Listen to the audiobook Midas Touch by Donald J. Trump, Robert T. Kiyosaki, John Dossett, Skipp Sudduth at Simon & Schuster. Also find audio excerpts. Midas Touch - Trump, riastanufulthep.gq - Ebook download as PDF File .pdf), Text File .txt) or I was in total awe of this real estate mogul, Donald Trump, and never. If you download this book without a cover, or download a PDF, jpg, or tiff copy of this book, entrepreneurial insights helped bring our vision of Midas Touch to life. of this real estate mogul, Donald Trump, and never believed I would set.
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We dedicate this book to William Zanker and The Learning Annex and applaud their commitment to financial education. Donald J. Trump. Robert T. Kiyosaki. In Midas Touch, Donald Trump and Robert Kiyosaki ask the question: What's an entrepreneur's most important job? The answer: creating high-quality, stable. Editorial Reviews. About the Author. Donald J. Trump is the very definition of the American success story. A graduate of the Wharton School of Finance, his real.
I wrote up a simple business plan. Over the next three months. I asked John what I could do to help him get my money back. You may think otherwise. That is why it is best to keep your daytime job and build your business in your spare time.
At the time. Story 3: Come On Board Again. The number of hours working or practicing for free also determines the level of success you will have in anything. As my fear went up. Same sort of thing as with Xerox—I made cold calls until I reached my goal. So I worked hard at Xerox during the day and. I was taught to make cold calls to get 10 leads. Now you may think that I would have been smart enough not to fall for this line. Let me restate it: I was unknowingly participating in a little Ponzi scheme.
If you are not good in sales. There are few grand slams in life. John told me that the only way to get it back was to give him more money. Story 2: History Repeated When I asked how I could get my money back. I found investors for his company. I eventually paid back the money.
And guess what? I took him up on his offer. So how do you raise money? The answer is: You have to practice. To raise money for John. Out of those 10 leads. Slow and steady always wins the race. In my Xerox sales training. Story 5: Stress and Fear John was wrong. John thought these wallets would be hot sellers. Since we were surfers and sailors. The lesson was expensive but. John and Stanley were surfers and sailors.
The nylon-wallet business was not hot. John asked me to raise even more money. We had much more cash flowing in. I liked running. Runners had a problem: Where do they put their key.
Even though I would not want to relive any of it. This is where the idea for the nylonand-Velcro surfer wallets came into being. What this really means is that business grows only if the entrepreneur grows. Now completely broke with maxed-out credit cards. Although we were internationally successful. We sewed the wallets ourselves out of old sails from yachts. Story 4: A Desperate Glimmer With all the money gone. In other words. Although I was not as certain as John.
The benefit of this whole experience was that I was learning to design. Entrepreneurs must learn how to handle stress and fear.
We were now in more debt than before. I still remember the. Stress and fear must motivate entrepreneurs to become more creative. He was certain nylon wallets were going to be the product that saved his company.
Believe it or not. If fear paralyzes you. Out of total desperation. I showed John and Stanley an idea for another new nylon product. Story 6: Holding The Bag Soon we were shipping wallets all over the world.
In a last-ditch effort. I felt like someone had kicked me in the guts. They took what money was left. I began to ask myself. Rich dad had repeatedly warned me about doing business with John and Stanley. The shock that went through my body was like being hit by a bolt of lightning. At the end of the show. John and Stanley smiled and thanked me. I called Honolulu to report my results. But so far. Rich dad said. I could not go any further. I could feel my life forces draining out of me as I asked myself.
A few days later. I had no job. Over and over again. I was in Chicago at a sporting-goods trade show. I will never have a heart attack. I could find out why I had been conned. Their debts were paid off. I wish I could say I found a definitive answer. She left me once the money was gone. I asked myself. That phone call was the beginning of the descent to one of the lowest points in my life.
I had hit the wall. She was crying. It is what he does not know that destroys the business. One of the lessons I haw. He had run for lieutenant governor of the State of Hawaii as a Republican. I am sure you can add your own favorite con jobs to this list.
He would say. He lost the election. I was anxious to learn this lesson. We can live on love. In his mind. I had seen my own dad—who was an honest. This is why he often said. His real lesson was: This is why I started by listing my mistakes in the nylon-wallet business. They are trained and paid to not make mistakes.
The opposite is true in the world of business. They are smart in the world of the classroom. This is why I respect Donald Trump. When your report card is perfect.
This is why so many so-called smart. This is also the path to developing your Midas Touch. If you take a look at most MBA programs. In less than a year. Turning Bad Luck into Good Luck Possibly the most important skill entrepreneurs can develop is the ability to turn bad luck into good luck.
The next book was The Art of the Comeback. We all make mistakes. That showed me his strength of character. The Definition of Success Is Different Success in the world of the classroom means not making mistakes.
The same is true with law school and accounting graduates. To be successful in the world of entrepreneurs.
The first book of his I read was The Art of the Deal. The moment he stepped outside the system in his early fifties into the real world of business. This is why emotional maturity and strength of character are essential in the world of entrepreneurship. Mistakes are important because. This is why so few MBAs become entrepreneurs.
Most get their MBA with the hope of becoming highly paid employees. Taking his life savings and retirement money. To do this requires emotional maturity and strength of character. Buckminster Fuller. I then agreed to pay them back. I learned more about business by facing my mistakes and rebuilding the company than I ever would have learned by running away.
Many people carry around their mistakes and regret having made them. When bad things happened. I then take the time to find the gem of wisdom in that mistake. I was a good kid in high school. Here are a few of the things I have learned: The moment I left. In my process of becoming an entrepreneur.
One of my best teachers. I will never be on a short list for sainthood. Although I was raised in a great family. One of the reasons I believe John and Stanley failed to grow from a bad experience is because. I continually read books and articles about business and attend seminars. The fact is that if a person makes mierson ma mistake and lies. A number of times I should have gone to jail. Here are just a few opportunities that I seized to improve my emotional maturity and strength of character.
Or they pretend they never make mistakes and then go on to repeat them. Blaming is the worst sin of all. Rather than run from disaster. I did my best to do the exact opposite of what my mom and dad told me to do.
What they fail to realize is that within those mistakes is the wisdom for a more positive future. Others become criminals and lie about their mistakes.
Once I find the gem. It took almost six years to fulfill my commitment. I realized that I had to learn faster. With my brother Jon and my friend Dave. I take responsibility for it. Because I was lazy. In my life. It takes no courage to lie. Most white-collar crimes are not prosecuted because lying. An arrogant person cannot take feedback.
He could have been one of the greatest presidents but instead. On the first day of military school. There are many crooks and con men in the business world. It was amazing how many very smart young men cracked. This is arrogance.
I have not lost anything to violent crime. They do not advance. They were smart people who believed they were the smartest people on earth and could never make a mistake. I have lost the most money to people who did well in school.
Violent crimes generally involve a victim and a weapon or traumatic force. This is not intelligence. Entrepreneurs are always taking feedback. As an entrepreneur. In the world of criminals. They turn into criminals when things do not go their way. A good example was President Bill Clinton when he lied to the world about having sex with a White House intern. It takes courage to face your mistakes and admit to them.
Without straightforward feedback. If an entrepreneur is a poor leader or lacks people skills. Making matters worse. They get left behind. This is one reason why most entrepreneurs remain small with as few employees as possible. One of the most important lessons taught at military school is the ability to take feedback. So should you. In order for entrepreneurs to grow.
There is a world of difference between the two. I am currently developing a golf-links course in Aberdeen. The Mentor Different ntor Dince All public companies listed on the stock exchange are required to have a board of directors. Even if you have nothing but an idea. Your mentor should be someone who is a successful entrepreneur in the business you plan on entering. Many new entrepreneurs make a big mistake by asking for advice from a successful employee. I will use the metaphor of golf to better explain the Peter Principle.
At minimum. That two-stroke difference is the Midas Touch. I became almost an expert at. I was patient because I wanted to find the perfect place. We both had rich dads who were entrepreneurs. I found this ideal location after visiting over sites in Europe over a five-year period. Both Donald and I had a coach and a mentor.
Any golfer knows there is a world of difference between a player who shoots a consistent It might take another Everything is important. I took trips to Scotland repeatedly. And thanks to the public encouragement of Sir Sean Connery. Even though people may think I have great people doing all the work for me and I do have great people.
Everything in there had to be addressed. I would come out on top with a great golf course that enhanced the economy of the surrounding area without negatively impacting the environment. It became a story of international interest. Nothing should be relegated to the back burner if you want to excel on a big level. We worked with the Scottish National Heritage and spent countless hours working out every detail.
Trump International Golf Links Scotland will include a golf academy. While I was going through all this. The environmental statement for this land took up two five-inch-thick books.
I knew I was in for some challenges—years of them—but I also knew that. Our research. During this time.
This site is of historical significance to Scotland. Some people were sure I would ruin this land and not preserve it. His house. My passion was already there. I really believed in the project. For those of you who are into golf or great stories. I remained positive and knew that I had the tenacity that Robert speaks about regarding the Midas Touch.
I know every detail of this project. It was the perfect recipe eigfect refor a saga—so much so that a Scottish author wrote a book about the process I went through. There was resistance from some people to my proposed development of this land.
He had enough material to fill hundreds of pages. I stay very involved. I had many other interests to take care of. Even Sir Sean Connery got into the action by supporting me when I was facing a lot of opposition.
To give you an idea of the scope of this project. In business and in life. When it comes to this project. Real estate took a huge nose dive and the city hit some hard times. It was not a great situation to find myself in. I realize that I have no one to blame but myself. It is empowering. My father once said that everything I touched turned to gold and I started to believe that. Things were easy and lucrative. I actually became much more successful after my big loss.
It would be easy to see this as bad luck.
I got a good wake-up call when things turned from onward and upward to onward and downward. I never went bankrupt although a lot of people thought I did. But every minute has been worth the effort. I just thought everything would keep rolling along with the money flowing in.
But just as I did during my financial meltdown. I take full responsibility because I am responsible for any situation I get into. As soon as you take responsibility for all that you touch. Everyone makes mistakes.
Things Change rro" widthFor those of you who are looking to be entrepreneurs or to grow your entrepreneurial business into something bigger and better that makes a greater impact. As Robert points out. It will get worse before it gets better. My biggest mistake was that I lost my focus and was playing too much.
One of the greatest attributes you can have is an intense sense of responsibility. It was hardly leisure time. Every minute counts. For me. One of the reasons is that I had always seen myself as a lucky guy. Mistakes Are Made. I knew I had the skill set to get back into the game.
I was able to regain my focus and my fortune. I knew the economy and real estate ran in cycles. A lot of people were wiped out. If you can count the amount of time you put into a project on your fingers. Do I still make mistakes? There have been many times when I have had to wait a long time.
I was busy with my other projects. Since I was much more experienced by this point. In addition. But once again. My West Side Story You may think that my success is because the Trump brand carries weight and makes everything easier. I was starting to build at a good time. I gave up my original option in It was a great deal. At that time. Was it easy? Between and Business savvy comes with experience. Here are some of the details.
At the waterfront. That alone put me in a tough situation. Fortunately for me. That helped because. I waited 20 years to see Trump Place on the Hudson River begin construction. It was when they called to let me know they were interested in selling. Their inexperience caused them to make a lot of mistakes. I encountered great resistance from the West Side community which did not want Trump Place to happen. For starters. It included 16 high-rises and uniquely designed residential buildings facing the Hudson River.
Trump Place has become a meeting place for the once blighted. How many of you would be patient enough and focused enough to wait that long? How many of you would have enough belief in the project to withstand the trials and tribulations it took during those 20 years? The timing was right. We broke ground in I had to deal with the antics of the city. Tenacity definitely paid off. That gave me a lot of confidence—which I was going to need. It was both in trouble and an eyesore.
I knew I was right. When I reviewed the most experienced names in the business. They were ready to sell. I would need financing. I can relate to that. I met a young architect named Der Scutt who understood my vision. It was obvious that the hotel still needed a great deal more work. All of this was complicated. The whole area was depressing and becoming a magnet for crime. I just wanted to forget about it. I was hoping they might be interested because. My first solo venture became so complicated that.
The Commodore Hotel. We made a deal as equal partners. There was an old hotel. I knew the neighborhood could use a big change. About a year before I started negotiating for the hotel.
This area had become dilapidated. I was right. I could visualize it and. I was looking for a talented designer who could make this old hotel into a spectacular landmark. During these negotiations. They were interested. Hyatt seemed to be at the top of the list. The low point became a turning point.
I quickly resolved to stick it out. I came back from the low point even stronger. As Robert mentions. We spent countless hours working on the deal and it was looking good. I would receive a property-tax abatement for 40 years. I made an effective point.
I was worn out. It opened in and marked the beginning of the revitalization of midtown and Grand Central. Having someone mature would also help in the image department. This just happened to be the low point. But it worked out for everyone.
The Hyatt Hotel organization was definitely interested in opening in New York. By now I had an architect. It was George Ross. Without financing. This guy just would not budge. If that sounds complicated. We were astounded by the abrupt change of mind and came up with every argument possible. I remember turning to my broker and saying. It remains a beautiful hotel to this day.
I was only 27 years old at the time. After talking to what seemed like every banker in town with every appeal we could think of. I would then sell the hotel to the city for one dollar. My new strategy was to explain the situation to the city. We hit every obstacle possible. With everything proceeding on course after overcoming so many hurdles.
Perhaps they would feel guilty about not taking an active part in helping it become great again. That just plain killed the deal. This apparent setback worked to our benefit. I approach each project pragmatically and with emotional control. We redesigned the building as all-concrete. And the best part about success is that great feeling you get from taking something that was barely breathing and turning it into something alive.
We had a few blips to deal with along the way but. It was back to the drawing board. Success is seldom a fluke. Sometimes I wish things were easy. Some people say. Once again.
That was a wonderful accolade for a fantastic building. But I saw great potential and knew the pageants could become big draws if they were done well. We worked hard at making a good product by updating the format. Would it hold? What compounded the problem was that the water was coming in through a corner where the bulkhead and the Wabash Avenue Bridge meet. The timeline for this project underscores the patience required to get this building done. We originally designed the first 14 floors and the base to be a structural steel frame that would have a reinforced concrete building above.
Thed tng welly were nowhere near prime-time material.
We addressed that with painstaking care. Since the foundation was being laid below the river level. My plan for this building began in Part of the Midas Touch is having the vision to see things as they could be. Much later in the design process. It can be very clear to me.
These are huge national and international events now and are considered the gold standard for beauty pageants. Our approach and focus served everyone well. Someone has to do it. They had very few sponsors. No matter what. My offer as well as my sincerity were spurned by the mayor. Mayor Ed Koch reversed himself and suddenly the city wanted me to take on the job. I was excited to be able to do something about Wollman Rink. This tactic. Nothing had been accomplished. For six years I had watched this process or fiasco going on because I have a view of Wollman Rink from my apartment.
I consider myself very lucky from the beginning because of my family. The city and its citizens already had six years of bad luck. I wanted to give it as a gift to the city and to the citizens.
We had a gala opening celebration with Peggy Fleming. A couple of months into the project. This was an enormous undertaking. I was relieved and very proud. Not having this beautiful rink available to citizens and visitors alike seemed like a waste.
I spoke to many experts and found the best skating-rink builder available. For one thing. We had a meeting with city officials and agreed that I would put up the construction money and complete the rink in six months.
I decided to do something about it. My parents were great examples. When it opened. Dorothy Hamill. I checked on the progress myself every single day. If I went over budget. After five months of work. But I kept my vision intact for a finished and beautiful rink and realized what good luck it would be for everyone involved. Mayor Koch. There was a great press reaction. The rink was beautiful. I wrote to the mayor at that time.
Seeing Wollman Skating Rink open at last was a fantastic feeling. In the real world of entrepreneurship. Distilling It Down: Strength of Character The stories we presented in this first chapter show that strength of character is fundamental to the Midas Touch. While failing turns many people into failures. On the other hand. They simply fear failing more than they desire winning.
The thumb conveys that strength because it is the one finger that enables us to grasp and take control of things. They learn that mistakes and failing are bad. They know that the. For others. What this means is that traditional education programs either try to avoid challenges where we might make mistakes. Living life somewhere in the middle is impossible. Life throws punches at us whether we like it or not. Successful entrepreneurs know that learning from their mistakes affords them greater wisdom and strength for the next challenge.
It separates us from the rest of the animal kingdom. What separates Midas Touch entrepreneurs from all others is that when they face a loss. These are the people who would rather have a steady paycheck and a job than great wealth and their own business.
They know and accept that mistakes. The Classroom vs. Most people would be entrepreneurs if winning were guaranteed. Business rewards people like that. Feedback is important because business is nothing but one giant feedback mechanism. When they win. Here are a few questions to get you started: How do you handle fear? Are you willing to work for years. Risk stimulates their creativity and challenges their self-confidence. People without strong character cannot take direct feedback.
When mistakes are made. No matter how great you are. Or do you stab people in the back when the chips are down? Can you fire a friend or family member? In the marketplace. Most business schools teach students to minimize risk. A Few Personal Questions If you are wondering whether or not you possess the strength of character to become an entrepreneur.
The difference is that. If you cannot handle blunt and direct feedback. You see. As we have said many times. This is feedback. Gardner believed that people have different kinds of intelligence with different ways to learn and process information.
We know people who are math wizards or amazing designers. The Seven Intelligences Howard Gardner. If you find a trusted partner stealing from you. Until you master this kind of intelligence.
Take the feedback. As painful as it may be. Whether you agree with him or not. Find a friend who will give it to you straight. Being a great entrepreneur takes intelligence.
A company that has high expenses and low income is feedback. Excel at one type in particular. Think of it as a character-strengthening opportunity. We know people who are gifted musicians or athletes. There are seven different types of intelligences. One of them. If you tell an employee to do something and they do the opposite. If your banker says no when you ask for a loan. In business. They may also work for universities. The most gifted and elite few may go on to become professional athletes or dancers.
Students who do well mathematically lean towards accounting. They can quote famous writers and do well on essay exams. Body-Kinesthetic Most athletes are gifted with this intelligence.
Many remain in academia and become teachers. They are ex" w They acellent readers and writers. Among these seven is one that is crucial for success as an entrepreneur. Can you guess which one is the most important indicator of entrepreneurial success?
Verbal-Linguistic People who do well in school. Some may lean towards the health or recreation businesses. They can give you the decimal equivalent of fractions faster than you can calculate it on your cell phone. Logical-Mathematical These people love numbers and solving mathematical problems.
They pick up instruments and gain familiarity quickly. People with spatial intelligence often become architects. They can hear music and almost magically know the notes they are hearing. People who possess this kind of intelligence have control of their own thoughts. Some dream of playing with a symphony orchestra. People with this kind of intelligence are most happy when they are performing and will seek out careers in the musical performing arts.
People with this talent are naturals at meeting and engaging new people. Interpersonal This intelligence is important for professional communicators. Spatial Those with this intelligence tend to favor the arts. Musical Students with this intelligence often dream of being a rock star or lead singer in a band. The catch is. Use it the next time you face a challenge to remember that what you are facing is your chance to gain strength of character and develop your Midas Touch.
When angry. It is the intelligence that gives entrepreneurs the advantage in the world of business. That is why becoming an entrepreneur is a lifetime personal-development educational process. A brand is not a logo. People download with their hearts and justify their downloads with their minds. So have the courage to find your heart and put it into your brand. Figure out what really moves you.
If you are too cheap to invest in your brand or yourself, then the Midas Touch will elude you. Do whatever it takes to improve your public-speaking skills. The biggest takeaway I have from this chapter is a formula that I devised: Develop relationships slowly, and end them quickly.
Hire slow, fire fast. Trust but verify. Maybe the authors were trying to think of a fifth area. Maybe they were trying to figure out how to associate something to another finger. In any event, there were multiple takeaways from this chapter, but I will focus on just one, which comes back to the difference between the S and B quadrants, which I feel was one of the main focuses of this entire book.
See the image below. On the other side of the quadrant lie the rich. Start your own business, learn to sell, get customers, and develop all the stuff that Midas Touch talks about. The simplest way to do this is to think of all the things you do in your S business as systems. How can you turn your functions into systems that you can hand over to someone else?
Only once you separate yourself from your business can you have the Midas Touch. But my biggest takeaway from this book is that, if you want to grow your business, you must separate yourself from it. But I hope this book learning episode gives some good insights and helps you in some way! Interact to drive these points home and get discussion going: Which was your favorite finger of the Midas Touch?
What quadrant are you in? How long have you been there? What quadrant do you WANT to be in? What do you need to do to get there? Thanks for reading, and I will see you next time!