The Art of the Deal: A Study Guide and Discussion. FULL audio book is below on the bottom as well
Listen to the chat on it….
Short Answer Quiz
Instructions: Answer the following questions in 2-3 sentences.
- According to Trump, what are the three key elements to his deal-making style?
- What is the “exclusive covenant” Trump secured in the Grand Hyatt deal and why does he consider it valuable?
- Why was Trump relentless in his pursuit of the Bonwit Teller property even when initially rejected?
- Describe two tactics Trump used to secure zoning approval for Trump Tower.
- Why did Trump decide to give up his option on the West Side Yards in 1979?
- Why did Trump criticize Mayor Koch’s handling of the NBC relocation to New Jersey?
- How did Trump use the threat of an “as-of-right” building to his advantage in negotiations with City Planning?
- Explain how Trump’s renovation of Wollman Rink benefited both him and the city.
- What lesson did Trump learn from his early experience with the Swifton Village apartment complex in Cincinnati?
- What was the outcome of the USFL’s antitrust lawsuit against the NFL?
Short Answer Quiz: Answer Key
- Trump’s deal-making style involves aiming high, using leverage, and promoting his projects aggressively. He believes in pushing for what he wants and relying on his instincts rather than market research.
- The exclusive covenant prevents Hyatt from building competing hotels in New York City without Trump’s permission. This gives him control over potential competition and adds significant value to his investment.
- Trump believed the Bonwit Teller location was the “greatest single piece of real estate” in New York City. He persisted because he recognized the potential of the site and understood that sheer persistence can often lead to success in deal-making.
- Trump leveraged the presence of the existing IBM building to secure a variance allowing the Trump Tower entrance to be on Fifth Avenue. He also presented a model of a hideous “as-of-right” building to pressure the city into approving his preferred design.
- Trump abandoned the West Side Yards option in 1979 due to the city’s financial crisis and the political climate, which made securing approvals for a large-scale project difficult.
- Trump publicly criticized Mayor Koch for not offering sufficient incentives to keep NBC in New York City. He believed Koch’s inaction demonstrated incompetence and was harmful to the city’s economic interests.
- By showcasing the unattractive design of a building he could construct without variances, Trump pressured City Planning to approve his preferred, more ambitious design for Trump Tower. This tactic highlighted the negative consequences of denying his proposal.
- The renovation garnered positive publicity for Trump, portraying him as a capable businessman. It also provided the city with a refurbished rink and generated revenue for the parks department.
- The experience taught Trump the importance of listening to his gut instincts, sticking with familiar business areas, and recognizing that sometimes the best investments are the ones you don’t make.
- The USFL won the lawsuit but was awarded only $1 in damages, which tripled to $3 under antitrust law. The small award effectively destroyed the league, as it was insufficient to cover legal fees and operating costs.
Essay Questions
- Analyze the role of public relations and media attention in Trump’s business strategy. How does he cultivate media interest and leverage it to his advantage?
- Trump emphasizes the importance of instinct and “gut feeling” in deal-making. Do you agree with his assessment? To what extent can instinct be relied upon in business, and what are the potential risks associated with this approach?
- Evaluate the ethical implications of some of Trump’s deal-making tactics, such as using legal threats and exploiting weaknesses in opponents. Does his approach align with conventional notions of business ethics?
- Compare and contrast Trump’s approach to real estate development with that of his father, Fred Trump. Identify key similarities and differences in their business philosophies and methods.
- Assess the long-term impact of Trump’s development projects on New York City. Have his projects ultimately been beneficial or detrimental to the city’s economy, culture, and social fabric?
Glossary of Key Terms
- Air Rights: The legal right to use the space above a property.
- As-of-Right Building: A building that conforms to existing zoning regulations and requires no special variances or approvals.
- Exclusive Covenant: A contractual agreement that restricts a party from engaging in certain actions, such as building a competing business.
- Floor Area Ratio (FAR): A zoning regulation that determines the maximum square footage of a building based on the size of the lot.
- Leverage: Using borrowed funds to increase the potential return on an investment.
- Merged Zoning Lot: Combining adjacent lots to create a larger lot and increase development potential.
- Poison Pill Provisions: Defensive tactics used by companies to deter hostile takeovers.
- Through Block Arcade: A pedestrian walkway that connects two streets through a building’s ground floor.
- Zoning Variances: Exceptions to zoning regulations granted by the city to allow for specific development projects.
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