I’m hearing a lot about tariffs and their effects on the markets lately.
Here is a summary of The Art of The Deal by Donald Trump:
1. Think Big: Trump emphasizes the importance of setting ambitious goals. He believes that if you’re going to put effort into something, it might as well be on a grand scale, as small thinking limits potential.
2. Maximize Options: Flexibility is key in negotiations and business. Trump advises against locking yourself into one approach—always have multiple paths to success.
3. Know Your Market: Success comes from understanding the people you’re dealing with, whether it’s buyers, partners, or competitors. Trump stresses doing your homework and relying on instinct honed by experience.
4. Use Leverage: He advocates finding and using whatever advantage you have in a deal. Leverage, whether financial, informational, or situational, is critical to coming out on top.
5. Protect the Downside: While Trump encourages bold moves, he also highlights the need to minimize risk. Focus on what could go wrong and ensure you’re covered before taking big swings.
6. Get the Word Out: Promotion is essential. Trump believes in hyping your projects—sometimes even exaggerating—to generate excitement and attract attention, as long as you can deliver.
7. Fight Back: When challenged or criticized, don’t just take it—push back hard. Trump sees this as a way to maintain control and deter future attacks.
8. Deliver Results: Flashy talk only gets you so far; you have to follow through with tangible success. Trump stresses that deals are only as good as their execution.
9. Keep Costs Low: He advises being frugal where possible—negotiate hard with contractors, suppliers, and anyone else to keep expenses down without sacrificing quality.
10. Have Fun: Trump argues that enjoying the process keeps you motivated. For him, the thrill of the deal itself is a big part of the reward.
Did you change your mind about his strategy?