DONALD TRUMP'S Secrets to Deal-Making | The Art of the Deal | Animated Book Summary

Summary

In his book, Donald Trump recounts his early business ventures, detailing his high-stakes deal-making and relentless pursuit of success. He emphasizes the importance of a strong work ethic, strategic thinking, and the influence of his father in shaping his business acumen. Trump's ventures include the transformation of the Commodore Hotel into the Grand Hyatt and the construction of Trump Tower, showcasing his ability to turn challenges into opportunities and his knack for self-promotion.

Takeaways

• 📚 Donald Trump authored a successful business book detailing his experiences and strategies before his political career.
• 🤝 Trump's daily routine in 1987 involved numerous phone calls and impromptu meetings, highlighting his hands-on approach to business.
• 🏡 His wife Ivana played a crucial role in managing their homes and children, as well as contributing to the business by running Trump's Castle.
• 🚀 Trump's deal-making strategy involved setting high goals and relentlessly pursuing them, capitalizing on his ability to think big.
• 🏢 He emphasized the importance of understanding the market and generating interest and excitement for his projects, often preferring to do it himself rather than relying on PR teams.
• 💡 Trump's bold and sometimes controversial personality attracted media attention, which he viewed as beneficial for business despite the mixed press.
• 🏗 His father's influence was significant, teaching him business toughness, competence, and efficiency, especially in negotiating with suppliers.
• 🎓 Trump's education at the Wharton School of Business and early experiences in real estate with his father shaped his business acumen.
• 🏙️ The transformation of the Commodore hotel into the Grand Hyatt and the construction of Trump Tower exemplified Trump's ability to turn around struggling properties into successful ventures.
• 🃏 His entry into the casino business with Trump Plaza and strategic management decisions led to increased profits and business growth.
• ❄️ Trump's acquisition of the Hilton casino-hotel in Atlantic City and the successful renovation of Wollman Rink demonstrated his ability to turn challenges into opportunities.

Q & A

What was Donald Trump's daily routine like in 1987?

In 1987, Trump's daily routine included a large number of phone calls (50-100 per day), short and to the point, along with a dozen or so impromptu meetings. He would leave the office at 6:30 PM, and calls would continue into the evening and throughout the weekend.

Who was the strong woman behind Donald Trump during the time described in the script?

The strong woman behind Donald Trump was his wife, Ivana. She managed their three homes, raised their three children, and even helped in the business by running Trump's Castle, the second hotel and casino complex Trump bought.

What was Trump's approach to deal-making?

Trump's approach to deal-making involved aiming very high and then pushing relentlessly to try and get it. His ability to think big was a great advantage, as many people fear decision-making and success.

How did Donald Trump ensure the success of his ventures?

Trump ensured the success of his ventures by making decisions only after asking lots of questions and getting the opinion of everyone involved, understanding the market, and generating interest and excitement for his products. He also believed in delivering a great product, as no amount of promotion would help if the goods couldn't be delivered.

What influence did Trump's father have on his business approach?

Trump's father, who built rent-controlled property in New York, taught him toughness in business, competence, and efficiency. He also learned to negotiate hard with suppliers and promised reliability in payment and future work to get suppliers to lower prices.

What was Trump's first major project in Manhattan?

Trump's first major project in Manhattan was the renovation of the Commodore hotel, which he redeveloped into the Grand Hyatt with the Hyatt hotel chain as his partner.

How did Trump manage to increase the room rate at the Grand Hyatt?

After several years of negotiation and renovation, Trump increased the room rate from $20.80 in the old Commodore to $115 at the new Grand Hyatt, with over 80% occupancy.

What was the outcome of the Trump Tower project in terms of cost and revenue?

The entire Trump Tower project cost $190 million. Sales of the apartments generated $240 million, and Trump also received $10 million in sales commission plus additional profit from rental of retail and office space.

How did Trump improve the profit of his casino business?

Trump improved the profit of his casino business by hiring the best people from his competitors, paying them more than they were earning, and giving them performance-based bonuses and incentives, which resulted in a profit of $20 million more than projected.

How did Trump handle the situation with Hilton hotels building a rival casino-hotel in Atlantic City?

When Hilton hotels were rejected a gaming license for their casino-hotel in Atlantic City, Trump negotiated a deal to purchase the facility for $320 million, turning a potentially negative situation into a profitable one.

What was the outcome of Trump's offer to rebuild the Wollman Ice Skating Rink in Central Park?

Trump offered to rebuild the Wollman Ice Skating Rink in six months, putting up the $3 million himself. After initial rejection and press coverage, the mayor agreed to a deal where Trump would be paid back the $3 million only upon completion. Trump oversaw the rink being fully built in four months and $750,000 under budget.