## Introduction: The Art of the Deal Hello, and welcome to my story, a journey through the highs and lows of my career as a deal-maker. My name is Donald J. Trump, and this is my book, "The Art of the Deal." Here, I'll share with you how I run my organization, how I run my life, and the principles that have guided me to success. ## Thinking Big and Taking Risks I've always been a big thinker. To me, it's very simple: if you're going to think anyway, you might as well think big. Most people think small because they are afraid of success, afraid of making decisions, afraid of winning. But I've never been one to shy away from a challenge. When I decided to enter the real estate business, I didn't just aim to build any building; I aimed to build the best, the biggest, and the most spectacular. For example, when I set my sights on building Trump Tower in New York City, many people thought it was a crazy idea. But I saw an opportunity. I negotiated a deal with the Bonwit Teller department store to acquire the site, and then I went to work. I played to people's fantasies, using a bit of bravado and hyperbole to make the project sound even more impressive than it already was. And it worked. Trump Tower became a landmark, a symbol of my ability to think big and make it happen. ## The Eleven Commandments of Negotiation Over the years, I've developed what I call the eleven commandments of negotiation. These are the rules that have helped me succeed in even the toughest deals. First, **protect the downside**. I always go into a deal anticipating the worst. If you plan for the worst, the good will take care of itself. This mindset has saved me from many potential disasters. Second, **maximize your options**. Never get too attached to one deal or one outcome. Always have a Plan B, and sometimes even a Plan C. Third, **know your market**. Understand the people you're dealing with and the environment you're operating in. I've read hundreds of books about China, for instance, because I knew that understanding the Chinese mind would be crucial for my business dealings. Fourth, **enhance your location**. People often think that the best location is everything, but it's not. What you need is the best deal. I turned an abandoned property into the Jacob K. Javits Convention Center, and a seedy hotel into the Grand Hyatt. It's about seeing potential where others don't. Fifth, **get the word out**. Promote your product or service aggressively. I play to people's fantasies, making them believe that what I'm offering is the biggest, the greatest, and the most spectacular. Sixth, **fight back**. When you're successful, jealousy and envy will follow. There are people who get their sense of accomplishment from trying to stop others. But if they had any real ability, they wouldn't be fighting me; they'd be doing something constructive themselves. Seventh, **use your leverage**. Don't make deals without it. Enhance your leverage by being willing to walk away if the terms aren't right. Eighth, **get the best people**. Hire the best from your competitors, pay them more than they were earning, and give them bonuses and incentives based on their performance. That's how you build a first-class operation. Ninth, **contain the costs**. I discovered early on that politicians don't care too much what things cost because it's not their money. But in business, every dollar counts. Tenth, **have fun**. If it can't be fun, what's the point? I enjoy the game of business, the thrill of the deal. Eleventh, **get back to work**. Don't get sidetracked. If you do get sidetracked, get back on track as soon as possible. Sidetracking can kill you. ## My Instincts and Gut Feelings A lot of my success can be attributed to my instincts. When I'm about to make a deal, everyone around me might be telling me not to do it, but if my gut tells me it's right, I go with it. This has worked both ways – sometimes it's led to huge successes, and other times it's saved me from potential disasters. For instance, when I was considering a deal that looked great on paper but didn't feel right, I listened to my gut and pulled out. That experience taught me to always trust my instincts, to stick with what I know, and to remember that sometimes the best investments are the ones you don't make. ## Dealing with Politicians and Regulations I've had my fair share of dealings with politicians and regulatory bodies. One thing I've learned is that politicians often don't care about the cost of things because it's not their money. This can be both a blessing and a curse. I recall a time when Jimmy Carter asked me for a $5 million contribution to the Jimmy Carter Library. I was dumbfounded by the request, but it also taught me something – that sometimes you have to ask for something extraordinary to achieve your goals. I've also found that regulations can be counterproductive. Committees and consultants often create more problems than they solve. When it comes to making smart decisions, a group of guys with common sense and their own money on the line is far more effective than any planning committee or high-priced consultant. ## Building My Empire My journey in real estate and beyond has been marked by both successes and failures. I took over my father's real estate business in 1971 and renamed it the Trump Organization. I reoriented the company toward building and renovating skyscrapers, hotels, casinos, and golf courses. One of my most notable projects was the renovation of Central Park's Wollman Skating Rink. The city had been trying to fix it for years but couldn't get it done. I stepped in, and within a few months, the rink was open and better than ever. It was a project that showed my ability to get things done efficiently and effectively. I've also ventured into other areas, such as television with "The Apprentice," and even into American football with the USFL. Not all of these ventures were successful, but each taught me valuable lessons that I've applied to my subsequent endeavors. ## Conclusion: The Art of the Deal In the end, "The Art of the Deal" is not just about making money or closing deals; it's about a mindset. It's about thinking big, taking risks, and trusting your instincts. It's about knowing how to promote yourself and your product, and how to navigate the complexities of business and politics. If you take one thing away from this book, it should be that success is not just about following rules or formulas; it's about having the courage to be different, to challenge conventional thinking, and to always strive for greatness. So, remember: there's no such thing as an unrealistic goal – just unrealistic time frames. Keep pushing forward, and never lose sight of what you want to achieve. That's the art of the deal.

Here are the key insights from "Trump: The Art of the Deal": ## Thinking Big and Taking Risks - Trump emphasizes the importance of thinking big and not being afraid of success or making decisions. He illustrates this with his ambitious projects, such as building Trump Tower, despite initial skepticism. ## The Eleven Commandments of Negotiation - Trump outlines 11 rules for successful negotiation: - **Protect the downside**: Anticipate the worst to ensure the good takes care of itself. - **Maximize your options**: Always have a Plan B and sometimes a Plan C. - **Know your market**: Understand the people and environment you're dealing with. - **Enhance your location**: See potential where others don’t. - **Get the word out**: Promote aggressively by playing to people's fantasies. - **Fight back**: Counter jealousy and envy with assertiveness. - **Use your leverage**: Be willing to walk away if terms aren’t right. - **Get the best people**: Hire top talent and incentivize them. - **Contain the costs**: Be mindful of expenses since it’s your money. - **Have fun**: Enjoy the process of business and deal-making. - **Get back to work**: Stay focused and avoid sidetracking. ## Trusting Instincts - Trump attributes much of his success to his instincts and gut feelings. He advises trusting these instincts even when others disagree, as they can lead to significant successes or prevent disasters. ## Dealing with Politicians and Regulations - Trump notes that politicians often don’t care about costs since it’s not their money. He also criticizes regulations and committees, suggesting that individuals with common sense and their own money at stake make better decisions. ## Building and Renovating - Trump highlights his successes in real estate, such as renovating Central Park's Wollman Skating Rink efficiently, and his ventures into other areas like television and sports, even though not all were successful. ## Promoting Yourself and Your Product - Trump stresses the importance of aggressive promotion and creating a compelling narrative to attract interest and investment in your projects. ## Mindset and Courage - The book emphasizes that success is about having the courage to be different, challenge conventional thinking, and strive for greatness. It’s not just about following rules or formulas but about a mindset that embraces big thinking and risk-taking. ## Leverage and Negotiation Style - Trump’s negotiation style is described as pugnacious, viewing negotiations as a zero-sum game. However, this approach may not always be effective, especially in situations requiring collaboration and relationship-building. ## Practical Application - Despite the book's advice, it is noted that the guidance is often vague and not particularly useful for practical application. The book is more of a deal-focused autobiography than a comprehensive guide to business success.