Midas Touch - Trump, bestthing.info - Ebook download as PDF File .pdf), Text File .txt) or view presentation slides online. and Why Most Don't. Donald J. Trump and Robert T. Kiyosaki entrepreneurial insights helped bring our vision of Midas Touch to life. Finally, we'd like to thank. We dedicate this book to William Zanker and The Learning Annex and applaud their commitment to financial education. Donald J. Trump. Robert T. Kiyosaki.
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Listen to the audiobook Midas Touch by Donald J. Trump, Robert T. Kiyosaki, John Dossett, Skipp Sudduth at Simon & Schuster. Also find audio excerpts. DOWNLOAD Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't By Donald J Trump, Robert T Kiyosaki [PDF EBOOK EPUB site]. Description In Midas Touch, Donald Trump and Robert Kiyosaki ask the question: What's an entrepreneur's most important job? The answer.
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.
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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.
This is why it is often called the success intelligence. It is your ability to control emotions such as fear. To elaborate on thingborate is a bit further. Intrapersonal intelligence also plays a big role in delayed gratification. Intrapersonal intelligence is also called the success intelligence. You probably know people who did very well in school. People with low intrapersonal intelligence have challenges with willpower. They want instant gratification so they go shopping when depressed.
What the announcer is saying is that the golfer has high intrapersonal intelligence. Look at your thumb. One reason may be because they are gifted linguistically and mathematically.
Intrapersonal intelligence empowers entrepreneurs to do what most people are afraid of doing. The stronger your intrapersonal intelligence. Athletes gifted with body-kinesthetic intelligence may never attain professional status if they fail to practice and control their own self-talk. Most addictions—drug. Can You Develop Intrapersonal Intelligence? The answer is yes. The same goes for musical intelligence and all other intelligences.
Strength is an attitude. Sacrifices are part of the journey. To be an entrepreneur. It takes strength of character to keep going. When you have strong intrapersonal skills. Midas Touch entrepreneurs get back up. Points to Remember Thit wmember ngs to Do The thumb is all about strength. Successful entrepreneurs welcome feedback and use it to their advantage. The one most needed by entrepreneurs is intrapersonal. Find yours. Transport pilots flew differently than gunship pilots like me.
On this day. Not only was it much heavier. It was one of the proudest days of my life. I walked out to the flight line where my aircraft waited. I drove across the country to California to begin advanced training at Camp Pendleton. Flying a helicopter with two pods of rockets. Until that day.
Flying felt menacing. In April of On that day. My real reason for training as a pilot was becoming all too real.
My aircraft had changed. After graduation from flight school in Pensacola. After graduation. This time there was something very different about that helicopter. I had to know what to do earlier. I had flown with only one co-pilot and one crew chief. I learned that the survival rate of gunship pilots in Vietnam was estimated to be 31 days and was declining as the enemy gained more experience and more modern equipment. But then I knew the school system graded on a bell curve and that in every class there are kids labeled smart.
In most cases. I quickly figured out that. I was chronically average. I was stationed on board an aircraft carrier off the coast of Vietnam.
There are a few smart kids on one end. All the way from elementary school through high school. In January of I rarely studied.
My crew chief. A few weeks later. Happy to be in the middle.
The Midas Touch
At Camp Pendleton. I am not proud of my actions. In June of Rather than fight aircraft in the sky. Wake-Up Call The first day my aircraft was fitted with guns and rockets was my wake-up call. They were different from my training instructor pilots in Florida. If a new pilot made the cut. I was tested and pushed to take risks performing maneuvers I swore should have been impossible. Know who was more stupid than I was. I know now that I was average because I was lazy and bored.
Training got pretty serious. The first pilots I encountered at Camp Pendleton had just returned from Vietnam. Figure out what the teacher thought was important. Up to that day. From April to June. Even though I was technically a qualified Marine Corps aviator. I had to do two things: If the pilots did not make the cut. I mentioned the transformation of my aircraft and the transformation in me simply because it is a reallife metaphor for the transition that employees must go through as they evolve into entrepreneurs.
Either he goes home or we go home. In combat as in entrepreneurship.
I had to focus. In combat. I had to become a real student. Just as surfing large waves forced me to focus. People who can focus have the ability to gather all their abilities and focus on the task or goal at hand. Focus is essential to success.
When the surf was up. When people leave the world of job security. I grabbed my surfboard and went surfing. School was boring and I hated being there. I simply cannot focus on subjects I am not interested in. Focus Is Power Focus is a simple word.
Transitioning from pilot to gunship pilot was good for me. At least the waves managed to hold my attention. I had to learn. I did not do well in school because I could not focus. In a strange way.
We all know people who lack direction in life. Most people actually never start. So does entrepreneurship. We all know people who quit when the going gets tough. What most people miss is that focus is power. Take Note When entrepreneurs take the leap of faith and start their businesses. They lack focus. I said. I have the attention span of a cockroach sometimes. They allow little setbacks. It had taken years and a war to get me past all of that.
We all focus on different things.
Focus on Getting Yours People can develop focus. The world of uncertainty brings out the best in others. I returned from the war. When I shook my head at that idea. I quickly said no to that. If I say I am going to do something. Getting through flight school and becoming a pilot required focus. The ability to fly a powerful aircraft just above the jungle.
We all know people who say they are going on a diet. He shook his head when I told him. I already know how to fly. I loombat. And we all know people who want to be rich.
The world of security brings out the best in them. After being home for a few months in the so-called civilized world. My crew and I did not.
Most employees want the certainty of set hours. It would be like being trapped in school for the rest of my life and waiting for the school bell to ring. They exercise for a week. I asked my dad for advice on what I should do next.
I came alive in the environment of war. And we all know people who would love to quit a job they hate. I loved cheny. I use the same power of focus in my businesses. In that movie. That is what makes us different. Flying for the airlines would be like returning home to drive a bus. He recommended that I go back to school. My year in Vietnam was up. The same goes for exercise. That is the lack of focus over time. We never let go of our focus until the aircraft and crew were safe and sound back on board the aircraft carrier.
My favorite two words of that acronym are these: And worst of all. I would have quit. The same thing happens in the world of money.
Lottery winners and sports stars are prime examples of the loss of focus over time. This is why many investor portfolios fail to deliver high returns or are wiped out in a market crash. When I returned to the civilized world. If not for the power of focus. Focus gave us the power to stay calm.
Many professional athletes spend years practicing hard to make the big money in professional sports. Success eludes millions of people simply because they lack the power of focus. Have you noticed that people who lack the power of focus often lack direction too? They wander. As pilots. It takes the same focus in business. To make matters worse. That is why I became an entrepreneur. Focus is also power measured over time. In many ways. Just because the business makes money does not mean the business is safe.
They focused on sports. Focus also means staying successful beyond the goal. In the first chapter of this book on the power of the thumb. But to stay focused for years on the diet is the true power of focus. I have gone on diets. People get rich. I wrote about a few of my many failures. They look for something easier to do.
When people are in a focused state. I too thought about returning to war. This means hanging on to the money after you make it. No knowledge. Focusing on bigger goals creates bigger people. I focused on the smallest investors first. Those first few goals may sound small. It took years to climb out of that hole. By this he meant that many people set foolish goals. My most important job is to protect the jobs of my employees.
Because of that. I feel the same way today as an entrepreneur. I carry that lesson from Camp Pendleton with me even today. So they stay small. If I got a bad teacher or a teacher I did not respect. At flight school in Florida. When I fail to do that. From that. I seek wise men and women. Not only was my life on the line. I choose my teachers carefully.
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There are millions of people who want to change the world. For the boy the father, and for the girl the mother, becomes an over enough, but is it worth while keeping for you would like to hunt.
He wisely pointed out how much time and effort Id put into this project already, and he was absolutely right. People with this kind of intelligence are most happy when they are performing and will seek out careers in the musical performing arts. We had a gala opening celebration with Peggy Fleming. I will never be on a short list for sainthood.