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Business Rule #10:
Never Despair
November 11, 2004
Donald Trump is not only one of the world's richest men, but one of the most easily recognizable. Add to that one of the most extravagant, immodest, and of course, cocky. All the same, you'd be hard pressed to find a working man who doesn't admire him. Despite the leg up that his father’s success in real estate gave him, he had to raise tens of millions of dollars from investors to get his first Manhattan projects off the ground. Donald overcame all the obstacles thrown his way and went on to fame and even greater fortune, thanks to his business acumen and amazing skills of negotiation.
What makes Donald Trump truly remarkable is how he pulled off one of the most remarkable business turnarounds in history. After accumulating a multi-billion dollar fortune, he saw most of it wiped away in the late 80’s and early 90’s under massive loan payments stemming from the crash of the real estate market. At his nadir, his companies were reportedly carrying $8.8 billion in losses. But Trump made some truly clever business moves and regained it all and then some.
Trump accumulated yachts, casinos, and properties like most adults accumulate bills. At his peak, he had the Taj Mahal, Trump Plaza, Plaza Hotel, and a yacht allegedly worth $100 million. He also became the owner of the Miss Teen USA, Miss USA, and Miss Universe beauty pageants.
May I remind you again, that he was once in debt to the tune of over eight billion dollars?!
Trump also has four best-selling books to his credit. Business school students are known to live by The Art of the Deal. Despite his jets and holdings, he connects with the common man in his endeavors, in no small part because of his upbringing in Queens. He lives the life that many want; he’s the poster boy for Lifestyles of the Rich & Famous. He is... well, you get the point.
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Why did I take you on that trip down memory lane? I wanted to remind you that Trump was once in debt, like millions of other Americans, except that most other Americans could never even fathom that kind of debt. While most people would look at $8 billion dollars of bills and throw their hands up in the air, Trump looked at it and never gave up. Somehow, he was able to see a light at the end of the tunnel and was able to say, “I can do it.” I will fully admit that this inner drive and determination of his is what makes Donald Trump one of my personal heroes.
So someone please tell me how you can go on a
show hosted by the man himself and give up like
Chris Russo did? Chris, you never ever give up! That’s what makes business exciting and grand!
Trust me, if you never encounter a hurdle so high that
it looks insurmountable—but you know that you have no choice but to overcome it—then you aren’t doing something right!
Selling wedding gowns is like selling anything else: you need customers; you need marketing; you need a positive focus. Chris and his team had none of those things. I would even go so far as to say that Chris was a far worse leader than Elizabeth Jarosz. At least she tried to do something. Sure the other team had Sandy Ferreira, a bridal shop owner, but that would only inspire someone like me to say, “Hey, they’ve got an expert; let’s go and hire ourselves an expert!”
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While most people would look at $8 billion dollars of bills and throw their hands
