THE ART OF THE DEAL by Donald J. Trump and Tony Schwartz
FAQs:
1. What motivates Donald Trump to pursue business deals?
While financial success is a factor, Trump asserts that his primary motivation for making deals stems from an intrinsic passion. He views deal-making as an art form, drawing parallels to painting or poetry. Trump finds exhilaration and fulfillment in the process itself, particularly when tackling large-scale ventures.
2. What is the foundation of Trump's approach to deal-making?
Trump's deal-making rests on a straightforward philosophy: setting ambitious goals and relentlessly pursuing them. He emphasizes that this approach isn't solely about intellectual prowess but hinges significantly on innate instincts and an ability to perceive opportunities that others might overlook.
3. How does Trump manage risk in his high-stakes deals?
Contrary to perceptions of him being a risk-taker, Trump emphasizes his conservative approach to business. He advocates for anticipating the worst-case scenarios and ensuring one can withstand them. By preparing for potential downsides, he aims to mitigate risks and position himself to capitalize on positive outcomes.
4. What is Trump's perspective on the significance of location in real estate?
While acknowledging the common adage of "location, location, location," Trump challenges the notion that the best location is paramount. He argues that securing a favorable deal is more crucial and that a location's perceived value can be enhanced through strategic promotion and creating a desirable aura.
5. How did Trump's father influence his perspective on business and deal-making?
Trump credits his father, Fred Trump, a successful real estate developer, with instilling in him valuable lessons about hard work, determination, and business acumen. He highlights his father's efficiency, meticulousness, and ability to outmaneuver competitors by delivering superior projects at a faster pace.
6. How did Trump navigate the challenges of securing financing for his early projects?
During a period of economic downturn in New York City, Trump faced significant challenges securing financing for his ambitious projects. He recounts employing various tactics, including appealing to bankers' sense of civic duty and emphasizing the potential benefits of investing in the city's revitalization.
7. What is the significance of the "restrictive covenant" Trump secured in the Grand Hyatt deal?
The restrictive covenant in the Grand Hyatt deal prohibits Hyatt from building competing hotels in New York City without Trump's permission. Trump views this covenant as a valuable asset, effectively granting him control over Hyatt's expansion in the city and highlighting his strategic negotiation skills.
8. What is the current status of Trump's "Television City" project on the West Side yards?
Trump's "Television City" project, a massive development planned for the West Side yards in Manhattan, faces ongoing challenges, including securing necessary zoning approvals and finalizing agreements with potential tenants like NBC. Trump expresses determination to move forward with the project, even if it requires adapting to changing circumstances.
