Real Estate Mogul, Bestselling Author, and Founder of The Corcoran Group
On this episode of My Quest for the Best, Barbara Corcoran talks to Bill Ringle about the hallmarks of a successful entrepreneur, what she does to stay productive and successful, and about her book Shark Tales.
Listen to this interview to learn:
- What skills and personality traits angel investors want entrepreneurs to have
- How investing in an entrepreneur is like hiring a great sales person
- What luck does and what the person must do to capitalize on any lucky break
- The one characteristic that has no substitute in business (or in life)
- What women entrepreneuers in particular need more of to stand out and be successful
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1:03 [On getting into real estate] – “I was naive and too stupid to know any better, kinda like the kid that jumps off the cliff who doesn’t know what to be afraid of.”
1:13 “There’s great virtue in starting a business young, before you have any body of knowledge.”
1:36 How a loan of just $1000 enabled her to start her business and head down her chosen career path. – “It was the first time in my life I had ever planned anything.”
2:13 “[The thousand dollars] bought me 1 ad in the New York Times business section for 8 weeks running.”
2:30 [On the importance of her rented pink princess phone] – “Visualization is so key in building a success…It made me feel like I was fancy.”
3:25 Corcoran recounts how a “tasteless”, but expensive, coat made her feel like she looked the part. “Like I could afford an expensive coat.”
3:47 [On the importance dressing the part] – “They just have to look credible for who they claim they are.”
4:27 Corcoran recounts some of the clothing fails that have occurred on Shark Tank – “You just don’t show up that way!”
4:45 “I’m out very often just because of the appearances of people who walk on that set.”
5:16 “If you’re building a business, the god’s in the detail. It’s all taking care of every little inch.”
5:38 Corcoran recounts some of the characteristics of people who have appeared on Shark Tank that have served them well.
5:41 [On positive characteristics] – “If people aren’t passionate about their product, they’re not going to give anyone that contagious feeling of being passionate too.”
6:15 [The most important question concerning passion] – “How long can they maintain that passion?”
7:03 Corcoran explains the biggest mistake an entrepreneur can make on Shark Tank.
7:08 “What we’re trying to do really is assess the individual and the markings of a good business there.”
7:56 The sneaky trick that producers play on entrepreneurs – “Nothing happens for three minutes.”
7:58 “If you want to see someone under pressure, you have to watch that entrepreneur for three minutes and watch what happens.”
8:36 “I’ve found that judging the entrepreneurs is no different than what I did in my career, which is judging who might make a good salesperson.”
9:35 How delivering strategic insults can help you quickly size up a potential salesperson’s mettle.
10:00 “If the people are coming back at you with all of these sharks eating them alive, that’s a pretty good entrepreneur.”
10:45 “Every type of product has a huge pond to sell to.”
10:57 [On what turns investors on] – “What kind of sales do you have?”
11:37 “Most entrepreneurs in naivety think they’re going to turn on the investors with the potential of their business vs. the actual sales numbers.”
12:15 [On writing Shark Tales] – “It had to do with my mom who raised 10 kids, never worked a day in her life, but she was probably the best businesswoman I’ve ever met. She built her household, ran it like a business.”
12:59 [On inspiration for Shark Tales] – Corcoran wanted to share the lessons she’s learned from working with different entrepreneurs, their successes and failures, and businesses she’s bought – “The common traits that make entrepreneurs do well in business.”
13:45 [On writing the book] – “It was an act of endurance.”
14:04 “There’s no substitute for hard work. If anyone thinks that you can be exceptional in anything without putting in superhuman hours and hard work – life’s just not that way.”
15:01 “If you’re not in that work mode, being hungry and eager and pushing like crazy, you don’t see those [easy] balls coming.”
15:45 The insurance policy for success
16:01 “I am a firm believer in an attitude of arrogance…a small arrogance that allows you to get from A to B.”
16:34 “A woman will self-assess and self-efface herself, so as a female, I love to tell men and women that you have a right to be there.”
17:15 “When you jump, you always find the answers on the way down.”
17:43 “A lot of people don’t think they have it in them, and I think that they just don’t have the leap of faith to take the chance.”
18:10 Two tips that Corcoran has to be successful.
19:13 “When I start my day, I rate what i have to do, not based on what I want to do, but based on what is in front of me that will make the biggest difference in what I’m trying to accomplish.”
20:00 The significance of having the ability to single out the important things.
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Expert Bio
Barbara Corcoran’s credentials include straight D’s in high school and college and twenty jobs by the time she turned twenty-three. Then she took out a $1000 loan to start The Corcoran Group and parlayed it into a five-billion-dollar real estate business, which she sold in 2001 for $66 million.
Barbara is currently the real estate contributor for NBC’s TODAY Show, where she comments weekly on trends in the real estate market. She’s also a Star on ABC’s reality hit Shark Tank, on which she buys young businesses and shepherds them to success.
Barbara is a motivational speaker, as well as the author of several books, including If You Don’t Have Big Breasts, Put Ribbons on Your Pigtails, an entertaining business book that has become a national bestseller, and Nextville, Amazing Places to Live Your Life. Her latest book, Shark Tales, hit the #1 business book ranking on Amazon.
For more information, visit Barbara’s website.
Contact Info for Barbara Corcoran
Business Phone: 212-937-1000
Web address: BarbaraCorcoran.com
Travels From: New York, NY
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Books by Barbara Corcoran
