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14 min
Available in:Englishไทย

Trump: The Art of the Deal: The Art of the Deal

Shows how Donald Trump, in his own telling, closed difficult real estate deals in the 1970s and 1980s by guarding against the worst outcome, keeping several options open, persisting for years and managing projects hands-on.

Table of Content

Big projects usually fail in the space between a bold idea and the hundred obstacles that follow it. In Trump: The Art of the Deal, Donald J. Trump, writing with journalist Tony Schwartz, argues that the people who cross that space are less the wild gamblers than the well prepared. People saw him as a risk-taker, he says, yet he entered every deal expecting the worst and arranged in advance to survive it.

From there the book follows his New York and Atlantic City projects of the 1970s and 1980s: a tired hotel beside Grand Central Station, a tower on Fifth Avenue, a Boardwalk casino and a public ice rink that had been broken for six years. The thread through all of them is that, in Trump’s account, deals succeed when you limit what you can lose, keep other options open, refuse to give up and stay close to the details. Each story turns into a habit you can carry into a hard negotiation, a stalled project or a bet on something others have written off.

A widow in Georgia was about to lose her family farm, and a single phone call changed the outcome. The episode shows why a messy, call-filled day can make a dealmaker quicker than any tidy calendar.

He was seen as a gambler, yet his first question about any deal was how it might fail. A lost housing plan on a Manhattan rail yard shows what asking that question first can buy you.

A gloomy hotel in a declining neighborhood looked like a lost cause to almost everyone. One detail on the sidewalk outside, and one concession from the city, changed how lenders saw it.

The first answer was a quick no, and the most important agreement involved no contract at all. Assembling one corner of Fifth Avenue took years of patience and a rare kind of trust between two men.

When gambling became legal and land prices jumped, the obvious move was to rush in. Trump did the opposite at almost every step, and the casino still opened on schedule.

Six years and millions of dollars had produced no working ice rink in Central Park. The mayor first refused outside help, which makes what happened next all the more striking.

Trump’s stories add up to a portrait of a dealmaker who looks bold from the outside and careful from the inside. The option on the Commodore, the handshake with Walter Hoving, the casino license secured before a single wall rose on the Boardwalk: each daring result rested on an earlier moment where he limited what he could lose. Only then came the push, the years of follow-up calls, the refusal to soften the tax terms, the daily visits to a rink everyone else had given up on.

You can borrow the method without borrowing the scale. Before you commit to something big, name the worst outcome and make sure you could survive it. Keep a second use in mind for your plan, the way the Penn Central land went from a housing scheme to a convention center. Stay close enough to the work to hear about trouble early, and ask the people on the street what they see before paying anyone to tell you.

A run-down hotel, a frozen-out department store site and a broken rink all looked like someone else’s failure. In Trump’s telling, that is exactly where his best deals were waiting.

About this book

What is this book about?

Most ambitious projects stall long before they fail outright. Financing dries up, a partner says no, officials object or the original plan simply stops making sense. In Trump: The Art of the Deal, Donald J. Trump, writing with journalist Tony Schwartz, describes how he kept his own projects moving through exactly those moments during his years as a New York developer. His central claim is that he only looked like a gambler. In his account, he went into every deal planning for the worst case, kept more than one way to win, and then pressed hard on terms, partners and timing. The book shows this through his biggest projects: turning the run-down Commodore Hotel into the Grand Hyatt, assembling the Fifth Avenue site for Trump Tower, building a casino in Atlantic City and rebuilding Central Park's Wollman Rink after the city had failed for six years. Readers get a set of working habits drawn from those stories: protect the downside, prepare a second plan, trust what you hear from ordinary people, follow up with those who said no, secure approvals before spending, and stay physically close to the work.

Book Information

Rating:

Genre:

Biographies & Memoirs, Entrepreneurship & Startups

Topics:

Entrepreneurship, Negotiation, Risk Management

Publisher:

Penguin Random House

Language:

English, ไทย

Narrator:

Meredith

First published:

November 1, 1987

Pages:

384

Length:

14 min

Get the book:

Amazon

Who it's for

  • Wanting a negotiation playbook

    Founders and operators who want a working playbook for negotiating hard deals without betting the company.

  • Young professionals facing skeptics

    Young professionals pushing a first big project past skeptical partners, lenders or officials.

  • Inherited a stalled project

    Managers who have inherited a stalled project and need to get it moving again.

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About the Author

Donald J. Trump

Donald J. Trump was born in Queens, New York City, in 1946 and studied economics at the University of Pennsylvania. In 1971 he became president of his family's real estate company, renamed it the Trump Organization and grew it into skyscrapers, hotels, casinos and golf courses. He later hosted The Apprentice and was elected US president in 2016 and again in 2024. Tony Schwartz, the journalist who ghostwrote the book, went on to found The Energy Project and co-write the bestseller The Power of Full Engagement.

Ratings & Reviews

Ratings at a glance

3.5

Overall score based on 134 ratings.

What people think

Listeners find the writing accessible and engaging, specifically noting how effectively it mirrors Trump’s characteristic way of speaking. Furthermore, the work delivers in-depth knowledge on negotiation and business fundamentals, proving highly beneficial for entrepreneurs. Listeners characterize Trump as an intelligent and motivated figure committed to making America great again, and they believe the book provides a clear window into his core motivations and the strength of his positive outlook.

Top reviews

Kanchana

Finally got around to reading this business classic after years of hearing about it. It’s written in a very conversational style that makes it incredibly easy to fly through in a weekend. You can really see how he managed to fix things like the Wollman Rink when the city couldn't. It really worked out surprisingly well for the city. Frankly, the way he breaks down complex negotiations into simple leverage—things like finding what the other guy needs or can't live without—is something they don’t teach in most MBA programs. There is plenty of braggadocio here, but he has the results to back it up in that era. I walked away feeling more motivated to think big in my own career. It provides a unique window into the mind of someone who treats life like one giant game of chess.

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Rapee

Trump’s voice practically jumps off the page, and you can tell Tony Schwartz captured his essence perfectly. The book is less of a 'how-to' and more of a memoir centered on specific real estate victories. To be fair, some parts feel like pure marketing, but that is exactly the point he is trying to make about self-promotion. I was fascinated by the stories of the Hyatt and Trump Tower projects and how he handled the bureaucracy. It's an interesting study in the power of positive thinking and persistence against all odds. Even if you don't like his personality, the hustle is undeniably impressive and offers great insight for entrepreneurs. This is essential reading for anyone who wants to understand how the big players in New York operate.

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Dome

Whatever your politics are, the guy knows how to build things that get people talking. This book highlights his absolute obsession with quality, like when he went to the quarry and hand-picked marble slabs. I loved the chapters on the Atlantic City casinos and how he managed the legalities of the gaming industry. He mentions hiring women for top roles because they were often more effective than men, which was ahead of its time. Truth is, the book reveals a man who is incredibly driven and refuses to take 'no' for an answer. It’s a fast-paced read that captures the high-stakes world of the 1980s perfectly. If you want to learn about the grit required for massive deals, this is the place to start.

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Thawee

Ever wonder how he actually makes those massive decisions that seem so risky to everyone else? This book explains that it’s almost entirely based on his gut instinct rather than committees or consultants. He has a total disdain for red tape and slow processes. Not gonna lie, the ego is on full display here, and he isn't shy about settling scores with people like Ed Koch who stood in his way. However, the business principles regarding leverage and 'thinking big' are timeless and genuinely useful for any professional. The writing style is punchy and direct, avoiding the boring jargon usually found in financial memoirs. It’s a solid look at a master negotiator at the top of his game.

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Pierre

As a small business owner, I found some of the advice regarding 'truthful hyperbole' surprisingly applicable to modern marketing. He admits that he plays to people's fantasies, which is a bold thing to put in a book. The detail on how he structured the financing for his early projects is actually quite educational for those interested in real estate. In my experience, most business books are dry, but this one feels like he’s sitting in a room telling you stories. There are a few moments where he seems a bit too dismissive of others, which can be grating. Still, the core message about protecting your downside while aiming for the stars is a powerful lesson. It’s definitely worth a read if you want to understand the mechanics of high-level deal-making.

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Praepimon

Picked this up to see what the fuss was about years after it originally hit the shelves. The book is remarkably consistent with the way the author presents himself in the media today. It’s fast, aggressive, and entirely focused on winning at all costs. I found the sections on the USFL and the television industry to be quite insightful regarding his diversification strategy. Got to say, the prose is very readable, likely thanks to the work of Tony Schwartz. There’s a lot of useful information here about how to handle high-pressure situations and difficult people. While the 'my way or the highway' attitude isn't for everyone, it clearly worked for him in that environment. It’s an engaging read that offers a window into a very specific kind of American success.

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Manop

This book is basically a diary of 1980s New York real estate, and it’s a bit of a time capsule. While the deals themselves are interesting, like the saga of the Bonwit building, the narrative gets repetitive after a while. Every chapter follows the same pattern where people tell him it’s impossible, he follows his gut, and he wins. Personally, I would have liked to see a bit more humility regarding the deals that didn't go quite as planned. It's an easy read, but it lacks the depth of a serious business analysis or a traditional autobiography. You get a sense of his drive, yet you wonder how much is ghostwriter polish and how much is reality. It’s fine for a casual read, but don’t expect a detailed roadmap to wealth.

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Rin

Look, it’s clearly a piece of self-promotion, but it is an entertaining one nonetheless. I appreciated the behind-the-scenes look at the New York social and political scene during the Reagan era. The way he describes his rivals is often hilarious, though sometimes it crosses the line into being a bit mean-spirited. You can tell he values loyalty above almost everything else, which explains a lot about his later career. The advice on using leverage is probably the strongest part of the whole book for a modern reader. To be fair, it feels more like a collection of anecdotes than a cohesive strategy for business success. It's a decent enough book if you take the constant bragging with a grain of salt.

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Pruet

Not what I expected from a business manual, as it focuses way more on personality than on spreadsheets or data. Trump argues that you either have the instinct for the deal or you don’t, which isn't very helpful for beginners. The stories about his father and the early days in Brooklyn provide some much-needed context for his ambition. Truth be told, the writing is a bit shallow, and it glosses over the more technical aspects of construction and law. It’s more about the 'feeling' of the deal than the actual nuts and bolts of the work. If you like his public persona, you will probably love this book. If you're looking for a serious academic study on real estate, you should probably look elsewhere.

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Pranee

The level of arrogance in these pages is truly staggering, even for a book about New York real estate. He basically admits that 'marketing' involves a fair amount of bullshitting to get what you want. I found it difficult to connect with a narrator who views everyone else as either a tool or an obstacle. The way he describes the destruction of art-deco sculptures for his tower shows a total lack of empathy for anything but the bottom line. It’s a hagiography that paints him as a flawless hero while ignoring any real failures or mistakes. If you’re looking for genuine business ethics, you won’t find them anywhere in this text. It's just a long-winded exercise in self-congratulation that hasn't aged particularly well in my opinion.

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Questions about this book

Trump argues that successful dealmaking looks risky but rests on careful preparation. In his account, he planned for the worst case in every deal, kept several options open, persisted for years when needed and stayed hands-on with the details. He illustrates this with his New York and Atlantic City projects, including the Grand Hyatt, Trump Tower, his Boardwalk casino and the rebuilding of Wollman Rink in Central Park.

It means working out the worst thing that could happen before committing, and making sure you can survive it. Trump says that although people saw him as a gambler, he went into every deal ready for a bad result. His Holiday Inn shares are an example: they let him take control of the company, sell at a profit or have the company buy them back, depending on how events unfolded.

He took an option on the run-down hotel next to Grand Central Station, limiting his own risk while he built the deal. Architect Der Scutt designed a new glass exterior and Hyatt joined as partner. Banks still hesitated until Trump won a 40-year tax abatement from the city by arguing the project would create jobs and revive the area. The Grand Hyatt opened in 1980 and exceeded expectations.

Start any major commitment by naming the worst realistic outcome and preparing for it. Keep a second plan ready, as Trump did when housing funds for the Penn Central yards disappeared. Follow up patiently with people who turned you down, ask ordinary users what they think instead of relying only on studies, secure approvals before spending, and stay close to the work so problems surface early.

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Trump: The Art of the Deal

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