The Art of the Deal

About the Author

Donald J. Trump, a name synonymous with wealth, power, and controversy, rose to prominence in the 1980s as one of New York City's most notable real estate moguls. Born and raised in Queens, New York, Trump was deeply influenced by his father, Fred Trump, a successful developer of low- and middle-income housing. Donald Trump’s early exposure to the world of real estate, coupled with his aggressive ambition and shrewd business acumen, set the stage for a career marked by high-stakes deals and relentless self-promotion.

After earning a degree from the Wharton School of Finance, Trump joined his father's business but soon set his sights on Manhattan, where he aimed to build not just buildings, but an empire. "The Art of the Deal," published in 1987, is both an autobiography and a guide to the business strategies that Trump claims have driven his success. Through a blend of personal anecdotes and practical advice, Trump shares his approach to making deals, often emphasizing the importance of thinking big, taking risks, and never settling for less than victory.

Main Idea

"The Art of the Deal" is more than just a recount of Donald Trump’s business ventures; it is a window into the mind of a man who sees opportunity in every challenge and believes in the power of audacity. The book’s central theme revolves around the principles that have guided Trump throughout his career. These principles include aiming high, preparing for the worst, and leveraging every advantage to secure a deal. Trump’s philosophy is one of relentless pursuit of success, where preparation, strategic thinking, and an unwavering belief in oneself are key.

The book also serves as a testament to the idea that business is as much about creating narratives and managing perceptions as it is about the actual transactions. Trump’s ability to promote, market, and position himself as a larger-than-life figure is as critical to his success as his financial acumen. "The Art of the Deal" thus offers readers not only a blueprint for business success but also a glimpse into the psychology of a man who has mastered the art of self-promotion.

Table of Contents

• Trump’s Early Life and Family Influence
• Guiding Business Principles
• The Cincinnati Apartments: Trump’s First Deal
• The 34th Street Convention Center: Trump’s NYC Debut
• The Commodore Hotel: Revitalizing a Classic
• Trump Tower: A Vision Realized
• Trump Plaza: Entering the Casino Business
• Trump Castle: Expanding the Empire
• Central Park South: A Strategic Pivot
• The USFL: A Risky Gamble
• Wollman Rink: Trump’s Public Triumph
• West Side Rail Yards: The Long Game
• Conclusion: The Art of Thinking Big

Trump’s Early Life and Family Influence

Donald Trump’s story begins in Queens, New York, where he was born into a family already steeped in the real estate business. His father, Fred Trump, was a self-made millionaire who built and managed low- and middle-income housing in Brooklyn and Queens. From a young age, Donald was exposed to the rough-and-tumble world of real estate, learning the ropes from his father. Fred Trump was known for his tough, no-nonsense approach to business, a trait that Donald would inherit and amplify in his own career.

Fred Trump’s business philosophy was simple: keep costs low, demand high-quality work, and never allow anyone to take advantage of you. These lessons were instilled in Donald during his formative years and would become the foundation of his own business practices. Donald Trump’s time at the New York Military Academy further shaped his character, teaching him discipline and the importance of channeling his aggression into productive endeavors.

"My father was my mentor, and I learned a tremendous amount about every aspect of the construction industry from him." — Donald J. Trump

This early education in both the practical and psychological aspects of business would prove invaluable as Trump moved on to bigger and more complex deals, starting with his first major project in Cincinnati.

Guiding Business Principles

At the heart of "The Art of the Deal" are the guiding principles that Trump believes are essential for success in business. These principles are not just theoretical ideas; they are practices that Trump has applied in his own career, often with remarkable results. Trump outlines eleven key principles, each of which is illustrated through the various deals and projects discussed in the book.

Aim High

Trump emphasizes the importance of thinking big. For him, setting lofty goals is the first step toward achieving extraordinary success. He believes that in order to reach the top, one must be willing to dream big and pursue those dreams with unrelenting focus.

"If you're going to be thinking anything, you might as well think big." — Donald J. Trump

Prepare for the Worst

Trump advises always being prepared for the worst-case scenario. He suggests that no matter how promising a deal looks, one should always consider what could go wrong and have a plan in place to mitigate those risks. This principle is evident in Trump’s cautious approach to the casino business, where he took deliberate steps to secure a gaming license before starting construction.

Have a Backup Plan

Related to preparing for the worst is the idea of having multiple backup plans. Trump believes in being flexible and ready to pivot when necessary. Whether it’s a Plan B, C, or D, having alternatives allows one to adapt to changing circumstances and still come out on top.