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Haveloche Corporation

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Submitted By scottjvolker
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Trump 1
I’ve decided to do this leadership profile assignment on the Donald Trump for several different reasons. First off real estate is my profession and it’s what I truly love and believe in. Also, I feel with the current economic situation that we are in; it would be a very interesting subject to report on. Since we are in the worst economy since the Great Depression and a terrible housing market, it would make it more interesting. However, there are some people like Donald Trump that are taking advantage of the economy and thriving and growing their business. Also, Donald has experienced his own rough times before. In the early 1990’s, he was billions upside down and on the verge of losing everything. Consequently, he worked his way out of it and has grown his business since. He has ventured into new businesses and has gone main stream into television. Since the Trump Organization operates in many different aspects of real estate including everything from: purchasing, brokering, and leasing, etc. I feel it would be excellent topic to do this assignment on.
Donald has had many major accomplishments in his life and has plenty of failures as well. Most recently, he is known for his reality show “The Apprentice.” His show he is both the host and the producer. Each week contestants are given a task and if you are successful you will get to stay another week. If you team loses, one of your members will be brought back into the board room and someone will get fired. Trump has become synonymous with the phrase, “you’re fired!” Originally he was only making $50,000 an episode however it has become such a success, he now make $3 million an episode. The Apprentice became a number one show on television and has made ratings history. His deal with Clear Channel has broken all syndication records. In January of 2007, The Donald received a star on the Hollywood Walk of Fame. In 2006, was voted, “The World’s Most Competitive Business Person.” Trump 2
Forbes magazine list Trump’s net worth around 2.7 billion. Trump claims his net worth to be over 5 billion. In 2005 Forbes claims these numbers are exaggerated, and most likely he is not worth even a billion. Personally Trump has been married three times and has a total of five children. He also has written several books pertaining to his life, real estate, and success. Some of his books include: The Art of the Deal, Surviving at the Top, The Art of Survival, and Think like a Billionaire. He has also created Trump University, which offers online courses, audio courses, real estate, wealth creation, and many more topics. He is an accomplished and sought-after speaker and has been known to draw crowds that exceed 50,000 people. He is involved numerous charitable and civic and charitable organizations. He is on the board of directors for the Police Athletic League and United Cerebral Palsy. He also serves as chairman of the Donald Trump Foundation and as chairman of the New York Vietnam Veterans Memorial Fund. Mr. Trump was designated “The Developer of the Year” by Construction Management Association of America and “Master Builder” by the New York State Office of Parks, Recreational & Historic Preservation. In 2000 he received his greatest honor of all which is Hotel and Real Estate Visionary of the Century”, given by the UJA Federation. He has built his reputation on his fortunes and has lost it. Ultimately, he has always won it back. He developed some of the most amazing structures in Manhattan. He has also built residences, hotels, and casinos as well. He has accomplished these projects all over the place. He also owns the Miss Universe, Miss USA and Miss teen USA pageants. The Trump Organization was founded in 1980 by Donald J. Trump. The organization has 15,000 employees. The Trump Organization is the umbrella company for all the real estate operations and corporate affiliates. Mr. Trump has been personally committed to being involved in every one of his business transactions. Along with luxury real estate, Trump organization is involved in hotels, casinos, beauty pageants, golf courses, recreational facilities.

Trump 3
Donald Trump decided to follow in Father’s footsteps and go into real estate after his graduation for the Wharton School of Business in 1968. Fred trump was a true rag to riches story. Fred Trump built more than 300 houses in New York from 1927 to 1934 until the market dried up because of the Great Depression. Fred Trump career revived 1934 when he was able to buy bankrupted mortgages and worked with FHA for permanent financing. During his career in real estate, he built several apartment buildings in the New York area. By 1974, Donald Trump was president of the board. This consisted 0f 48 privately held corporations and 15 family partnerships. In the early 1970, it was estimated that the trump empire was worth approximately 200 million. During the 1970’s, Donald Trump decided that he wanted to move his enterprises into Manhattan. Unlike his father’s vision, Donald wanted to build exclusive high end properties instead of low income housing like his Father. Donald saw his father struggle for years chasing people just to pay rent. He wanted to deal with a different clientele such professional businesses people. He felt if he built luxury units, these are the types of people would he would attract. His first purchase in Manhattan was with no money down was the land along the Hudson River. There was opposition with the residents to build residential properties so he convinced the city to turn it into a new convention center. The next large acquisition was the shares in the Commodore Hotel. Trump was able to attain 40 year tax abatement for the city. This was the first ever granted on a commercial property. Than Trump joined forces with Hyatt as a joint venture. Trump signature building was the Trump Tower, which is a 58 story building that consists of office space, retail space, and a shopping mall. To put this property together was very complex. It consisted of acquiring parking lots, rezoning, and purchasing air rights.
Beginning in the 1980’s Trump decided to diversify his portfolio and go into the casino business and other ventures. Donald and his Father purchased 98 year leases on properties along the boardwalk. When construction was completed it again became a joint venture with Harrah’s. Next was the opening Trump 4 of the Trump Castle Casino and Resort, Taj Mahal, and the Trump Regency. Trump began to take advantage of his success and enjoy the finer things in life. In 1984 he bought a 118 room mansion in Palm Beach called Mar-A-Lago and acquired the world second the largest yacht the Trump Princess. Then in 1989 he purchased his own jet for $365 million dollars from bankrupt Eastern Airlines. In the early 1990’s Trump’s empire was on the verge of collapsing. The economy fell into a recession and Trump had incurred billions in debt. In the 80’s he was considered one of the richest men in the world but in the 1990’s was considered one of the most leveraged and was in the poorest man category. During this time Trump defaulted on numerous debts and many items were repossessed. Debts were restructured through chapter 11 bankruptcies. In the mid 1990’s Trump made resurgence. He seemed to have everything going for him. He was 43 years old and already a billionaire. He was on his way to a not only a very rich man, he was becoming a celebrity. He always was making headlines bragging his building were the biggest and the best, which he still does today. His claim to fame was that he could do what no one else could do. He was living one big fairy tale and he was willing to show it off with his super yachts or one of his many houses. His life in the 80’s was amazing; he swept into the Manhattan real estate world with landmark buildings such as the Grand Hyatt and Trump Tower. In 1989, the northeast was hit by a recession. Manhattan real estate dried and people were not going to casinos’ and gambling anymore. Business traveled slowed. Donald was in the middle of many large projects at this time. The plummeting values in the real estate market would make impossible for Donald to pay off his debt that was coming due in 1990’s. If he was unable to meet his financial obligations his empire would collapse and would force him into bankruptcy. Donald became very vulnerable at this time. Before banks wanted to give loans because everyone was one making money from the Donald and now they were not sure about him. However, he felt that he was the Donald and he would bounce back and that would be his pitch. January 1, 1990 the real estate market crashed and he owed over 9 billion dollars to a number of different banks. He had a 73 million payment that would be due in June and if he was Trump 5 unable to make it ultimately it would force him into bankruptcy. His name was posted all over the newspaper and all over the news and he was losing his relationship with his wife. Everyone during the is time blamed their troubles on the economy and Donald could of did the same but he did not. He is the leader of his ship and he felt he had no one to blame except himself. He felt he got lazy and lost his edge because everything had come so easy to him. He started to believe his own hype. In the 1980’s a major magazine did a story and said, “Everything that Trump touched turned to gold.” He claimed what went wrong was because he was never there. He was off in Paris or some other place and not attending to business. After looking back he attributes his downfall to him was not being an effective leader. He felt he had lost focus and he always wanted to win, and ultimately he got bored. These are signs of an ineffective leader. The way the Trump was able to survive was truly amazing. He felt that being first and going to the banks about his troubles would be much better than the banks having to come to him. He was able to talk the banks into giving him a five year breathing period, which would defer all interest payments and payment for five years. Plus he wanted and additional $65 million from the banks to acquire real estate and he got it. He attributes this deal to saving his career. Having a positive attitude is what helped him get through this mess. He was a celebrity and proven leader with an excellent track record. He felt most business leaders’ shied away from fame and what the public might say to attract negative attention. He has a different view, he understand being a celebrity would attract publicity either positive or negative. His biggest claim to fame about this time was he did not have to declare bankruptcy and by June of 1995 he was debt free. This was considered by many people one of the biggest comebacks ever in business history. He went public with his casinos. In 1994 he became partner in a joint venture to purchase the empire state building. Trump bought several large real estate properties and started building large projects again during this time. In 1996 he purchased the Miss USA, Miss Universe, and Miss Teen USA pageants. Trump 6
On into the 2000’s Trump projects were rising all over New York. Trump World Tower went up and is considered the tallest residential structure. The attacks of September 11, 2001 did not stop Trump. However, the organization had to reconsider buildings that they were planning on building. Then the Trump Organization went in a new direction and built the Trump National Golf Course and continued to build 3 more courses. Trump had put his misfortunes behind him in the 2000’s. He has buildings named after him all over Manhattan and owns at least 50 percent of New York buildings. Trump has now gone main stream with his water Trump Ice and his own Visa card. His biggest publicity has been his starring role in the reality show “The Apprentice.” Trump operates under the United States commercial real estate brokerage and management, which consists of approximately 25,000 combined annual revenue sales that exceed $25 billion. Some of the major companies are as follows: Trump Organization, CB Richard Ellis, Cushman & Wakefield, Grubb & Ellis, Collier International, and Jones Lang Lasalle. The 50 larger companies account for approximate 33% of all the industry revenues. The industry includes sales and leasing brokers and agents for commercial properties as well nonresidential property. Many companies have property managers to perform all of these functions. Owners who operate and perform their own functions are not included in this industry. Demand for commercial real estate is driven by the vacancy rates. Profitability depends on how efficient the operations are. Larger companies have advantages because they can perform a full range of services in many different markets. Small companies can compete effectively in small markets specializing in local markets. Average annual revenue per worker for brokers is approximately $250,000 and $115,000 for property managers.
Due to the current economy and the decline in real estate, US corporate profits fell 6.6 percent in the third quarter of 2009 compared to the same period in 2008, which is economic indicator of demand for real estate. The bank prime rate remained at 3.25 percent which is unchanged since 2009, which Trump 7 indicates the rates available for real estate financing. The value of US nonresidential construction spending fell 12.9 percent in January 2010 compared to January 2009, which is an indicator for commercial real estate and broker demand. In recent new the Wall Street Journal eludes that foreign Investors are leading the way as New York’s commercial real estate sales market show signs of coming back to life. Sears Holding Corp. is jumping into the commercial real estate market in hopes of raising capital.
In some recent industry updates, Commercial real estate services firm CB Richard Ellis landed the number one spot in the commercial real estate industry. Following a close second were Colliers International and Cushman Wakefield in 3rd spot. With the current market conditions and save costs, property managers have had to tighten focus on operating expenses. The lower demand for office space has led property managers to go beyond their typical duties. With the recent advances in technology such as perpetual cameras and carbon monoxide gauges, property managers can monitor systems and fix malfunctions that could waste energy. Installing new lighting plans and underground heat pumps can also cut energy costs savings have become increasingly important? Due to the current economic crisis there are many business challenges and critical issues concerning the real estate market. The demand for real estate is cyclical. Demand for commercial real estate and services can vary sharply from year to year. The volume of transactions and the space managed can fall more than 10 percent per year, which makes it very volatile. Demand for commercial real estate is closely tied to the economy. Each market is different so demand depends on local conditions. Leases and Vacancy rates and rents vary in different markets. Office space in North Dakota may rent for $20 per square foot and $95 in New York. Local vacancy rates can double or triple in a year depending on local economic conditions. Brokers depend on contacts and efforts of individual brokers. The top brokers tend to work independently and often take clients with them if they go to a different Trump 8 company. A few economies of scale, despite the growth of some very large companies with a national presence, the industry remains fragmented because of its local nature. Small local brokers can know a market just as well if not better than a larger competitor. A large portion of a broker or property manager may come from just a small number of large customers. Brokers or managers of office space may provide service to owners of multiple properties.
Current and past business trends have really changed over the past decade. Rapid growth of residential property management grew at a 3 percent annual rate from 2000 through 2009, which was a lot faster than jobs in the private industry. Demand for service partly grew due to the strong growth in residential construction over the past 10 years. The rise in single family homes made apartments and condos a more affordable alternative. With the recent weakening of the US financial sector and business services in the late 2000s has slowed construction and has a huge impact on the overall economy. Jobs have fallen over 5 percent in financial services and nearly 8 percent in business services. This is because the demand for space has fallen dramatically because so many businesses have shut down and over building. Office rental rates have fell 8 percent during 2009, according to Cushman & Wakefield. Corporations lease more real estate as with other they resource, US corporations own and operate less real estate compared to past trends. Office space, warehouses, and even manufacturing are more likely to be leased through agents and brokers. Real estate in recent years has made up approximately one-third of corporate assets, compared to more than one-half in the previous decade. Brokers and agents are now using the internet to reach more customers, which allows potential customers to view a wide variety of properties. Some of the features include virtual tours, blueprints, and geographical data. This has become more efficient and saves a lot of money and time compared to the old days. Many companies have expanded services to include brokerage and property management, analytical services, and financial services. With the decline in the US dollar has encouraged foreign investors foreign investors hold large investments in US Commercial real estate. With the high levels of construction over the past decade, Trump 9 which a created an overbuilt market. There is an enormous amount of inventory that will remain empty for years to come so these properties need to be managed to maintain some type of condition. Local real estate conditions can change rapidly so brokers and agents must have access to latest information about prices, rents, and other important data. This will allow agents and broker to know where to price their properties they will have for sale or rent so they can be competitive in the market. It’s very important to know this information so agents know how to gauge supply and demand. With the highly cyclical commercial real estate market, companies usually either expanding or contracting. During expansion, brokerages tend to open additional offices or may enter into new markets. The easiest way to expand is to hire new brokers that are already established because the variability of properties and services, contracts can vary greatly. Brokers and agents are usually paid a percentage of what a property or lease is worth. Property managers are typically paid a flat rate depending on the number of units or amount of space they manage or services they provide. Compensation is the largest expense for real estate service companies. During periods of high demand, companies tend to increase compensation to retain top employees. Property managers typically have various types of performance measures built into their compensation formula.
Since the Trump organization is a private company there is no way to find accurate financial data on the company. So we have to learn through the media and other sources how the Trump Organization has done over the past decade. Donald J. Trump has been serving as the President and Chief Executive Officer, which has consisted of each of THCR, THCR Funding and THCR Holdings since June 2000. Also since June 2000, Trump has been serving as the (i) President of each of Trump AC Holding, Trump AC, Trump AC Funding, Funding II, Funding III, TACC and THCR Enterprises, Inc.; (ii) President and Chief Executive Officer of each of Castle Funding and TCHI; (iii) President of Trump Indiana; (iv) President and Treasurer of THCR/LP; and (v) Chief Executive Officer of Taj Associates. Since June 1998, Trump 10
Trump has been serving as the President, Treasurer and sole director of TCI. Until April 1998, Trump served as the President and Treasurer of Castle Funding. Since November 1997, Trump has been serving as the Chairman of each of Funding II and Funding III, and as the Chairman of THCR Enterprises, Inc. since January 1997. Since January 1996, he has been serving as the Chairman of Trump AC Funding. Since March 1995, Trump has been the Chairman of each of THCR, THCR Funding and THCR Holdings. Since February 1993, Trump has been the Chairman of Trump AC Holding. Since December 1992, Trump has been serving as the sole director of Trump Indiana. Since May 1992, Trump has been the Chairman of the Board of Partner Representatives of Castle Associates. Since November 1991, Trump has been serving as the President, Treasurer and sole director of TCI-II. Since October 1991, he has been the Chairman of each of THCR Holding Corp. and THCR/LP. Since March 1991, Trump has been the President and Treasurer of THCR Holding Corp. and the sole director of TACC. Since May 1986, he has been serving as the President and sole director of Realty Corp. Since March 1986, he has been the Chairman, President and Treasurer of Plaza Funding. Since March 1985, Trump has been the Chairman of TCHI. From February 1993 through December 1997, Trump served as the President of Trump AC Holding. From March 1991 through December 1997, Trump served as the President and Treasurer of TACC. Trump is also currently the President and Chief Executive Officer of The Trump Organization, Inc. which has been in the business, through its affiliates and subsidiaries,
The last decade for Trump he has really took a new approach to his business activities. He has now gone main stream with his show “The Apprentice.” He has written several additional books. With his celebrity status the Trump names is now a brand. Donald Trump is now receiving profits for just putting his name on hotels, resorts, and even clothes. Mr. Trump now has a University; he has restaurants, and even has his own vodka. He has even involved his three oldest children and made them into celebrities as well. Trump 11
In 2008 the Trump Organization opened the Trump International Hotel & Tower Chicago, which was supposed to be the world’s tallest building but was scaled back after the attacks of 2001. In 2009 International opened in Hawaii. The company has battled environmental groups to open a 2 billion golf course in Scotland. Trump is looking for partners for a building in India. The country has one of the fastest growing economies and Trump sees it as a great opportunity. Trump dissolved his mortgage company but reestablished as joint venture and now is called Trump Financial. In 2009 Trump’s casino venture hit troubles with chapter 11 bankruptcy. Trump resigned from the board and abandoned their bid to regain control of the casinos. However, there is a new deal to use the Trump name and could receive 10 percent to reorganize the gaming company. In mid-2005 the Trump Organization sold a parcel of land in Manhattan to the Carlyle Group for 1.8 billion. In 2002 Trump bought the Empire State Building. The Trump Organization has also property is Las Vegas, Los Angeles, and many other places around the United States. Trump is also planning on turning his name as a brand into a super brand by going global. There plans for properties in Scotland, Dominican Republic, Canada, and Panama.
The overall performance of the Trump Organization during the past decade is based on several economic variables is overall very good. This is a sign of a great leader especially in today’s economy. Trump has taken advantage of the economic downturn and has grown his real estate portfolio and has ventured into other businesses. The Trump Organization has position itself very well the last ten years. Instead of just focusing on real estate, the company has become a super brand and diversified extremely well. Now with contraction of real estate especially in the commercial sector, he has been able to land properties for unbelievable prices that he previously thought were not an option. The one sector that Trump has stayed away from is the inflated residential real estate market. He has focused on his luxurious complexes. Trump has taken a lot of the risk out of his ventures by using his name for branding. He is paid an enormous amount just for the use of his name without all of the risk. He has also been buying up projects that have failed that just had his name on it. He is getting great buys way below Trump 12 market. However, he is keeping construction workers employed by finishing the project. Ultimately, by completing the projects it will help the values of the overall commercial real estate market. Also, by finishing projects and renting commercial space will help stabilize the rental market instead of having empty unfinished properties. Since the long term interest rates have stayed low, this will allow Trump and other investors to arrange attractive financing. With the amount of Government spending that has occurred and that is projected to increase even more. There will many opportunities for the Trump Organization to take advantage of. For example, with the amount of residential housing sitting empty and commercial space that is empty. Trump could turn this into section 8 housing and have the Government pay the rents. Overall, I feel the Trump Organization is doing very well. Donald Trump is a leader and a terrific business man and is not afraid to make decisions and live with them. If something is not working he will walk away and try sometime thing new or buy it back for a fraction. Trump has proven this in the 1990’s when he was billions upside down and worked his way completely out. Now he is much more diversified with his branding and is growing globally. I feel the future is bright for Trump.
To be a successful leader you must effective. Trump feels that it is very important to be a team player. Even though he is an entrepreneur Trumps, “More than ever, working together is integral survival as well as to success. Donald refers to people like Tom Brokaw of NBC and to George Steinbrenner, the owner of the New York Yankees are excellent team players. This has made them successful over the years and kept them on top of their fields. Being a team player helps keep spirit alive and as well in your professional and personal life. Trumps say, “don’t ever underestimate the power of a team!”
“A leader has the right to be beaten, but never the right to be surprised.” This is a famous quote by Napoleon Bonaparte, which Trumps lives his daily life by. Trump feels complacency can ruin your life and can ruin your chances for success. Trump advises people to live on the edge because it allows you to think on your feet. Trumps alludes to challenging situations are like having an adrenaline rush that Trump 13 give you and extra boost of energy. According to trump if you live your life like this you will be surprised how much more efficient you can become and much more accomplished. To be an effective leader you have to think quickly on your feet and must be able to make decisions and to live with them. If the situations go good or bad, it is important to act like you expected it to go that way. Mr. Trump claims because having to be able to make quick decisions on your feet is why his show “The Apprentice” has done so well. The point he is trying to get across is to be prepared and prepared for the unexpected. When he first started out he spent a lot of time researching deals, which he still does today. Trumps claims being prepared allows him to move quickly and make great deals “Being able to think on your feet is a result of training discipline.” Always give yourself a chance to succeed. When leaders achieve something that they desire, it is not a plateau, it’s a beginning. Leaders are always moving forward and anticipating their next move or how they can improve. Leaders go for challenges and don’t shy away from it. Leaders encourage a challenge. A good sign of an effective leader is growth. Trump compares being an effective leader that is growing like to a vibrant city on the rise. According to Trump, one of the worst fears we can have is not making attempt to take that risk or do something extraordinary. Leaders are not afraid to step up and take that risk and get beaten down and do it all over again. It is stressful being a leader especially an effective one. That is why not everyone in the world can be a leader. A leader is someone who is willing to go the extra mile and who is a visionary. They are people who look at things in a different way. When someone says it can’t be done, it drives them even more to accomplish it. Leaders have a never die attitude, it does not matter how many times they get kicked down because they will always get back up no matter what. He is a wonderful example. His comeback in the 1990’s when everyone was losing everything and giving up on real estate. Not Trump, he rolled up his sleeves and went to work and did not blame it on anyone except himself. It is an extraordinary story that he completely dugs himself out of that mess in five years. Trump 14
Some additional attributes that Trump thinks is very important is wisdom and reputation. He learned from his Dad that your reputation is everything when you are in business. When he went into business for himself he made it a point to establish his reputation as leader in the business world. He wanted to establish himself so other professionals would be comfortable with him and his leadership, which ultimately lead to him being a successful business man. People are more willing to work with you if they feel that they can trust you. He also feels wisdom is power. The more you know the better off you will ultimately be as a business leader. Trump feels that he can assess a situation quickly because of the wisdom he has gained through his experience in business. Trump learned a great deal of wisdom by reading about: Winston Churchill, Abraham Lincoln, and other pivotal people in world history. Donald thinks like a champion every day of his life and consequently has made him an effective leader. Some champions are born and some are made. He defines a champion as someone who is a winner of first or first place in a competition. He thinks Olympians are amazing champions what they are willing to go through to win. Champions want to achieve something special. They think big, they work, they are disciplined Jack Dempsey said, “A champion is someone who gets up when he or she can’t.” Champions are willing to go the extra mile and make efforts to exert themselves. Champions focus on what they want and get going to get there. Donald says, “Pay attention to these things and you will be on your way to thinking like a champion and becoming one.” Most of the public consider Donald Trump as a heartless business man with no soul. It may come as a surprise but all Trumps’ employees describe as a wonderful caring man, yet merciful leader. They consider him a righteous leader. His employees say not only he is fair but he is absolute. When he needs

Trump 15 to make a decision, he thinks about it and makes one. According to his employees, he is very much like he is on the The Apprentice. Donald Trump lives by 10 Management Philosophies:
1. “Work hard” – “This is a platitude uttered by every speaker at every event like this, but the Don gives this more than the usual lip service. He basically said that everyone he knew that made a lot of money and was ultra-successful, worked 7 days a week. He suggested to the audience that if they wanted to succeed, they should be prepared for 80 hour weeks for a long time. I wish it were not the case, but most of my friends that have reached lofty career goals are workaholics -- don't shoot the messenger! “
2. "Love What You Do” – “Another platitude, but he spoke about this in a passionate way that resonated with me. He discouraged the audience from joining or switching to a hot "industry" (i.e. hedge funds) or from going into consulting in favor of getting involved with an industry you love (antiques, baseball, marketing), even if that industry is not currently doing well as a whole. His message was that you will perform so well in your imperfect industry that you will rise above the fray and end up being a star in the top 1% of that industries earners, but if you joined an industry you weren't passionate about, you'd end up in the 50th percentile of earners in that industry. He thought the pay in the top 1% of a crappy industry (in a job you love) would top the 50th percentile in a hot industry (in a job you loathe).”
3. "Know What You Do” – “Whatever industry you are in and whatever role you play in that industry, work hard to become a world class expert in it. For example, if you are a macro manager in a security software company, he suggested that you ought not just focus on getting good at seo and email marketing campaigns horizontally, but that you ought to become an expert in that security industry yourself, so that you can communicate with all levels of people about the technology simply, so that you can have detailed conversations with analysts, so that you can write credible blog articles, so that you can explain the future competitive dynamics to potential investors, etc.” Trump 16
4. “Luck” -- According to Don, "The harder I work, the luckier I get."
5. “Education” – “huge advantage that is expensive in the short run, but cheap in the long run. Don's perspective reminded me of a quote I read from Derek Bok, the former president of Harvard, when asked about the rising cost of education, "If you think getting an education is expensive, try ignorance."”
6. “Management” – “Donald fought the platitude pattern and said "You want to be smarter than your people." He thought the notion that you should hire people smarter than you was a poor one.”
7. “Persistence” – “He talked a lot about riding the ups and downs of the real estate market, losing everything, and coming back. He credited his success and the demise of many of his competitors to being patient and persistent over long periods of time to wait out market fluctuations. This one might be more relevant to Donald's business than most, but still interesting.”
8. “Negotiation” – “Always do it face-to-face. In this era of telephones, teleconference, and video conference, Donald suggests that if it's an important negotiation, you should do it face-to-face, so you can read the other person's body language.”
9. “Middle men” – “Donald is not a fan of middle men who do not add value and who extract outsized returns. He tells the story of how he "goes around" a broker on a billion dollar (that's the number of zeros the Don deals in these days) deal where he was losing a negotiation and flew to Dubai to deal directly with the principal and struck a great deal. ...I must say, I liked this piece of advice. There are so many industries that have middle men filled with old boys clubs that take money out of your pocket. If you want a good example, try getting leasing some office space or dealing with a technology "analyst."”
10. “Marriage” – “Marry someone who understands #1 above and make sure to get a prenuptial agreement.” Trump 17
There are many reasons why leadership is very important. Success of people and organization can depend on one person. Leadership is crucial to success of a company and what direction it can go. A good leader can change an organization and determine if a company is successful or not. Great leaders such as Chief Executive Officers (CEO’s) “understand that they can’t run companies on their own: the secret is to foster a leadership mentality throughout the organization.” Some examples given in the book as successful leaders are GE’s Jeff Immelt. Mr. Immelt attributes GE’s 100 year success because they have always been able to “stay ahead of the trends.” Some of the poorest leadership referenced in the text book is Enron and WorldCom. Due to poor leadership there have been several changes of major companies. Some of the major changes include the following companies: Sprint, Countrywide Financial, Citigroup and Merrill Lynch. According to the text book there are several traits that make up an effective leader. Research has shown that there are certain traits that differentiate leader from others. The first trait is dominance. Leaders want to step up to the plate and take charge, yet they have the ability to motivate people with their leadership style. Typically, if people are pushed into a leadership role, they tend to fail because they did not want the responsibility. You have to want to be a leader to be an effective one. The next trait is high energy. A great leader has a ton of energy and is willing to go the extra mile and that’s why they are successful. They have a positive energy and handle stress very well. They tend to be persistence and take initiative to get things done. High energy leader tend to change culture and can change the whole attitude of a business. They are upbeat and positive and can ultimately have a big impact on people. Next, to be in a leadership role you have to be very self-confident. You have to be confident in your abilities. You have to be able to make decision and be confident and live with it. Leaders are self-confident and they tend to stand out among people. When someone is self-confident people tend to listen Trump 18 and are very convincing. If you don’t have self-confidence in yourself, how can you expect anyone else to believe in you? Self-confident individuals typically are very emotional stable. Self-confident leaders can get people to believe in the unbelievable. A great example of a self-confident leader is Herb Brooks, who coached 1980’s USA hockey team to gold. He was so self-confident in himself and he got his team to believe they were the best. Consequently, they ended up beating the Russians, which not one gave them a chance. The next trait is locus of control, where leaders believe that they have control of their own destiny. Leaders tend not to blame others for their mistakes or downfalls. They tend to make a plan and stick to it and learn from past mistakes. Leaders are very stable people and are emotional very strong. Leaders take constructive criticism and will learn from their mistakes. Stable leaders are always in control of their emotions. They never act out if something goes wrong they just act like it was supposed to go that way. If leader were took act out and act out inappropriately, it is tough for a leader to be effective and maintain any type of credibility. Stable leaders know there strengths and their weakness. Leaders are not afraid to let others lead if they feel someone else is better suited for that job. They are stable with themselves and their position to give others a chance. One of the most important traits that a leader must have is Integrity. Integrity refers to being honest and ethical, which makes a person more trustworthy and can a huge impact on your reputation. According to Mr. Trump, a reputation is everything in the business world. “Integrity is essential to running a successful business.” If employees or business people don’t believe you have integrity, it will be impossible for a leader to be effective. If leaders are dishonest or have a bad reputation business partners will feel uncomfortable to do business with these types of people. People put here confidence in leaders and trust what they are saying so it vital to maintain integrity to be effective. All effective leaders have a high level of integrity and it is vital to their continued success. Another example of great business leader is Warren Buffet who has maintained a high level of integrity throughout his career. An example of a leader with a low level of integrity would be Rod Blagojevich. He was the Governor of Illinois and tried to sell the seat left by President Obama to Trump 19 highest bidder. This is a low level integrity that ultimately cost him to lose his job as Governor and has cost him his reputation. Being an effective leader you must be intelligent. You have the ability to think critically and be able to make decisions and live with them. You need the ability to solve problem when they arise and make an effective plan how to solve the problem. According to the text book intelligence is the best predictor of job performance. Intelligent leaders are able to make informed decision and implement a plan and effectively make that plan work. Effective leader must also be flexible. He or she must be able to adjust to different situations in no times notice. If a leader is not flexible they will not succeed. Leaders that are effective will adapt to every situation. The last trait of an effective leader is sensitivity to others. “Sensitivity to others refers to understanding group members as individuals, what their positions on issues are, and how best to communicate with and influence them.” The reason why I wrote this paper on Donald Trump is because he is someone I really look up to as an effective business leader. My main business is real estate and what I’m passionate about. On a smaller scale, I have experienced similar situations as Donald Trump. I feel that we are very similar in many different areas. First off, we both have don’t quit attitude. When times get tough it even makes us more motivated. In the 1990’s when Trump was on the verge of losing everything, he rolled up his sleeves and made one of the most amazing come backs ever. On a smaller scale, when the recent real estate market crashed. I was the owner of two mortgage companies, one was in Las Vegas and one was in Minneapolis. I was on the verge of losing everything as well. However, I made some strategic business decisions and have made a very nice come back (Obviously nothing like the Donald’s). I feel that we are both serial entrepreneurs . We look at things differently than most people. For example, with the way our current economy is most people are being very conservative and not making deals. Whereas Mr. Trump and I are looking at these times as wonderful opportunities and are taking advantage of the current state of the economy. These are the times to make deals and not sit back. Even though we are in one of the worst economies, it is also one of the best times to buy real estate. As far decision making, I feel that we are Trump 20 very similar as well. I’m not afraid to make informed decisions and I live with them. I am not afraid to take the risks. Some have turned out great and some have not turned out very good as well. I live with Trump 20 them. With regards to employees, I feel that we have very similar styles as well. I’m very fair but firm with my employees. I’m very flexible because I understand people have families and lives outside of work. I’m the type of boss if we run out of work; I will go find more work for my employees. I’m very loyal to the people that are loyal to me. I put a lot of trust in people and they put their trust in me. Nothing makes me feel better when I can help somebody and help to change their life. I feel that I’m an excellent motivator because the way that I handle people. I don’t yell and scream at people. However, I give people opportunities to be successful and let them run with it. I motivated people by positive reinforcement but I’m firm with them and demand respect. Mr. Trump is the same way with his employees. I also believe that your reputation and integrity is everything if you want to be successful in business. When I was having my troubles instead of hiding in the corner, I went into every one of my bankers office and told them what was going on. I had a strategic plan and this I was going to do to get myself back on my feet. They all thanked me for being honest with them and they were all willing to work with me. I’ve maintained these relationships and have continued to purchase additional real estate. I also believe in being and effective communicator is vital to success in business. If you are not, it is really tough to get people to buy into you are saying. Being organized is very important to being an effective leader. If you don’t have that attention to detail and you miss appointments and misplace paperwork, it is tough to be effective. Great leaders are organized. In conclusion, I feel Donald Trump is one the greatest business men of our time. He defies logic. If they say something can’t be done, he does it. He has a never quit attitude, which inspires me to be the person that I’ve become. He is an innovator with a vision like no one else in this world. Not only does he have all these attributes for a successful business man. As a person, he is a wonderful caring man with a heart of gold. The best thing about him is that he is an amazing Father to his children. He has involved his children in some aspect of his business. I think that is the ultimate sign of a great leader. Trump 21

Works Cited

Blair, Gwenda. The Trumps. New York: Simon & Schuster, 2000.
Donal, Trump and Bill Zanker. Think Big. New York: Harper Collins, 2007.
Donald, Trump and Leerhsen Charles. Surviving at The Top. New York: Random House, 1990.
Donald, Trump and Mciver Meredith. Think Like a Champion. New York: Vanguard Press, 2009.
Lussier and Achua. Leadership theory, application, & Skill Development. Mason: Sourth-Western, 2010.
Mclver, Donald J. Trump with Meredith. Think Like a Billionaire. New York: Random House Publishing Group, 2004.
O'brien, Timothy. Trump Nation. New York: Time Warner Book Group, 2005.
Robert, Slater. No Such Thing as Over-Exposure. Upper Saddle River: Prentice Hall, 2005.
Trump, Donald J. How to Get Rich. New York: Random House Publishing Group, 2004. www.about.com. 21 July 2010. 21 July 2010. www.bigspeak.com. 19 July 2010. 19 July 2010. www.google.com. 15 July 2010. 15 July 2010. www.hoovers.com. 15 July 2010. 15 July 2010.

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