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The Art of the Deal - Chapter 2: Trump Cards - Elements of the Deal - Chapter Introduction (1987) · Real Donald Trump Wisdom

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  hey guys back for chapter two of trump's the
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  art of the deal book trump cards the elements
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  of the deals this is an introduction to the chapter
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  trump starts my style of deal making is quite
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  simple and straightforward i aim hot very high
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  and then i just keep pushing and pushing and
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  pushing to get what i'm after sometimes i settle
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  for less than i sought but in most cases i still
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  end up with what i want right so he's going to
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  explain his uh his way of doing things essentially
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  he says the bar very high and that creates an
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  anchor for negotiations uh he's then going to
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  explain what he thinks as the title of the chapter
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  suggests elements what are the key elements uh
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  to be a good deal maker he's going to say it
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  does take certain intelligence but mostly it's
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  about instincts so he doesn't give too much credit
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  to people who are just book smarts right so he
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  says that having straight a's or like a 170 iq
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  rorton doesn't make a difference if it doesn't
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  come with the instinct so he weighs instincts
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  again more than But you need dimensional intelligence.
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  Instinct is really about how to synthesize all
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  the elements together. And then he adds another
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  layer to it. He's like, even if you have instincts
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  and intelligence, you still need courage and
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  good fortune. You can see. moreover most people
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  who do have the instincts will never recognize
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  that they do because they don't have the courage
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  or the good fortune to discover their potential
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  right so it does take a certain amount of of
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  courage to to try and to put yourself uh other
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  to be a beginner at some point in in any field
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  and to to prove your worth and to and to do the
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  journey if you will so people who have talent
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  basically is going to explain maybe there are
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  many great singers or great tennis players or
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  golfers that just never picked up a racket or
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  a golf club or a microphone you know we don't
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  know who the thousands of great authors who never
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  wrote a book. It's just like potential that hasn't
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  come to fruition. It's not just about having
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  the intelligence and the instincts. You also
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  have to have the courage to put yourself out
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  there and to try and to persevere and to really
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  engage with bringing your talents. to the world
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  so this takes an amount of courage it also takes
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  a good fortune sometimes you could have the talent
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  but you're not it's lucky enough to realize that
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  that you do and you're not in the right circumstances
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  to apply your talent so i'm being like that warren
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  buffett has a saying that basically that he won
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  the ovarian lottery born in the united states
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  and had he been born in another country right
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  so here i'm talking about um uh investing success
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  for warren buffett he said he would never have
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  been able to have the life and the success that
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  he's had had been born anywhere else right so
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  this is an example of you know how good fortune
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  can come into play but on top of that you have
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  to keep in mind that good fortune is necessary
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  to it's necessary part of the mix so so far we
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  have four elements it is intelligence instinct
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  courage and good fortune and if you have these
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  four if you have these four then you're very
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  well set up to start negotiating and succeeding
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  in your own deals. So here's how Trump concludes
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  this introduction. When I look back at the deals
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  I've made and the ones I've lost or let pass,
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  I see certain common elements, but unlike the
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  real estate evangelists you see all over television
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  these days, I can't promise you that by following
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  the precepts I'm about to offer, you'll become
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  a millionaire overnight. Unfortunately, life
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  rarely works that way, and most people who try
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  to get rich quick end up going broke instead.
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  As for those among you who have... who have the
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  genes, who do have the instincts, and who could
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  be highly successful, well, I still hope you
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  won't follow my advice, because that would just
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  make it a much tougher world for me. Here in
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  Trump, in his classic sense of humor, is basically
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  genuinely saying this is what he believes makes
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  a difference. And if you really have all these
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  elements, then you may compete even with him.
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  So this is how much he believes. that these ingredients
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  are the key to being successful. So I'll repeat
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  them one more time. And that is intelligence,
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  instincts, right? And mostly instinct over intelligence,
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  but it is absolutely both. And then courage and
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  good fortune to only discover your potential,
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  but also to apply it. And to give your gifts
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  to the world. And so this concludes our introduction
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  to Chapter 2, Trump Cards, the Elements of the
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  Deal.