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Business lessons learned from Donald Trump

November 4, 2013 | Valerie Wong

When a person aspires to be a successful entrepreneur and great business leader, they should take the time to learn from others who have been there and done that. This is why so many budding entrepreneurs have turned to Donald Trump to see how he managed to build his business empire and what values are important to him. Here are some of the most important lessons that this man can teach us: 

A Brand is One of the Most Valuable Things You Can Have 

Your brand is a great asset. It helps your potential and current customers know that they're dealing with a quality business. This works even if your branch out in several different industries and create products that would be unrelated to each other. Trump has several buildings to his name, hotels, a line of men's clothing, several books, as well as a very popular television show. Once people see the Trump name on a product, they instantly see the man behind it and what he stands for.

Passion is Necessary 

If you want your new business to succeed, believing in what you do is a must. Passion is what helps you get the confidence to do this. It will not only help you innovate, but will also come in very handy when you are going through difficult times.

Don't Be Afraid to Branch Out 

Donald Trump may have made his fortune in the real estate world, but he has diversified his activities and now does a lot more than just buy and sell buildings and land. Thanks to his participation in the TV show “The Apprentice,” a lot more people now got to know who Donald Trump is and have gained some insight on what helped him become such an influential leader in the business world.

Trump has also sold books, given conferences and even started a line of clothing. All of this generates additional revenue for him, but also keeps him busy by giving him new opportunities on a regular basis. 

Know How to Sell 

Enthusiasm is certainly a quality of a good salesman, but Donald Trump reminds us that it shouldn't be pushed too far. Having confidence in your product, as well as a good understanding of what the customer needs will be far more useful. According to Trump, sounding too enthusiastic when trying to sell something can make it seem like you're simply desperate. 

Learn to Spot True Talent 

You can see Trump's hit TV show “The Apprentice” for some insight on how he tries to separate good potential team members from bad ones. While we wouldn't go as far as recommending that you imitate everything Trump does on the show, including the iconic “You're fired!” line, there is a lesson that you can take from it and apply it in your business.

You need a good management team and good employees if you want to succeed. Look at what your team members' talents are and give them tasks that would allow them to effectively use these talents. Avoid bringing individuals that exhibit negativity into your business. Unless your business goal is to run a lemonade stand, you can't really do everything on your own. You will need other people to help you build your business, but you must ensure that they will be the right kind of people.

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