If you want to learn success, Trump University is the real deal. And everything we do, we do for you. Is a Franchise Your Best Route to Entrepreneurial Success? (Part II)
One week ago today, this blog ran Part I of a two-part, in-depth interview with Trump University Professor Richard Parker, developer of Trump University’s The Art of Buying a Business course.
In that interview, tackled many of the questions that need to be asked before buying a franchise. Today, Richard Parker talks more with Trump University’s Barry Lenson and brings the issue into even sharper focus.
Barry Lenson: If you own a business, you can deduct the costs of advertising, signage and other expenses. Is that also true with a franchise? Is there an advantage one way or another?
Richard Parker: The expenses can be deducted similarly. There are some tax advantages in both scenarios. Your decision has to be based upon what is best for you and your individual tax considerations.
BL: Which is easier to sell - an independent business or a franchise?
RP: A good non-franchised business is easier. Plus there are none of the franchise transfer fees that can be stipulated in a franchise agreement. Another problem, potentially even greater, is the fact that the master franchising company often has the right of first refusal on the sale and must approve any buyer. They may also want to implement an entirely new franchisee agreement with the buyer. In other words, you can find a willing buyer, only to have your franchise company block your sale.
Then there is the fact that the current market to sell solid, ongoing businesses is currently very strong, as we explore in my Trump University course, The Art of Buying a Business.
BL: So what do you tell the person who really wants to own a business and is leaning towards a franchise?
RP: Let me list the considerations.
First, take an honest inventory of yourself. What are your goals? Your strengths? Your weaknesses?
Second, decide if you can live with, and thrive within, the confines of a franchise.
Third, make certain to educate yourself about the specific franchise you are considering. The franchisors employ the slickest sales people you’ve ever seen. Be wary.
Fourth, if you’re absolutely convinced that a franchise is for you, buy a resale. One that’s already successful.
Fifth, if you have an ounce of doubt about buying a franchise, then it’s probably not for you. Take the time to research and investigate non-franchised businesses for sale. You really are better off, in my opinion, getting into a non-franchised business.
Sixth, and most importantly, whether a franchise or not, education is the key to your success. Take the time to learn what’s involved and know what you need to do in each stage of the buying process. Ultimately, your knowledge will determine whether you succeed or fail.
Trump University Professor Richard Parker developed Trump University’s self-paced multimedia home-study course, The Art of Buying a Business. |
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