Trump University Entrepreneurship 101: How to Turn Your Idea into a Money Machine, Second Edition

287 Pages·2009·4.53 MB·English

by  Michael E. Gordon(auth.)

ENTREPRENEURSHIP
101
Books in the Trump
University Series
TrumpUniversityRealEstate101:BuildingWealthwithRealEstateInvestments,
SecondEdition
TrumpUniversityMarketing101:HowtoUsetheMostPowerfulIdeasin
MarketingtoGetMoreCustomers,SecondEdition
TrumpUniversityEntrepreneurship101:HowtoTurnYourIdeaintoaMoney
Machine,SecondEdition
TrumpUniversityWealthBuilding101:YourFirst90DaysonthePathto
Prosperity
ENTREPRENEURSHIP
101
How to Turn Your Idea into
a Money Machine
Second Edition
Michael E. Gordon, PhD
Foreword and Chapter 1 by Donald Trump
JOHNWILEY&SONS,INC.
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ISBN:978-0-470-046718-3
PrintedintheUnitedStatesofAmerica.
10 9 8 7 6 5 4 3 2 1
This book is dedicated to the
entrepreneurial spirit within each and every one of us,
striving to burst free.
C o n t e n t s
Foreword by Donald Trump ix
Acknowledgments xi
Introduction Buckle up for Your
Fantastic Voyage xiii
CHAPTER 1 TRUMP ON ENTREPRENEURSHIP 1
CHAPTER 2 UNLEASH YOUR ENTREPRENEURIAL
POWER 3
CHAPTER 3 FEEL THE FEAR—DO IT ANYWAY 15
CHAPTER 4 START RIGHT—BUILD ON THE
CUSTOMER MODEL 27
CHAPTER 5 FIND IDEAS IN A TURBULENT WORLD 35
CHAPTER 6 SELECT ONE (AND ONLY ONE)
OPPORTUNITY 47
CHAPTER 7 EXPLOIT OPPORTUNITIES DURING
CHALLENGING ECONOMIC TIMES 61
vii
CONTENTS
CHAPTER 8 BUILD YOUR FORTUNE AS A TECHNO-
PRENEUR 73
CHAPTER 9 BOOTSTRAP 79
CHAPTER 10 PLAN FOR THE WAR WITH YOUR
COMPETITORS 89
CHAPTER 11 DESIGN YOUR MONEY MACHINE 101
CHAPTER 12 VIRTUALIZE AND GLOBALIZE 113
CHAPTER 13 HARNESS WEB 2.0 FOR COMPETITIVE
ADVANTAGE 123
CHAPTER 14 DO WELL AND DO GOOD 133
CHAPTER 15 DEVISE A WINNING STRATEGY 139
CHAPTER 16 PROJECT YOUR GROWTH AND
PROFITABILITY 157
CHAPTER 17 MOBILIZE POWERFUL RESOURCES
QUICKLY 173
CHAPTER 18 DEVELOP A SIMPLE, EFFECTIVE
BUSINESS PLAN 183
CHAPTER 19 BECOME A WIN-WIN NEGOTIATOR 199
CHAPTER 20 RAISE MONEY 209
CHAPTER 21 FIXATE ON THE CUSTOMER 225
CHAPTER 22 LAUNCH YOUR VENTURE! 235
CHAPTER 23 SUFFER GROWING PAINS JOYFULLY 245
Notes 257
Index 265
viii
F o r e w o r d t o t h e T r u m p
U n i v e r s i t y 101 S e r i e s
People often ask me the secret to my success, and the answer is simple:
focus,hardwork,andtenacity.I’vehadsomeluckybreaks,butluckwill
only get you so far. You also need business savvy—not necessarily a degree
fromWharton,butyoudoneedthedesireanddisciplinetoeducateyourself.I
createdTrumpUniversitytogivemotivatedbusinesspeopletheskillsrequired
toachievelastingsuccess.
TheTrumpUniversity101Seriesexplainsthemostpowerfulandimpor-
tantideasinbusiness—thesameconceptstaughtinthemostrespectedMBA
curriculumsandusedbythemostsuccessfulcompaniesintheworld,including
theTrumpOrganization.Eachbookiswrittenbyatopprofessor,author,or
entrepreneurwhosegoalistohelpyouputtheseideastouseinyourbusiness
rightaway.Ifyou’renotsatisfiedwiththestatusquoinyourcareer,readthis
book,pickonekeyidea,andimplementit.Iguaranteeitwillmakeyoumoney.
DonaldJ.Trump
ix
A c k n o w l e d g m e n t s
Where to begin? I am grateful to so many people: Donald Trump for
influencing meto think theboldest entrepreneurialvisions;Michael
Sexton,presidentofTrumpUniversity,forhiscontinuoussupportandwilling-
nesstosharehisentrepreneurialthinking;RichardNarramore,senioreditor
atWileyforshapingmythinkingandkeepingmeontrackthroughoutthepro-
cess;DonaldSexton,authorofTrumpUniversityMarketing101,forhishelpful
suggestions;andexecutivesintheTrumpOrganizationwhomadetimeavail-
abletosharetheirknowledgeandexperiences—GeorgeRoss,CathyGlosser,
E.J.Ridings,andMeredithMcIver.
Genuine thanks and appreciation to my business partner and dear friend,
LenardCohen,forthegreatodysseyweshared.Withouthim,thisbookwould
nothavehappened.
Particular thanks to: Dean Ray Comeau, my friend and colleague at the
HarvardUniversityExtensionSchool,forhisunflaggingmotivationanden-
couragement from beginning to end; Babson Professors Donna Kelley and
AndrewZacharakisfortheirwillingnesstoreviewchallengingbookmaterials;
Richard Luecke for his meticulous, perceptive, and knowledgeable editing
support chapter by chapter; Carl Hedberg for his ardent editorial review of
the manuscript; Pat Nicolino for being so available to consult with me; and
FrederickGillisandStevenVoightfortheirenthusiasticandtirelessresearch
andinputoncontentovermanymonths.
Colleagues and friends: Ian Agranat, Gunther and Judy Boroschek,
Candida Brush, Bill Bygrave, Geoffrey Chalmers, Leslie Charm, Helen
Coates, Walter Esquivel, Len Green, Sam Hariharan, Susan Hartshorn,
xi
ACKNOWLEDGMENTS
PeterHorn,chancelloranddirectorofresearchfortheInternationalSchoolof
Management,J.P.Jeannet,BillJohnston,EvelynLager,JulianLange,Louise
Lawson, Ham Lord, Ed Marram, Edward Mills, Pete Mellor, Heidi Neck,
Georgia Papavasiliou, Enio Pinto, Jay Rao, Mark Rice, Peter Slate, Tom
Simon,JanetStrimaitis,NatalieTaylor,ChrisandLoriWadsworth,Matthew
Werner,andYelenaZaharoff.
And mostofalltomy familyand friendswho haveempathized and com-
miserated throughout the birthing of this book: my dear, dear wife and
soul mate, Maria, who continuously filled me with confidence and toler-
atedbookmaterialsstrewnaroundthehome;mybelovedchildren,Adamand
Deborahandherhusband,Mike;mycaptivatinggrandchildLeo;mystepchil-
dren, Oscar, Jose, and Elizabeth; my precious sister, Sandra; my forever
cherished mother, Jeanne; my niece Andrea’s family—Joel, Jake, and Noah;
my nephew Stephen’s family—Dana, Caleb, and Eli; my cousins Lori and
Bernie,JerryandLinda;mywonderfulextendedfamilyinMexico—Angelina
y toda su familia; Margaret and Fred Klingmeyer; Barbara and Warren
McNeilly; friends for life—John Bergman; David and Nancy Weaver;
Myron and Marie Waldman; Fred and Donna Alper; Garry and Thereza
Prime; Harold and Eleanor Ottobrini; Jesse and Lora Erlich; Jim and Kay
Bath;EllisandDebbieWaldman;thefamilyofNirundJivasantikarn;Lucia,
Bruce,Sam,andBiancaSantiniFields;andBevSantini.DidIleaveanyoneout?
Isincerelyhopenot!
xii