Characteristics of Donald Trump as an Entrepreneur - Essay Example

Donald Trump as an Entreprenuer Entrepreneurs are a distinct breed of businessmen who thrive and excel in a highly competitive environment. The past century has witnessed the growth and evolution of business enterprises, some of whose existence are still being savored through products and services that have survived until the present times. The innate skills which exhibit inherent characteristics of a successful entrepreneur are being tested to the limits. But, as this discourse would eventually reveal, the distinct traits that catapulted these entrepreneurs to their apex are the very same traits that would be utilized to turn environmental threats into opportunities. A prominent and successful figure who exemplified success in entrepreneurship is Donald Trump. Tarkovsky (2007) identified the secret which made Donald Trump a billionaire: land. As Donald Trump said: “I just love real estate. Its tangible, its solid, and its beautiful." In addition, in an article written by Christine (2008) on Donald Trump’s Mantras for Successful Entrepreneurship, she averred that Mr. Trump’s golden traits of entrepreneurship are: “(1) Be passionate about your work. Mr. Trump summarizes passion as “Enthusiasm on a big scale” and it is the most essential ingredient for a successful career; (2) Be Confident about your decisions. Never step back after taking a decision and don’t give up until every possibility of success have been explored; (3) Think Big to make big achievements. Although it is believed that one should take small steps initially when starting a new project but Mr. Trump strongly believes, “Thinking big can get you to the top,” He always urge people on taking big and bold decisions; (4) Your learning process should never come to an end. No matter how successful you become, never think you have learnt everything. Despite his packed schedule, Mr. Trump reads everything he can and strives to get information he can use from everyone he meets; (5) Taking risks. Business is all about taking risks so hold your breath and always be ready to face difficulties. Most of the people do not make new experiments because they fear failure but Mr. Trump describes it as the perfect formula for being unsuccessful; (6) Learn to negotiate. To stay connected with people, you have to negotiate and make compromises at times; (7) Enjoy competition. Mostly people are scared from competition without realizing that it helps improve our performance and achieve more success. Mr. Trump says “I love competition because, ultimately, it makes me bigger.” These golden traits pave the way for Donald Trumps’ success in venturing into as much as 100 businesses, of which, he is in active control of. Further, the definition of being an entrepreneur is ingrained in his very personality. According to Vinturella (2009), entrepreneurship is “the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled… it is more an attitude than a skill or a profession…is generally characterized by some type of innovation, a significant investment, and a strategy that values expansion.” In a study conducted by Hornaday & Abound (1971) regarding characteristics of a successful entrepreneur, they averred that there are distinct characteristics which set a true entrepreneur apart from other businessmen, as eminent in Donald Trump’s personality, among those traits that they mentioned are: “a streak of independence which stops them from just wanting to work for someone, and doing so will never satisfy them, no matter how near to the top they get. This is why they are better suited to owning and running their own business than working for someone else.” The inspiring lessons shared by famous and successful entrepreneurs, like Donald Trump, range from passion to love of the things they do. Despite all the hard work, their venture gave them sheer enjoyment and happiness and ultimately, a sense of fulfillment and euphoria. The courage, strength and determination to engage in their craft despite repeated failure are success stories in themselves, surpassing personal and professional struggles. They took the responsibilities of developing and running a total system of action. They are creative individuals in complete control of their destinies. And having done so, the fruits of their labor continue to benefit mankind. There is an inherent concept of adhering to social responsibility in their endeavors. Men who benefited from their talents learn to compensate their efforts by patronizing their goods and result to returns of investment, a multitude over. Entrepreneurial Strategy of Donald Trump There are five key personal qualities which exemplify the entrepreneurial strategy employed by Donald Trump and enabled him to succeed in all his endeavors. These qualities are: enthusiasm, relationship-building skills, showmanship, preparation, and tenacity. (Ross 2005 p.4) He learned his entrepreneurial strategy from his father. “Donald Trump received much of his business sense from his father, Fred Trump, who was forced by his fathers death to help support a large family. His father succeeded in producing affordable housing. Donald Trump was brought up assisting his father with his business ventures. Donald set a goal to be involved in real estate in a larger scale than his father. Trump started a billion dollar empire and is now also on his own hit TV show called the Apprentice. Donald Trump owns over 100 businesses.” (Harper & Arington 2004) Donald Trump learned to think big but retained passion in his work. When asked what’s the most important real-life advice you can give to an entrepreneur? He answered: “You have to love what you do. Without passion, great success is hard to come by. An entrepreneur will have tough times if he or she isn’t passionate about what they’re doing. People who love what they’re doing don’t give up. It’s never even a consideration. It’s a pretty simple formula.” (Kawasaki 2007) As noted by Sahlman (2007), “entrepreneurship is not about possessing the right psychological traits, but that it is about a way of managing that is focused on opportunity pursuit, future orientation and relentless execution regardless of the resources one actually possesses.” One might possess all the characteristics and traits necessary to succeed. He might have the appropriate motivational factors to drive him to focus on his goals. But if he does not have the determination to “relentlessly execute” ways and means towards the achievement of his objectives, despite any detriments and insufficiencies on resources that he has, then his entrepreneurial vision would lack luster. In addition Butler (1999) in his study on the Characteristics of Successful Entrepreneurs in Mexico, “there is no such thing as the "right profile" for entrepreneurs and entrepreneurial success. Indeed, as several authors have noted, the success of an entrepreneurial venture is a function of the entrepreneur himself, of the type organization, of the processes involved in its inception and conduction, and of the environment in which it operates.” Donald Trump employs a relentless spirit in all his entrepreneurial ventures. Sahlman (2007) gave a unique description of what makes an entrepreneur distinct: it is his “relentless pursuit of opportunity beyond the tangible resources currently controlled”. In the classifications of entrepreneurs noted by Wickham (2006), Donald Trump definitely is classified under Landau’s approach which considers him more of a gambler, a consolidator, a dreamer and a true entrepreneur. He also suits Grabinsky´s profile of the entrepreneur which depicts him as a restless, non-conformist person, a little crazy for the rest of the people, obsessive, exploiter of himself and of his workers, with “flexible” ethics, especially with respect to his relationship with the government, with great intuition. He or she is also disciplined, a leader, with a capacity for organizing and with very good physical condition. (Grabinsky, 1987). The effectiveness of entrepreneurial skills is a matter of goal accomplishment. The personality of a successful entrepreneur like Donald Trump encompass characteristics and traits which surpass a limited domain. The scope of their vision goes beyond dreams and aspirations of ordinary businessmen. Their business acumen is exemplary. Their love for their work is more of a passion, a drive, an upsurge of potential energy. After finding out the long list of traits that make entrepreneurs successful, it is a welcome respite to find out what is the most common factor among them. According to Silva (2008), “famous successful entrepreneurs like Ann Sieg of The Renegade Network Marketer, Mary Kay Ash of Mary Kay Cosmetics, Mike Dillard of Magnetic Sponsoring, and my own father, Wallace March who founded IDC, the first international drilling company, all had one particular thing in common. They all started with nothing.” However, equipped with the rest of the traits enumerated previously, coupled with the belief and confidence in oneself, the possibilities for advancement would be limitless. Silva stressed that the power of the minds condition one’s view of success in life and in all endeavors one dreams to indulge in. In addition, she recommended that “encourage creative thinking, seeing failure as part of the adventure on the way to success and you will have possibly fostered the mindset of a future successful entrepreneur!” (ibid) By initially learning about the attributes that shape the personality of entrepreneurs, people who desire to emulate them, may determine the characteristics which serve as models of successful behavior. By being aware that these traits can be utilized in conjunction with other factors, would enable aspiring entrepreneurs to hone their skills, to continue learning, to focus and seek for opportunities in the ever changing, competitive environment. References Butler, J. Characteristics of Successful Entrepreneurs in Mexico. Sept. – Oct. 1999. No. 1. Volume 2. Viewed on May 13, 2009 from Grabinsky, S. (1987). El perfil del Pequeño Empresario, Editorial Edicol, México, D.F., Harper, M.J. & Arington, J. (2004). The Little Entreprenuer. Harper Arrington Publishing and Media. Detroit. Hornaday, J.A., and Aboud, J. (1971). Characteristics of Successful Entrepreneurs. Personnel Psychology, Vol. 24, pp. 141-153. Kawasaki, G. (2007). Ten Questions With Donald Trump. Retrieved on May 13, 2009 from < http://blog.futurelab.net/2007/01/ten_questions_with_donald_trum.html> Ross, G. (2005). Trump: Strategies for Real Estate. John Wiley & Sons, Inc. Hoboken, New Jersey. Sahlman, W. (2007, May 1). Characteristics of Entrepreneurs. Viewed on May 13, 2009 from Silva, B. (2008, May 24). What Makes Famous Entrepreneurs Successful? EzineArticles.com. Viewed 13 May 2009 from Read More