Here is the book note that I have for Donald Trump’s book “Art of the deal”
- from Chapter 2:Donald Trump thinks that the ability to make deals is something one is born with. He says that, while intelligence is certainly a part of the equation, negotiating is more of an instinctual thing than anything else.The essential elements of making any successful deal are:
*Think big: Seeing the sky as your limit.
* Total Focus: Singularly fixating on the end result of whatever it is you’re after.
* Plan for the worst outcome in any type of negotiated transaction; knowing that if a better outcome exists, it will take care of itself.
* Avoid being greedy; knowing that proposed money making partnerships can also minimize financial risk.
* Never look at any type of potential arrangement through the lens of just one approach; identifying multiple ways in which you can make a thing work.
* Know as much as you can about that which you are after.
* Get as much data as you can about whatever it is you are attempting to acquire, “Yourself,” before deciding on how to act.
* Don’t ever seem desperate, or risk getting the short end of the stick.
* Use whatever leverage you have in negotiations and if you don’t have any, “Find some.”
* Never pay more than fair market value for anything, even if it means walking away from that which is ideal to have.
* Learn to generate interest in whatever it is you have to offer.
* Keep things positive; even when under fire.
* Fight back; when you know for sure it is the right thing to do.
* Make good on your promises.
* Don’t be afraid to ask for something extraordinary if you’ve got something of equal value to give in return.
* Be cost conscious; spending what you should, based on fair market value. * At the end of Chapter 2 in his book, “The Art Of The Deal,” he gives us just one more thing to consider. The Donald suggests that we try to keep things light, no matter what we are after, are negotiating for, etcetera. If you are constantly stressed out about whatever it is you are trying to make a deal for, even Donald J. Trump agrees, “You’re not living.” - Application of The Art of the deal on investment (FIL_The Art of the Deal)
