With all the focus on President Donald Trump and the controversies surrounding him, sometimes it’s easy to forget that he is more than just a former TV show host who found his way into the White House. Donald Trump was a very successful businessman who was able to achieve success in everything he did be it casinos, real estate, fashion and showbiz. It doesn’t matter if you are currently looking for start up loans to get a new venture off the ground, or have a business already up and running, here are seven things that everyone can learn from Donald Trump’s business life.
If you are entering the world of business, then come up with a unique name for your brand that stands out from others. It doesn’t automatically mean you will become a leading business, but it will help you have prominence. Branding works. The moment someone thinks of a company’s name they attach certain images and connotations to it. A good reputation and setting standards is, therefore, essential. In Trump’s own words ‘A brand saves time for the public. They will know a gold standard brand because the name will stand for the gold standard.’
Have a passion for your work
‘A knowledge of business is useful, but I would mention that passion, momentum and focus are crucial.’ said Trump. According to him the road to success begins when you are passionate about your company and everything related to it. Sure, intelligence and qualities matter a lot, but they can only take you so far. On the other hand, when you have passion, you can go beyond your capabilities. It brings out that extra bit of energy and strength that you have, and removes the fear of failure.
Believe in yourself
Confidence is king. When you aren’t sure what you are doing there is no chance you will be able to inspire others. Never be afraid of experimenting and learning because that’s how you will expand your horizons, grow in knowledge, and eventually be able to guide those working for you. You have to believe in what you are doing entirely; only then will you start climbing the ladder of success.
Keep learning and improving
It does not matter how long you have been working, you always get to learn new things on the job, and that’s what Donald Trump believed. ‘No one goes into business knowing everything, so it’s important to be open to education on a daily basis.’ Your education does not complete when you have graduated from university, but it actually begins when you start working.
Try new things
It’s good to focus on your primary business, but that does not mean you cannot try new things. That’s something we can clearly see from Donald Trump’s life who was never afraid of entering new endeavours. He started out in the construction industry, then moved to building golf courses, writing books, founding a hotel chain, and launching clothing and fragrance ranges. In short, there is little he is afraid to try his hand at, which is definitely a trait to admire. And not to forget his famous television show ‘The Apprentice’ which brought him more fame. ‘I like learning new things and the challenge that’s involved. That’s the key with entering a new space. You have to focus because it’s necessary and there’s no back-up experience,’ says Trump.
Failures lead to success
Not many people are aware that Trump had to face a lot of difficulties to get where he is today. Filing for bankruptcy multiple times, failing to start an airline service that ended in the loss of several million dollars, a mortgage company that disappeared and even a vodka brand that was unable to gain any prominence. But in Trump’s view, many entrepreneurs are afraid of dreaming big and taking risks which hinders their progress.
Love what you do
Donald Trump loved the real estate world and gave all his energies to ensuring he was successful in it. Even after failure, he was able to convince himself to keep trying because he loved what he did. Once he established his business after the success of Trump Towers, he entered several more business ventures because Trump always believes if you are good at something and love doing it, no one can stop you.