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Barbara Corcoran: Turning $1,000 to $1Billion! | E204

Barbara Corcoran: Turning $1,000 to $1Billion! | E204

47 segments available

As the original Shark of all 13 seasons of the Shark Tank, Barbara Corcoran has never stopped swimming or hustling. Ever since 1973 when she borrowed $1000 to start her own real estate firm, Barbara’s relentless drive and spirit turned The Corcoran Group into $6 billion dollar business. Topics: 00:00 Intro 02:04 How did your childhood shape you? 14:44 School & Dyslexia 18:45 Do you need a shrink? 21:58 What did you learn from your 22 jobs? 29:10 Becoming the best residential estate firm 36:04 Work culture 38:44 Leadership & firing negative people 56:07 As a shark tank investor, what advice would you give me? 01:06:05 Your husband & out earning him 01:09:32 Last guest’s question Are you ready to think like a CEO? Gain access to the 100 CEOs newsletter here: ⁠https://bit.ly/100-ceos-newsletter Barbara: Instagram - http://bit.ly/3FNPGGt Twitter - http://bit.ly/3PqTrEY Join this channel to get access to perks: https://bit.ly/3Dpmgx5 Listen on: Apple podcast - https://apple.co/3TTvxDf Spotify - https://spoti.fi/3VX3yEw Follow: Instagram: https://bit.ly/3CXkF0d Twitter: https://bit.ly/3ss7pM0 Linkedin: https://bit.ly/3z3CSYM Telegram: https://g2ul0.app.link/SBExclusiveCommun Sponsors: BlueJeans - https://g2ul0.app.link/NCgpGjVNKsb Wework - https://we.co/3PgoB1M Huel - https://g2ul0.app.link/G4RjcdKNKsb Intel - https://intel.ly/3UIYxxT

Segments Timeline

1
0:00 - 0:58
0:58 duration211 words

Firing with Flair

Barbara Corcoran shares her unique approach to firing employees, emphasizing the importance of timing and the emotional dynamics involved. She reflects on her early experiences in real estate and how competition shaped her drive to succeed, revealing her motivation to prove doubters wrong.

"what I would love to do is call someone to my office on Friday I love firing people on Friday now my next guest is one of the biggest names in real estate a successful entrepreneur and star of a hit T..."

2
0:58 - 2:02
1:04 duration179 words

The Impact of Childhood Competition

Barbara discusses how growing up in a large family of ten children instilled a sense of competition in her. She explains how this environment fostered her ability to build effective teams and understand interpersonal dynamics, skills that have been crucial in her business success.

"she ran off with my secretary the seventh year we were in business yeah he said you'll never succeed without me you know insults can really be a wonderful motivator I knew I was going to succeed I had..."

3
2:02 - 4:11
2:09 duration424 words

Lessons from Loving Parents

Reflecting on her upbringing, Barbara highlights the influence of her hardworking parents. She credits their love and work ethic for instilling in her the importance of hard work and resilience, which ultimately shaped her entrepreneurial journey.

"[Music] we always start this conversation in the same place on this podcast because it's it seems to be inescapable that the earliest context of Our Lives seems to shape us in a way that then changes ..."

4
4:11 - 6:24
2:12 duration466 words

The Heroic Father and His Legacy

Barbara shares stories about her father's struggles with authority and how his experiences of being fired shaped her family's entrepreneurial spirit. She discusses the impact of his social drinking and how it influenced her desire for control and independence.

"what about the role of your also the influence of your mother and father oh and I was thank God I had a mother and father who loved us um I think that's the most important gift in life it makes you so..."

5
6:24 - 8:34
2:10 duration407 words

Resilience Against Dismissal

Barbara reflects on how her father's behavior affected her response to being talked down to in her career. She explains how these experiences fueled her determination to prove others wrong, particularly in the male-dominated business world.

"never had a boss I liked even though I had so many and I'm sure they're perfectly fine people but I didn't like the fact that I wasn't the boss it was clear to me he um your father drunk drank sometim..."

6
8:34 - 10:11
1:36 duration308 words

Navigating Family Dynamics

In this segment, Barbara discusses the complexities of her family dynamics, particularly the duality of her father's character. She shares how her mother's protective nature shaped her understanding of safety and control within the family.

"business I think it pushes you it makes sure that you make sure that things work out I really resonate with that because as I've talked about probably too much on this podcast my my mother and father ..."

7
10:11 - 12:48
2:37 duration475 words

The Pressure of Providing

Barbara elaborates on the pressures her father faced as a provider for a large family. She discusses how these pressures contributed to his struggles and the lessons learned about the importance of pursuing one's own business.

"hiding us because she didn't want my father to have his Wrath on any of his children you know so she was protecting us so kind of separating us out yeah wrath it's a strong word wrath is a strong word..."

8
12:48 - 14:40
1:51 duration376 words

Money Mindset from Mom

Barbara shares her mother's unconventional attitude towards money, emphasizing that it was meant to be spent rather than hoarded. This perspective shaped Barbara's approach to business and financial challenges throughout her career.

"business you know what role did the lack of money in your household have on shaping your view on money interesting enough very little really what was great about my mother is she never worried about m..."

9
14:40 - 15:00
0:19 duration69 words

School Struggles and Learning Challenges

Barbara candidly discusses her struggles with school and dyslexia, highlighting the challenges faced by children who learn differently. She reflects on how these experiences have influenced her resilience and determination in her professional life.

"the radar honest to God yeah what about school how is oh School sucked school is tough on kids that can't learn I was one of those kids you know myself and my two brothers the other kids were eight st..."

10
15:31 - 18:03
2:31 duration508 words

Dyslexia and Drive

Barbara shares how her struggles with dyslexia fueled her determination to prove herself. She reflects on how the negative self-perception instilled by her early experiences motivated her to succeed in her career. This segment emphasizes the connection between overcoming adversity and personal drive.

"as that were you bullied in school no not at all I was too quiet to be bullied you know I was quiet and lovely and that's what the Sisters of Charity always told my parents she's not very smart but sh..."

11
18:03 - 19:43
1:39 duration318 words

The Need for Self-Reflection

In this candid discussion, Barbara acknowledges her insecurities and the importance of self-reflection. She humorously expresses her reluctance to seek therapy, fearing it might change her drive for success. This segment explores the balance between ambition and mental well-being.

"situation I doubt myself sometimes but I've learned to replace the tape I don't have sister Stella Maria in my head anymore telling me I'm stupid I have a tape of my own telling me I'm incredible I'm ..."

12
19:43 - 21:01
1:18 duration243 words

Living a Purposeful Life

Barbara articulates her desire to make a meaningful impact in the world. She discusses how her drive stems from wanting to ensure her life is not wasted, highlighting the importance of productivity and influence. This segment captures her philosophy on living with intention.

"else so when you said about someone you need to go see a shrink I get it because at some point you can be a bit too dragged by your pursuit to prove the world that you are enough that you of course it..."

13
21:01 - 22:02
1:00 duration207 words

The Value of Work Experience

Reflecting on her numerous jobs before starting her business, Barbara emphasizes the lessons learned from each role. She believes that every job, regardless of its perceived value, contributes to personal growth and skill development. This segment underscores the importance of diverse work experiences.

"I really do I mean so I guess relaxing feels like wasting time it doesn't mean that I can't have fun with friends I have the most a great circle of close friends that I have so much fun with that's a ..."

14
22:02 - 24:47
2:45 duration581 words

People Skills and Efficiency

Barbara discusses how her various jobs taught her valuable skills in people management and efficiency. She explains how understanding customer needs and creating systems were crucial to her success in business. This segment highlights the significance of interpersonal skills in entrepreneurship.

"from everything from being a receptionist to a waitress to everything in between we often look back at those jobs that didn't pay us a lot and that the world doesn't hold in high regard as some people..."

15
24:47 - 27:06
2:19 duration496 words

Embracing Strengths and Weaknesses

In this segment, Barbara candidly shares her weaknesses, including her struggles with math and impatience. She emphasizes the importance of recognizing both strengths and weaknesses in personal and professional growth. This discussion encourages self-awareness as a key component of success.

"because we had big people in my market and if I had built and replicated systems at a normal Pace I would never catch up to them so I had to do double triple time and what's your answer on that one sy..."

16
27:09 - 28:22
1:13 duration279 words

Numbers Aren't Everything

Barbara challenges the notion that being good with numbers is essential for business success. She argues that strong people skills and ambition are far more critical, sharing insights from her experiences as an investor on Shark Tank.

"but lucky for me I've always surrounded myself with people who are opposite to me you know and by the way I shouldn't really say I'm bad at numbers because I had a business partner in my 10 business p..."

17
28:22 - 30:10
1:47 duration355 words

The Leap into Real Estate

Barbara recounts how she borrowed $1,000 from her boyfriend to start her real estate business at the age of 23. She reflects on the fearlessness of youth and how her initial lack of knowledge about the industry turned into a passion for being a boss.

"I think numbers are the least important thing in business by far I look at all the entrepreneurs I've invested in Shark Tank I am telling you the most successful I hope I'm not giving anybody the shor..."

18
30:10 - 31:11
1:00 duration182 words

Finding Freedom in Leadership

In this segment, Barbara expresses her newfound love for being in charge after starting her real estate firm. She describes the freedom and joy that came with leadership, emphasizing how it fueled her passion for the business.

"however what I didn't know and when the light went on in my head was I didn't know how much I would like being a boss first day I'm like I love this did I like real estate I didn't really care about r..."

19
31:11 - 32:02
0:51 duration163 words

Competing with the Old Boys' Network

Barbara discusses her strategy for succeeding in a male-dominated real estate market. She highlights how the complacency of established firms allowed her to thrive by being agile and innovative, contrasting her approach with the traditional methods of her competitors.

"before I sold it we were number one the biggest residential real estate firm in New York why because there's so many residential firms in New York there's so many like real estate people they're every..."

20
32:02 - 33:02
1:00 duration209 words

The Advantage of Imagination

Barbara shares how her creativity and imagination set her apart in the real estate industry. She explains how thinking outside the box and generating unique publicity ideas helped her firm stand out in a crowded market.

"but they did the same old thing they did it the same old way and they also hired people like themselves they were white privileged and they hired white privileged women to work for them that was a who..."

21
33:02 - 34:04
1:01 duration233 words

The Importance of Culture

Barbara emphasizes the significance of creating a fun and engaging company culture. She explains how fostering camaraderie among employees led to high retention rates and a positive work environment, ultimately contributing to her firm's success.

"happens again and again in real estate it's up down Market they would not spend money they would hold their money in and protect it they would not take a chance because of the reputation they would ch..."

22
34:04 - 35:00
0:56 duration180 words

Innovative Team Building

In this segment, Barbara describes her unconventional team-building activities that fostered a sense of belonging and fun among her employees. She shares anecdotes about themed parties and spontaneous outings that created a strong company culture.

"they liked it that way one of the things I took from that is um whenever you're competing against like a big complacent slow incumbent being the opposite of the incumbent is the winning strategy you w..."

23
35:00 - 36:01
1:00 duration203 words

Recruitment Through Reputation

Barbara explains how her company's reputation for being a fun place to work eliminated the need for active recruitment. She highlights how employees became ambassadors for the firm, sharing their positive experiences and attracting new talent.

"for you that was the only game in town not how you did it or what differently you could do nobody even really was concerned about the customer or the sellers they just want to know if they had a conta..."

24
36:01 - 39:19
3:18 duration640 words

Navigating Personal Betrayal

Barbara recounts the shocking moment when her business partner and boyfriend left her for her secretary. She reflects on the emotional impact of this betrayal and how it shaped her resilience in the business world.

"we're soulmates in a way fat company culture and that like philosophy you're citing that as being really pivotal to to why you were successful what what does that mean like culture and how do you go a..."

25
39:40 - 40:33
0:53 duration164 words

The Power of Insults as Motivation

In this segment, Barbara discusses how negative comments can serve as powerful motivators. She shares her experience with a former partner's dismissive words, which fueled her determination to succeed and resonate with entrepreneurs facing similar challenges.

"without his help right away because I was a scorned woman and I couldn't stand seeing them throw kisses at each other during the work day it drove me crazy and so I left I just left we cut the company..."

26
40:33 - 41:38
1:04 duration200 words

Navigating Gender Bias in Real Estate

Barbara reflects on her experiences as a woman in a male-dominated real estate industry. She discusses how being underestimated by male colleagues provided her with unique opportunities to compete and succeed, using her charm and confidence to navigate challenges.

"on Shark Tank I love it when I can find in an entrepreneur that had a horrible dad had this go wrong that go wrong uh because they're angry they're angry and they have more to prove I love an entrepre..."

27
41:38 - 42:28
0:50 duration173 words

Manipulating Perceptions for Success

In this candid discussion, Barbara reveals her strategies for gaining respect in a male-dominated field. She talks about using her appearance and charm to influence developers and secure deals, highlighting the complexities of gender dynamics in business.

"um you know who was easy to manipulate though because when the business got large we were more dependent on huge development sites where they had three four hundred condos for sale we'd have to get co..."

28
42:28 - 43:36
1:07 duration239 words

The Importance of Individualized Leadership

Barbara emphasizes the significance of treating employees as individuals with unique needs. She shares her philosophy of adapting her leadership style to motivate different team members, fostering a supportive environment that encourages personal growth.

"your Workforce if I if I spoke to one of your employees and said Barbara like to work with would you imagine they would say to me I know what they would say and you won't believe me they would say I l..."

29
43:36 - 44:55
1:18 duration291 words

Firing Negative Employees

In this segment, Barbara discusses her approach to dealing with negative employees. She explains the importance of quickly identifying and removing chronic complainers to maintain a positive work environment, sharing her experiences and lessons learned from past hires.

"make a job earlier easier what don't you like to do what would you rather do how could I be this for you what what else do you do you want I I shower my people with anything they need selflessly and y..."

30
44:55 - 46:01
1:05 duration210 words

The Cost of Negativity in the Workplace

Barbara elaborates on how negative individuals can drain energy and resources from a team. She shares her insights on the impact of negativity on productivity and morale, advocating for a positive workplace filled with supportive and enthusiastic team members.

"a different formula for everyone no I think the key was knowing each individual and what floats their boat what's important to them what's going to make them better no I was never even handed ever wit..."

31
46:01 - 47:49
1:48 duration327 words

The Art of Genuine Compliments

Barbara discusses the power of genuine compliments in the workplace. She emphasizes the importance of being specific and sincere when recognizing employees' contributions, explaining how this practice can significantly boost morale and performance.

"people and went past that I couldn't do it anymore I did some but not a lot um what I would love to do is call someone to my office on Friday I love firing people on Friday I would stop by someone's d..."

32
47:49 - 50:00
2:10 duration470 words

Trusting Employee Potential

In this final segment, Barbara reflects on the importance of trusting employees' capabilities. She believes that recognizing and nurturing their potential can lead to remarkable growth, encouraging leaders to foster an environment where individuals feel valued and empowered.

"not going to deliver enough to everybody else is not enough to go around no they're thieves in the night they come in they got their hands in your pockets and they're taking your goods that's how I se..."

33
50:03 - 51:10
1:06 duration217 words

The Art of Genuine Compliments

In this segment, Barbara discusses the significance of giving genuine compliments in the workplace. She explains how specific and heartfelt praise can empower employees and boost their confidence. Corcoran emphasizes the need for managers to actively seek out and acknowledge the strengths of their team members.

"let's talk about something positive what about compliments compliments when they're genuine not compliments that are empty and not compliments in front of a group for the sake of grandstanding I just ..."

34
51:10 - 52:34
1:23 duration277 words

Spotting Potential in Employees

Barbara shares a personal story about recognizing potential in an employee who was initially underperforming. She illustrates how she identified her advertising manager's strengths and promoted her, leading to significant success. This segment underscores the importance of seeing the gifts in people and nurturing their talents.

"thought they're a private person but if I thought they're a competitive person I always sit in front of the group because they're competitive and they want everybody to see they're better you know so ..."

35
52:34 - 53:06
0:31 duration110 words

The Importance of Eye Contact

Barbara discusses the critical role of eye contact in building trust and rapport. She reflects on her hiring practices during the pandemic, where she prioritized candidates who made eye contact during virtual interviews. This segment highlights how non-verbal communication can indicate confidence and sincerity.

"kind of like a page I saw on her desk she was incredible I I I think you just have to find the gift in people and point it out and think how can I take advantage and Anita became probably the the Envy..."

36
53:06 - 54:22
1:16 duration257 words

Assessing Candidates: Lighting and Presence

In this segment, Barbara explains her criteria for evaluating candidates during interviews, emphasizing the importance of presentation and lighting. She believes that a candidate's effort to present themselves well reflects their commitment and seriousness about the job. Corcoran shares her experiences of hiring during the pandemic and the lessons learned.

"people are good at we talked about the mouth there with the smile but what about the eyes you mean looking at someone in the eyes yeah oh you have to I mean do you trust anyone who doesn't make eye co..."

37
54:22 - 55:26
1:03 duration252 words

The Value of Healthy Choices

Barbara discusses her personal journey towards healthier living and the role of sponsors in her podcast. She shares her experience with a protein shake that has become a staple in her diet, emphasizing the importance of making nutritious choices while managing a busy lifestyle.

"no it's just terrible no it's very hard to hire people through covet online but I never did in the end whoever I hired I insist I meet them in person you can't really to his thorough job unless you're..."

38
55:26 - 56:43
1:17 duration266 words

Intel VPro: Security for Businesses

Barbara introduces Intel VPro, highlighting its importance for businesses in terms of security and data protection. She discusses how the platform's multi-layer security features can help protect against cyber threats, emphasizing the need for businesses to prioritize security in today's digital landscape.

"that I actually like Intel now one of our sponsors on this podcast and I'm here to tell you about their vpro platform security and data protection are totally non-negotiable when it comes to the tech ..."

39
56:43 - 58:24
1:40 duration326 words

Choosing Entrepreneurs Over Businesses

Barbara shares her insights from years on Shark Tank, emphasizing the importance of choosing the right entrepreneur over the business idea itself. She explains how trust, ambition, and resilience are key traits she looks for in potential investments, and how these qualities often outweigh the specifics of the business plan.

"afraid okay well you're on Shark Tank and link to what we just said about quickly assessing if a person is is legit and worth investing in what have you learned you've been on the show longer than I'v..."

40
58:24 - 1:00:01
1:37 duration330 words

The Struggles of Rich Kids vs. Poor Kids

In this thought-provoking segment, Barbara discusses her biases when it comes to investing in entrepreneurs from different backgrounds. She explains why she believes that those who grow up with less tend to have a stronger drive to succeed, contrasting them with wealthy individuals who may lack the same motivation.

"always looking for I'm looking just just trying to smell it out if someone says they were poor and they didn't have a father let's say I'm biased right away I want to buy the business you want to inve..."

41
1:00:01 - 1:03:34
3:32 duration649 words

The Wall of Doom: Learning from Setbacks

Barbara introduces her concept of the 'Wall of Doom,' where she tracks entrepreneurs' responses to setbacks. She explains how successful entrepreneurs take responsibility for their mistakes and learn from them, while those who play the victim often fail. This segment highlights the importance of resilience and accountability in entrepreneurship.

"who succeeded well most of it is because I don't invest in them in the last five years but even when I did years ago none of them succeeded no they went on to do something else my poor people those ar..."

42
1:03:05 - 1:04:15
1:09 duration235 words

Resilience in Business

In this segment, Barbara shares a personal story about investing in a business that faced significant challenges, including financial losses and theft. She praises the entrepreneurs for their resilience and ability to bounce back, illustrating how a proactive attitude can lead to remarkable recovery and success. This highlights the importance of resilience in entrepreneurship.

"difference between the really good ones and the ones that don't make it are the ones that don't make it know how to be a victim they feel sorry for themselves they blame the next guy and they don't ta..."

43
1:04:15 - 1:05:06
0:51 duration176 words

Lessons from Childhood

Barbara reflects on her childhood and how her mother's approach to complaints shaped her perspective on responsibility and accountability. She shares a story about how her mother would punish both children involved in a dispute, teaching them not to complain but to resolve issues independently. This segment connects her upbringing to her business philosophy.

"people I love I love them this allergic reaction to complainers and pessimists and get back to that again no but does it come from I was just reflecting on how much your mother you said you never even..."

44
1:05:06 - 1:06:02
0:55 duration202 words

Handling Workplace Conflicts

Barbara recounts a situation where she had to address conflicts between two department heads in her company. Drawing from her mother's lessons, she emphasizes the importance of resolving issues directly and not allowing complaints to fester. This segment illustrates her leadership style and the culture she fosters within her business.

"and you know in business it's really that way if you think about it uh yeah if you're going to complain you know I even had an incident I learned very early on that just popped in my head that reminde..."

45
1:06:02 - 1:07:29
1:27 duration264 words

Navigating Relationship Dynamics

Barbara opens up about her marriage to Bill and the challenges that arose when she began to out-earn him significantly. She discusses the impact of societal perceptions on their relationship and how Bill's character helped them navigate these dynamics. This segment explores the complexities of gender roles and financial success in personal relationships.

"everybody the culture of the business in every way Bill Bill oh [ __ ] bill you know what all my friends call Bill poor Bill this is not a shame I'm the nice person bill is a difficult man and yet eve..."

46
1:07:29 - 1:09:50
2:20 duration431 words

The Weight of Success

In this candid segment, Barbara reflects on the emotional challenges of out-earning her husband and the feelings of inadequacy that arose. She discusses how societal expectations can influence personal identity and relationships, emphasizing the importance of self-worth beyond financial success. This segment provides insight into the personal struggles behind professional achievements.

"you seem to kind of not want to it was tough at first you know when I met Bill he owned a brokerage firm in New Jersey and I earned I had one in New York I had 19 20 people here 19 20 people we were e..."

47
1:09:50 - 1:10:01
0:10 duration47 words

The Habit of Resilience

Barbara shares her philosophy on failure and resilience, emphasizing that getting back up after setbacks should be a habitual response. She encourages embracing challenges as opportunities for growth. This segment encapsulates her motivational approach to overcoming obstacles in both business and life.

"get up and you're going to find some [ __ ] that you could do something with just get up that's a habit you have to make that habit Barbara thank you my pleasure thank you for the inspiration thank yo..."