How to Succeed in Business and Life Like Donald Trump

Photo Credit: Fortune.com

By William Ballard

After many years of studying successful people, I’ve found some significant clues—especially from the Wealth Builder himself, Donald Trump.

Have you ever wondered why Donald Trump works as much and as hard as he does? Why, in his 70s, he only needs four to five hours of sleep before he is ready to go again?
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I’ll share eight of his most important business lessons in this article. Read on because you are in for a real treat.  

​The Passion of Donald Trump

​We’ve talked about passion in entrepreneurship quite a bit these past weeks, and rightfully so—it’s that important. According to Donald Trump, passion is critical to achieving long-lasting success. Passion is the number one reason why he is able to accomplish what he has done, and at the level that he has done it.

Mr. Trump had this to say about passion: “If you don’t have passion, everything you do will fizzle, or at best, be mediocre. You simply have to love what you do to make it big. People with passion never give up because they never have a reason to, regardless of their circumstances. It’s an intangible momentum that can make you indomitable.”

I like how he said, “regardless of their circumstances.” As I’ve mentioned before, passion truly means pain and suffering. In other words, when someone asks you what you’re passionate about, they’re asking you what you are willing to endure pain and suffering for.
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Let me put it this way: your love for what you do will wake you up and pull you to work every morning, even when you don’t feel like it. It’s that intangible force that pushes you over the line from inaction to action, and beyond.
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The Tenacity of Donald Trump

​People have said it’s like Mr. Trump has the Midas Touch. Although he has been very fortunate throughout his life, he credits much of his success to his education at the Wharton School of Finance and what he learned from his father.

We’ll discuss the benefits of education and leveraging knowledge in a moment, but before we do, we must first understand what it takes to develop the trait of never giving up, no matter how difficult the situation.

Mr. Trump said, “Tenacity is when you refuse to give in or give up. You keep fighting the good fight. Very few things of worth are easy achievements. That’s just the way it works. Tenacity enables you to work through obstacles and problems along the way without becoming worn down or negative. In fact, you should expect problems, so you don’t waste energy. Tenacity is when you keep moving forward. You don’t allow fear to paralyze you.”

I like Mr. Trump’s use of the word "energy" here. If passion gets you over the line from inaction to action, then tenacity keeps you fighting even when you are tired and worn out or even getting beat up.
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As I write that, I’m reminded of a quote from General Payton: “Attack rapidly, ruthlessly, viciously, without rest, however tired and hungry you may be, the enemy will be more tired, more hungry. Keep punching.” I don’t know about you, but that sounds like something Mr. Trump would say.
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Thinking BIG Like Donald Trump

​Donald Trump is the author of Think Big: Make it Happen in Business and Life (AFF).  He said, “If you are going to be thinking, you might as well think big. Thinking small will limit your potential. Thinking big will take you places. Thinking big can get you to the top, and I can tell you, it’s not lonely up here. Successful people like challenges. It’s our nature. Keep in sync with this basic premise, and you’ll begin moving forward with the momentum necessary for great achievement.”

There’s a saying that if you shoot for the moon, you will still land among the stars even if you miss. Grant Cardone wrote the book The 10X Rule (AFF), which kind of jives with this thought process. In Grant’s book, he calls readers to define a target – let’s say, to make a million dollars. Once you define the target, he challenges readers to 10x that original target, which would be ten million.

Psychological studies have proven that the same type of energy needed to achieve the target of a million is the same amount of energy required to hit the target of ten million. Grant goes on to say that the chances of you hitting the ten million target is slim to none. This is where the concept or idea of shooting for the moon comes in.

You see, even if you miss the ten million mark, you'll still accomplish more than the original target of a million. So, again, if we are going to be thinking at all, we might as well think big.
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As Mr. Trump said, “Thinking small when you could think big limits you in all aspects of your life. People are capable of great things, but not if they don’t envision themselves achieving greatness.”
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Leveraging Knowledge Like Donald Trump

​​“I’ve continued the pattern I began with the first deal I made throughout my life: Before I commit to any venture, I study it fully because I want to know all the facts.” – Donald Trump

In The Art of the Deal (AFF), Mr. Trump credits his success to the education he received at the Wharton School of Finance, but he also credits the practical education he received from his father, Fred Trump. He mentions in the book that while he was at Wharton, he was also studying about foreclosures in the New York real estate market.

Jim Rohn used to say, “A formal education will make you a living, but an informal education will make you a fortune.” Donald Trump is an example of that fact. His father built his wealth by leveraging the foreclosure market. From the training Donald Trump received from his father, the informal education he conducted on his own, and the formal education he received at Wharton, he built the Trump empire into what it is today.  

Mr. Trump said, “Ignorance is inexcusable; it’s the surest way to fail. No acceptable reason exists for not being well informed. Projects succeed when you create teams of experts who combine their knowledge and aim for the best. I take this approach, and because of it, my projects are spectacular.”

The best way to leverage your knowledge like Donald Trump is to subscribe to our Business & Entrepreneurship newsletter; you’ll be glad you did!
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Taking Action & Risks Like Donald Trump

​It’s been said that “knowledge is power,” but that is a myth. Napoleon Hill, in his book Think and Grow Rich (AFF), informed us that it’s not knowledge that is power but “applied knowledge” that is power. In other words, you haven’t truly learned something until you’ve mastered the application of it.

Mr. Trump explains how he dedicated a whole season of The Apprentice to this concept alone. In it, he pits one team of people who are book-smart but clueless about the practical side of business against another team of people who are street-smart but clueless about the correct information. He found that experience, not just education, was the key to success. Experience comes from action or doing and requires taking risks. That isn’t to say that knowledge isn’t essential, but knowledge alone isn’t enough. You must act on your knowledge by putting it to work because true learning comes from doing.

Mr. Trump observed, “Many people are afraid to fail, so they don’t try. They may dream, talk, and even plan, but they don’t take the critical step of putting their money and effort on the line. To succeed in business, you must take risks. Even if you fail, that’s how you learn. There has never been, and never will be, an Olympic ice skater who didn’t fall on the ice. Skaters acquire their skill and master their moves by doing and falling, not just by watching and talking.”

He goes on to explain how knowledge requires patience and action requires courage. “Put patience and courage together, and you’ll be a winner.”
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Personalize Your Pitch & Negotiate Like Donald Trump

​Many have said that the key to business success is knowing what your market wants and offering it to them. Now, even though that might sound easy enough, it’s really not that simple. In other words, there is a lot involved in that “knowing what your market wants” part.

Donald Trump observes, “Frequently, people are so involved in trying to get what they want that they don’t think of anyone other than themselves. They’re so overcome with the brilliance of their idea that they ignore other people’s needs and objectives and don’t successfully connect.” He goes on to say that at every level, relationships are built upon listening and making connections based on shared interests and experiences.

We have found this accurate in our line of work here at William Ballard Business Coaching. Many of our first-time clients are so caught up in their business idea – they believe it is the greatest thing since sliced bread – that they fail to determine if there is even a market for what they are trying to sell. In other words, they spend all their time trying to force the market to take something it doesn’t want.

This is one of the most significant business and entrepreneurship lessons you will ever learn. You must first go to the market, find out what people want, and then decide on the product or service you are going to provide.

Too many people approach this in reverse. They start by shouting on the rooftops about what they have to offer and then wonder why no one is listening. No one is listening because they didn’t start by listening themselves. True persuasion and influence begin with listening.

Donald Trump observes, “The first step in negotiating is knowing exactly what you want. Be clear about your own goals. Then, you need to know what the other side wants. You need to give that just as much thought, if not more. Whether you are in baseball or business, you got to know the strengths and weaknesses of your opponents to negotiate effectively. No two teams or companies are exactly the same. Don’t rely on generalizations, find out for yourself.”
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Following Your Instincts Like Donald Trump

​In The Art of the Deal (AFF), Mr. Trump mentions a story about a guy he was considering doing a deal with in the Oil industry. The guy asked if he would invest fifty million, and that it was a no-lose proposition, that he would double or triple his investment.

Mr. Trump said that this guy gave him all the details and that it sounded like a good deal, and that the papers were being drawn up. However, he woke up one morning, and it just didn’t “feel right.”

He then called the gentleman back up and said, “Listen, something about this bothers me. Maybe it’s because the oil is underground, and I can’t see it, or maybe it’s because there is nothing creative about it. In any case, I just don’t want to go in.” The gentleman said, “Okay, it’s up to you, but you're missing a great opportunity.”

Mr. Trump went on to say that the oil industry went under several months later, the company this gentleman wanted him to invest in ended up going bankrupt, and every other partner who invested lost every dime. He observed, “That experience taught me a few things. One is to listen to your gut, no matter how good something may sound on paper. Second, you are generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make.”

Mr. Trump refers to this as “listening to your gut” or following your instincts. Here at William Ballard Business Coaching, we refer to it as listening to the voice of God. Regardless of what you might think about Mr. Trump—and even though he may not view it this way—Mr. Trump has been in tune with God's voice for a while, which is why he is where he is today.

Now, that doesn’t mean Mr. Trump is perfect by any means, but God will use anyone willing to listen. That is what Mr. Trump did during the oil deal. It didn’t “feel right,” and so he listened to that instinct and didn’t proceed.
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Being Your Own Best Asset Like Donald Trump

​You may have read much about “personal branding,” but I’m sure much of what you’ve read has not been accurate. Growing up, I was always taught to be humble and not to try to bring so much attention to myself, which is pretty much the opposite of marketing and branding.

However, over the years, I’ve learned that branding is less about being egotistical, which is what is mostly taught in “personal branding” books, articles, and programs. Instead, it is less about being everywhere on social media and more about the reputation you build.

Donald Trump said, “Being a brand might sound complex to you, but it’s not. Being a brand simply means that you are your own best asset.” He goes on to say that he never planned on becoming a “brand,” but given his ideas, his aesthetic, and the circumstances that led to an expanding network of interest, “Trump” has become a great brand known for delivering luxury and exclusivity.

Truth be told, that is what branding is all about. It’s about how you are perceived in the marketplace. In other words, your reputation in the market is your best asset. Are you known for delivering quality? Or are you known for providing less than quality to your target market?

In short, forget about mastering social media marketing and trying to be everywhere online; instead, focus on producing and providing quality products and services to your customers and clients. That is how you build a brand people trust.
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Final Thoughts

​Through trial and error, Donald Trump has learned how to do a lot of things the right way over the years, and by following these eight business lessons, you can do the same.

Are you ready for the challenge of creating and building a successful business you can be proud of? You’ve got work to do. Subscribe to the Business & Entrepreneurship newsletter today! 
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William Ballard is the founder and CEO of William Ballard & Associates, LLC. He is a serial entrepreneur and has built a successful career leading and growing organizations based, in large part, on his ability to ask great questions, speak with candor, and identify talented people with whom to collaborate.

​It’s from this foundation that William helps aspiring entrepreneurs, small business owners, and ministry leaders navigate organizational, industry, and societal changes to move their organizations closer towards their vision.

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