No one would have thought even in their wildest dreams that Donald Trump would become the 45th president of the United States of America. Whether you like him or not, the fact is that Trump is the newly elected president of the United States of America.
More importantly, Trump is a business mogul/entrepreneur and thus, managers could certainly learn a lesson or two on management for achieving success in business. Trump’s journey exhibits some excellent traits that distinguish a great leader from the mediocre.
So without further ado, let’s unravel five treasurable management and leadership lessons that every manager should learn from Donald Trump.
- Confidence and Authority
Trump advises young entrepreneurs and business leaders to stay confident and chase their dreams endlessly. Always be in control of whatever you do. It is always a sound advice for budding leaders to buckle up and take the driving seat rather than opting for backseat. Take charge of things instead of being a sideshow.
- Persistence and Patience is the Key to Success
When knocked down by challenges triggered by organisational change and industry turmoil, never let go persistence and patience, as it would help you get back in the race again. His journey from a difficult real estate career to a business tycoon and now the President of the USA is one of the finest examples of how staying motivated even through rough phases can help you emerge victorious in the long run.
- Carve a Strong Brand Name for Yourself
Trump’s perseverance and dedication despite encountering all the challenges and difficulties that he went through during his initial career days helped him carve a strong brand. Thus, entrepreneurs and emerging leaders ought to work hard and diligently in creating a strong brand and reputation for themselves right from the initial stages. When your brand and organisation becomes trustworthy, everything becomes smooth.
- Risk Management is a Blessing in Disguise
Yes, risk management is an absolute necessity for an entrepreneur. Trump’s astonishing win is a fantastic example that today’s market hates risk more than it hates uncertainty. There are quite a few takeaways here for the upcoming entrepreneurs and diversification is one among them. Yes, diversification is a boon when it comes to curbing volatility without decreasing the expected returns. Beautiful thing for novice business leaders, isn’t it?
- Remember the One Size Doesn’t Fit All Mantra
Pay heed on your customers and target audience rather than targeting everyone in your radar. Focus on the niche market to understand and serve your audience in a much better manner. Understand that your services and products would never appear catchy and appealing to everyone. Some would like it, whereas others won’t. Simply offer what your audience want without distressing yourself about what the haters might think.
Always have a handful of tricks up your sleeves. Think beyond conventional and endeavour to come up with novel and innovative ideas to serve your customers better. An innovative business plan will help you gain a robust and competitive edge over your competitors.