Editor’s note: This article was first published in September 2014; the estimated net worth of $150 million and the claim about small businesses interested in hiring her as a consultant are figures from that time.
Barbara Corcoran is a businesswoman, investor, speaker, writer, consultant… and, more recently, known in the United States for her role on Shark Tank, the show that inspired the failed Spanish program Tu Oportunidad, in which entrepreneurs meet investors.
But what stands out is the life, story and advice of the only woman “shark” on the show.
Barbara failed at 22 jobs until one day she decided to borrow $1,000 from her boyfriend, quit her job as a waitress in a restaurant and start her own real estate business in a small office. That was in 1973.
After selling one of her companies in 2001 for $66 million, her net worth is estimated at $150 million.
But what is most striking about this businesswoman is the wisdom she has gained over her career and how smart she is when it comes to advising new entrepreneurs. She is the author of the book Shark Tales: How I Turned $1,000 into a Billion Dollar Business.
With the introductions done, let’s look at some of her best business advice, which she says she learned the hard way:
First of all, you shouldn’t worry about being a small fish in a big pond. Anything can happen if you have the inspiration and motivation you need in business.
1. Follow your gut
Don’t you dare underestimate the power of your own instinct. Instinct is a lifeline for sharks and business owners alike. Most people ignore their instincts only to regret it later. Learn to listen to your gut intelligently. It pays off.
2. Perspective
If there is one thing I have learned in real estate, it’s that the first eight seconds are crucial for a buyer. In fact, those eight seconds may not be enough to decide that they want to buy the house, but they are more than enough to decide that they don’t.
Practice empathy so you know what buyers want and what they see. Get out of your car on foot and look at what your customers will see during those eight seconds. That first view from the customer’s perspective is an invaluable tool for fine-tuning a sale.
3. Create demand
In business you have to create a sense of demand instead of waiting for demand to appear. Everything works on supply and demand, so… why not create the demand yourself? This is where marketing, advertising and customer relations come into play. A great business idea or an excellent product is no use to you if you don’t know how to sell yourself when the time is right.
4. Hire people as enthusiastic as you are
If you hire complainers, they will just drain your energy. When you are choosing the people who will join you on your entrepreneurial journey, make sure they share your vision and enthusiasm.
It may sound obvious, but it isn’t, because in real life finding this kind of worker is genuinely difficult.
5. Opportunity
The best time to expand is when your competitors have fallen asleep at the wheel of their businesses. Always keep an eye on your competition, and if they leave a door open because they are resting on their laurels, don’t hesitate: walk in. And while you’re at it, remember how important it is not to fall asleep yourself along the business road.
See also: An internet entrepreneur’s biggest obstacle is usually psychological
Those are five good tips to keep in mind when we decide to start our own business in search of success. Needless to say, Barbara also preaches the importance of happiness and passion for what we do, and of hiring people who are as passionate about our project as we are.
Without a doubt, this woman is an excellent inspiration for any entrepreneur in general and for any businesswoman in particular. It is said that, as a business consultant, she has more than 10,000 small businesses interested in hiring her services.
Further reading
- 8 business books to read this winter
- Business: how to arrive at the million-dollar idea
- 32 rules for becoming a successful entrepreneur
Featured image: Philip Romano, CC BY-SA 4.0, via Wikimedia Commons.
