I recently finished Trump: The Art of the Deal... I have to say he is his normal self in the book and it is a little big ego-ish as Trump usually is but ...
He had a number of great points regarding putting deals together not to mention inspiring people to think extremely big. He illustrates how he leap frogged from one project to another and how corporate financing is structured. Being a business owner myself it did give me a new appreciation for thinking outside the box.
Page 92 he talks about strategies used when writing real estate contracts and putting in clauses for added protection. He was selling an apartment building and when he sold it he wrote in the contract that he guaranteed that 100% was rented but did not guarantee anything at time of closing.
He also wrote a clause that stated the buyer guaranteed to purchase the building or pay a substantial penalty on top of the downpayment.
The buyer accepted both of these clauses because at the time REIT's were the newest flavour for investors and this 'Prudent' REIT couldn't buy things fast enough.
Pg 220 Trump talks about hiring the best people. In this case he hired the best, Stephen Hyde VP of the Golden Nugget. Steve hired a dozen of the best casino/hotel managers within a very short time.
Trump quote "I have a very simple rule when it comes to management: hire the best people from your competitionpay them more than they were earning and give them bonuses and incentives based on their performance."
If you read the book with an open mind I assure you it will give you fuel to build your own Empire. The book is a reasonably easy book to read and includes real examples of his early career. As well it talks mostly about real estate transactions but it also talks about buying professional sports teams as well as how the Casino and gaming industry works.
Enjoy...
__________________
Friday, September 11, 2009
The Richest Man in Babylon (Kelowna)
I could not put this book down... I bought it at a used bookstore (Pandosy Books in Kelowna) for $4 CAN.
It reminded my of the James Redfield series (Celestine Prophecy, 10th & 11th Insight). It is a simple business/money book but built around a storyline.
It is an easy read if you read it a little quicker than you are maybe used too. It has a number of latin terms or biblical spins on words but if you can maintain a little flow it is really captivating.
I believe it to be a book you could read more than once and you would pick up on different key points every time.
Enjoy...
It reminded my of the James Redfield series (Celestine Prophecy, 10th & 11th Insight). It is a simple business/money book but built around a storyline.
It is an easy read if you read it a little quicker than you are maybe used too. It has a number of latin terms or biblical spins on words but if you can maintain a little flow it is really captivating.
I believe it to be a book you could read more than once and you would pick up on different key points every time.
Enjoy...
Sunday, August 30, 2009
The E Myth Revisited (Michael Gerber - 1995)
Hello my friends,
This one is definitely a bible that ranks up there with Think and Grow Rich (1937) by Napoleon Hill.
If your business depends on you, you don't own a business you have a job.
You need to create a feel outside of yourself, outside your personality, style and presence.
The Entrepreneur - How must the business work...
The Technician - What work must be done...
The Entrepreneur - Sees a system for producing results - for the consumer = profit
The Technician - Sees the business as a place in which people work to produce results inside - for the Technician = income
Entrepreneur starts in a well defined future and works backward.
Technician looks from the present looking forward into the future hoping it stays like present.
Pg 101 has a great explaination into how you need to create a process for getting ordinary people to do extraordinary things.
- You will be forced to find a system that leverages your ordinary people to the point where they can produce extraordinary results over and over again.
A business that looks orderly says:
- to our customers that your people know what they're doing
- to our people that you know what you are doing
- that while the world may not work, some things can
- to your customer that he/she can trust in the result delivered and assures your people that they can trust in their future with you.
How do you know whether you have an Opportunity Worth Persuing? Look around. Ask yourself: Does the businessI have in mind alleviate a frusteration experienced by a large enough group of customers to make it worth my while?
Pg 153 and 154 - Unique Selling Proposition construction (so simply put here) could be summed up in the last paragraph of pg 153 and onto 154. People always tell you the name of the commodity they sell... Instead of saying how you make your customers feel.
There is a great analogy of the consumers uncouncious mind with respect to paying attention to your marketing efforts. Gerber does a great job of putting you in the consumers shoes and uses the analogy of an anetena on your consumers head picking up all the stimulus while meeting you. Once again Gerber simply puts many ideas and allows for easy implementation.
A classic close in meetings: Of the options we've suggested here, Mr. Jones which do you feel would best serve you right now?
Gerber also recommends another book called - Mans Search for himself - Rollo May.
This one is definitely a bible that ranks up there with Think and Grow Rich (1937) by Napoleon Hill.
If your business depends on you, you don't own a business you have a job.
You need to create a feel outside of yourself, outside your personality, style and presence.
The Entrepreneur - How must the business work...
The Technician - What work must be done...
The Entrepreneur - Sees a system for producing results - for the consumer = profit
The Technician - Sees the business as a place in which people work to produce results inside - for the Technician = income
Entrepreneur starts in a well defined future and works backward.
Technician looks from the present looking forward into the future hoping it stays like present.
Pg 101 has a great explaination into how you need to create a process for getting ordinary people to do extraordinary things.
- You will be forced to find a system that leverages your ordinary people to the point where they can produce extraordinary results over and over again.
A business that looks orderly says:
- to our customers that your people know what they're doing
- to our people that you know what you are doing
- that while the world may not work, some things can
- to your customer that he/she can trust in the result delivered and assures your people that they can trust in their future with you.
How do you know whether you have an Opportunity Worth Persuing? Look around. Ask yourself: Does the businessI have in mind alleviate a frusteration experienced by a large enough group of customers to make it worth my while?
Pg 153 and 154 - Unique Selling Proposition construction (so simply put here) could be summed up in the last paragraph of pg 153 and onto 154. People always tell you the name of the commodity they sell... Instead of saying how you make your customers feel.
There is a great analogy of the consumers uncouncious mind with respect to paying attention to your marketing efforts. Gerber does a great job of putting you in the consumers shoes and uses the analogy of an anetena on your consumers head picking up all the stimulus while meeting you. Once again Gerber simply puts many ideas and allows for easy implementation.
A classic close in meetings: Of the options we've suggested here, Mr. Jones which do you feel would best serve you right now?
Gerber also recommends another book called - Mans Search for himself - Rollo May.
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