Table of Contents
Title Page
Copyright Page
Dedication
Acknowledgments
Introduction
Chapter 1 - THE LOWEST MOMENT IN MY LIFE AND HOW I FOUGHT BACK
Chapter 2 - FAILURE IS NOT PERMANENT
Chapter 3 - THE APPRENTICE WAS SUPPOSED TO BE A BIG MISTAKE
THE LOW POINT
Chapter 4 - IS THIS A BLIP OR A CATASTROPHE?
THE SECOND-TALLEST BUILDING IN NORTH AMERICA
THE LOW POINT
Chapter 5 - I LOVE A GOOD FIGHT j
Chapter 6 - REMEMBERING SEPTEMBER 11, 2001
Chapter 7 - EXPECT PROBLEMS AND YOU’LL BE READY WHEN THEY COME
Chapter 8 - FREQUENTLY ASKED QUESTIONS
Chapter 9 - WHEN THE OTHER SIDE EXPECTS A DUEL, OFFER A PARTNERSHIP
THE LOW POINT: IT’S NOT EASY WHEN PEOPLE LAUGH IN YOUR FACE
Chapter 10 - SEPARATE YOURSELF FROM THE COMPLAINING CROWD
Chapter 11 - SOMETIMES YOU HAVE TO SWALLOW YOUR PRIDE
Chapter 12 - COURAGE ISN’T THE ABSENCE OF FEAR, IT’S THE CONQUERING OF FEAR
Chapter 13 - BE PASSIONATE—IT’S THE ONLY WAY TO MOVE MOUNTAINS
THE LOW POINT
Chapter 14 - IF YOU SEE BIG PROBLEMS, LOOK FOR BIG OPPORTUNITIES
THE LOW POINT
THE RESULT
Chapter 15 - CULTIVATE A SENSE OF DISCOVERY
Chapter 16 - KNOW WHEN TO CUT YOUR LOSSES
TRUMP SHUTTLE
THE LOW POINT
Chapter 17 - BUSINESS IS ABOUT KNOWING THE WORLD
Chapter 18 - IF YOU THINK YOU CAN COMPLETE A SIX-YEAR PROJECT IN SIX MONTHS, ...
THE LOW POINT
POSTSCRIPT TO THE WOLLMAN RINK STORY—21 YEARS LATER
Chapter 19 - DON’T LET FEAR STOP YOU—EVEN IN FRONT OF MILLIONS OF PEOPLE
A SATURDAY NIGHT LIVE STORY
THE LOW POINT
Chapter 20 - DON’T TAKE YOURSELF TOO SERIOUSLY
Chapter 21 - SOMETIMES YOU HAVE TO START OVER
Chapter 22 - I TOLD MY FRIEND HE WAS A BIGTIME LOSER
Chapter 23 - DO SOMETHING FOR YOUR COMMUNITY
Chapter 24 - DEFENDING THE FLAG
Chapter 25 - WHEN YOUR WARDROBE MALFUNCTIONS IN FRONT OF 10,000 PEOPLE, MAKE ...
THE LOW POINT
A WARDROBE MALFUNCTION
Chapter 26 - DON’T GET COMPLACENT—THINKING YOU’RE FOOLPROOF IS A GOOD WAY TO ...
Chapter 27 - ONLY IN NEW YORK!
Chapter 28 - HOW TO DE-STRESS
Chapter 29 - YOU WILL BE ATTACKED FOR TRYING TO CHANGE ANYTHING
THE LOW POINT
POSTSCRIPT
Chapter 30 - SET THE RECORD STRAIGHT
Chapter 31 - DO GIVE UP—ON COMPLAINERS
Chapter 32 - BE PATIENT—YOU MAY HAVE TO WAIT 20 YEARS FOR A DEAL TO PAY OFF
Chapter 33 - FRED TRUMP’S FOUR-STEP FORMULA FOR GETTING THINGS DONE
Chapter 34 - THE TURNAROUND ALWAYS STARTS WITH CREATIVE, POSITIVE THINKING
Chapter 35 - GET THE MOST FROM EVERY DAY
Chapter 36 - TAKE A LESSON FROM MUHAMMAD ALI AND ME—KNOW WHEN TO BRAG
Chapter 37 - HOW WOULD I LOOK WITH A SHAVED HEAD?
Chapter 38 - WHEN YOU’RE ATTACKED, BITE BACK
Chapter 39 - PRIME REAL ESTATE FALLS INTO THE PACIFIC—NOW WHAT?
Chapter 40 - THINK INTERNATIONALLY
Chapter 41 - WHERE OTHERS FAIL—THERE’S YOUR OPPORTUNITY
APPENDIX A - Trump’s Top 10 List for Success
APPENDIX B - Trump’s Rules for Negotiating
INDEX
Copyright © 2008 by Trump University. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data:
Trump, Donald, 1946-
Trump never gice up: how I turned my biggest challenges into success / Donald Trump with Meredith McIver.
p. cm.
ISBN 978-0-470-19084-5 (cloth)
1. Success in business 2. Business failures 3. Management 4. Trump, Donald, 1946- I. McIver, Meredith. II. Title.
HF5386.T81484 2008
658.4’092—dc22
2007033359
To my parents,
Mary and Fred Trump
ACKNOWLEDGMENTS
It is a pleasure to work with my team at the Trump Organization, which includes my chief assistant, Rhona Graff, my co-author Meredith McIver, and our photo coordinator, Kacey Kennedy. Your efforts and efficiency make my job much easier, and I’m grateful for your help. I’d also like to mention other members of the Trump Organization who helped, namely Allen Weisselberg, Ivanka Trump, Andy Weiss, George Sorial, and Jeff McConney. Your dedicated work is greatly appreciated. A special thanks to Julius Schwarz of Bayrock and to Jim Fazio.
To the Trump University team: This collaboration has been as enjoyable as our first, Trump 101: The Way to Success, and I’d like to thank Michael Sexton and his very fine team for their outstanding performance.
To Richard Narramore, senior editor of John Wiley & Sons, and Miriam Palmer-Sherman, production manager, my thanks for your continued and excellent work. I also want to acknowledge Mike Freeland, cover designer.
DONALD J. TRUMP
INTRODUCTION
WHAT GOES THROUGH MY MIND WHEN I HEAR THE WORD “NO”
This book is about a subject near and dear to my heart—never giving up. Needless to say, I have a lot of experience in this area, so I feel I have some insight on the subject. I’ve written a number of books already, and I don’t need the money, but it’s a subject I feel strongly enough about to take the time to write about it.
The first big “No” that hit me came when I was first startin
g out in Manhattan in the 1970s, and everyone—and I mean everyone—told me that it was a terrible time for real estate. Even people who were well established were saying that. What they were saying was true—the market had definitely cooled, and there was no denying that fact. Even worse, there was serious talk about New York City going bankrupt. Then the federal government announced a moratorium on housing subsidies. The city had been receiving them in abundance, and suddenly, that was no more.
If I’d only considered the facts, which weren’t too rosy, there is no way I would have ventured into real estate. But I did. Why? Because when I hear the word “No” it becomes a challenge to me. I believe the so-called impossible is actually very often possible, if you’re willing to work very hard, and if you realize that problems can become opportunities. New York City was having problems, but maybe I could do something about those problems. That kind of attitude can give you the power to conquer obstacles and succeed in the face of long odds. I want this book to help you do just that.
As I went along, I realized that every project came with its own set of major challenges, and I began to learn to expect them. That was okay because I was prepared. That’s another reason I’m writing Never Give Up—to let you know you should be prepared and to try to help you with the situations you might encounter. Our experiences will not be the same, but I’ve learned a great deal from reading about other people and history and by applying what I’ve learned to my own circumstances. My hope is that you will do the same. Learn from my problems and experiences, and you’ll do a better job of anticipating and solving your own. And remember, the way I see it, the bigger the problem, the bigger your chance for greatness.
One thing I’ve learned is that discouragement should not be tolerated for very long. It’s okay to get fed up a bit and maybe gripe for a minute or two. Personally, I like to go golfing when I’m stressed or just swing a club in my office. But feeling negative should be a very temporary state of mind. It’s hard, but there is a form of mental courage that can be cultivated—and you will see in the following chapters some examples of how I dealt with some pretty big blows and setbacks. Of course, a lot of things are just irritating—so don’t be surprised and don’t overestimate them in your mind. Learn to put them in perspective. You’ll see in this book how I learned to do that.
Having confidence in yourself is key to being resilient and staring adversity in the face. This book is dedicated to giving you that foundation of confidence—and the ability—and desire—to never give up!
See you in the winner’s circle.
DONALD J. TRUMP
1
THE LOWEST MOMENT IN MY LIFE AND HOW I FOUGHT BACK
A Billion Dollars in the Hole
What do you do when the entire world tells you it’s over? I had such an amazing reversal of fortune in the early 1990s that I am listed in the Guinness Book of World Records for the biggest financial turnaround in history. I don’t recommend anyone aim for the same goal, but when you’ve been on the financial high wire, it gives you a certain perspective that might be helpful to other people.
It’s been said that what makes me accessible to people—aside from The Apprentice showing how I operate in the business world—is that I’ve faced tremendous adversity. It’s something just about everyone can relate to. The difference may be in the amount of zeros after the numbers, but the point is, people can relate to difficulties. I don’t think anyone gets away with a challenge-free life experience. As one writer described the journey of life, “No one gets out of this alive.” That’s a bit existential but when you’re down a few billion dollars in the red, it can make you think in new dimensions.
My situation in the early 1990s wasn’t looking great. I had billions in loans I couldn’t pay, and I had personally guaranteed $975 million of that debt. I could easily have gone bankrupt. This shouldn’t surprise anyone because I’d always done things in a big way, and so it follows that my highs would be followed by a suitably low low. That was a tremendous low. The banks were after me. People avoided me. There was a recession, and the real estate market was almost nonexistent. This was not a good scenario.
Then in March of 1991, both the Wall Street Journal and the New York Times ran front page stories—on the same day!—detailing my predicament and the total financial ruin that would happen any moment. The radio stations got the story and the loss of my empire was big news around the world. They were sure I was finished. It would have made a fantastic story—except that it was happening to me.
That was the lowest moment I had yet encountered in my life. The phones in my office were even quiet, which had never happened before. In fact, I suddenly had a lot of quiet time to think, and I reviewed the situation objectively. It became clear to me that part of what got me into this situation was that I had lost my perspective and started to believe the news stories about me having “the Midas touch” when it came to business. In other words, I had become complacent. My momentum wasn’t where it should have been.
However, giving up is something that never entered my mind. Not for one second, and that’s one reason I think I confounded my critics. They were trying to skewer me, but it had the opposite effect—it just made me want to make a comeback and in a big way. I knew I could prove them wrong by being stubborn, being tenacious, and not giving in or giving up. I became a stronger person very quickly during this time. I’m not advising you to ask for the same pressure, but know that if you meet with some setbacks, refusing to give up is probably your best strategy.
What gave me this fortitude? I’m not sure, but being tossed aside as a “has-been” or a “wash-up” by the world press might have had something to do with it. I’d also already learned that problems are often opportunities in disguise. I began to see my situation, believe it or not, as a great opportunity. I had a big chance to show the press and my critics and enemies that I was a force to be reckoned with, not a flash-in-the pan success with no staying power. That’s heady incentive, and that’s looking at the situation positively.
Then there was a turning point, and that turning point was my attitude. My accountants still remember the night they were in the conference room until all hours in the woe-is-us mode, and I suddenly walked in to tell them about all the new projects I had lined up for us. There were a lot of projects, and they were big deals. I was in an exuberant mood, and my descriptions were colorful and optimistic. They thought I had cracked, that maybe I was beginning to hallucinate from the pressure, but I had reached a point where I knew it was time to move forward. It wasn’t an act I put on—I was ready. All this financial pressure would be behind us in a short amount of time, I told them. I believed it, too.
As it turns out, that was indeed the turning point. All of us decided to focus on the solution and not the problem—right then. That’s another important lesson: Focus on the solution, not the problem!
It’s odd, but in retrospect, I think having a near wipeout made me a better businessman and certainly a better entrepreneur. I really had to think in out-of-the-box ways to keep from being buried alive. I also relied on something I’d like to discuss here: positive thinking. Believe me, it works. It got me to where I am today—which is far richer and more successful than I was before the reversal started for me in the 1990s.
Did I ever think I’d be in the Guinness Book of World Records? No. I am, though, because of this reversal. It’s a fact I’m proud of. Adversity works that way sometimes. Let it work to your advantage.
COACH TRUMP
MAKE IT HAPPEN IN YOUR LIFE
A lot of success depends on how well you can handle pressure. It may seem like a hard fact of life, and it is, but there is something you can do about it. Envision yourself as victorious. Focus on that instead of your nagging doubts and fears. Focus on objective insights and solutions. Pressure can diminish and disappear when you clobber it with a positive attitude. Even if you don’t feel indomitable, act that way for a while. It helps!
2
FAILURE IS NOT
PERMANENT
Wholeness and the Art of the Comeback
I feel strongly about the importance of wholeness. It’s a combination of all the components of life that make us healthy, happy, and productive. To my mind, the opposite of wholeness is failure. If it happens, and sometimes it does, the best remedy is to move forward, to realize that failure is not permanent, and to immediately focus in the right direction. Ultimately, a solution will show up.
I don’t mean to sound like a faith healer, but there is something profound and yet simple about viewing failure as a lack of wholeness. I will also add, it’s effective. Believing that a negative situation is temporary and wrong will give you the impetus to do something about it, to feel righteous and energetic about fixing it. Being unhappy and unproductive is simply not part of my game plan, and it shouldn’t be part of yours, either. See a situation as unacceptable, as taking you away from wholeness, and you will be motivated to get out of it as quickly as possible.
When I had a financial setback in the early 1990s, I saw it more as an aberration from the norm than as a final sentence. I knew what it was like to be whole, and all I had to do was get back to that place. I felt that a comeback was what was expected of me, and I expected it of myself. All I had to do was take the next step and get my momentum going again, which is what I did. It didn’t happen overnight, but eventually things started to sort themselves out.
Trump Never Give Up Page 1
