A Story from the Early Career of Donald J. Trump

When Donald J. Trump was starting his career in real estate, he could have chosen a safer path than the one he ultimately took. His father’s real estate company had already developed impressive properties in Queens, New York. He could have built an enviable real estate empire there without ever crossing the river to become a major force in Man- hattan real estate and beyond.

Nobody made him try his hand at in the real estate “big leagues.” Nev- ertheless, he was determined to take his enterprise to that next level. To do that, he had to face risk.

It is important to note, however, that Donald J. Trump was not reckless. He applied wise and prudent techniques to control risk, and then he acted decisively. That is the approach that builds success.

Bravery, Recklessness, and Cowardice

All three of these traits can be defined in their relationship to risk:

• Brave people understand risks, take steps to minimize them, and then act despite the presence of those risks. In other words, they take calculated risks. They are the people who make things happen.
• Reckless people charge ahead without stopping to consider the risks they are facing. Many of them score an occasional win, but few keep on winning indefinitely. They are relying on dumb luck.