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

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If you’re not one of them, prepare to get bored.

Introduction

Barbara Corcoran is known for her phenomenal team-building skills, which she attributes to her competitive household.

The interesting thing about Barbara is that she grew up in a family where money was scarce. but she’s not attracted to money.

School Life

For Barbara, school sucked because of her dyslexia—she couldn’t read, write, or learn, and this made her self-esteem very low.

Barbara is known for being quite and lovely, but that isn't enough to boost her self-esteem when she's getting all F’s.

So what made her quiet?

One of the teachers told her, “If you don’t learn to read or write, you’ll always be stupid,” and she felt that the teacher used the word “stupid” with such disdain that it made her quiet.

Taking a Break?

Driven by accomplishment, Barbara hates relaxing—she wants to spend every second to the fullest to make a difference.

She still hangs out with friends and reads a book for 30 minutes for fun. But most of the time, she’s working, and she loves it.

And instead of going to therapy, she decided to make her own therapy, i.e., working out and weeding her gardens.

22 Jobs Baby!!

Whether she had a menial or an important job, she’s always learning. She would take a job based on what she could learn from it.

Barbara believed she had learned more about human behavior and sales from waitressing than business.

What is she bad at?

Terrible at math, she took algebra four times in summer school, which she never passed, and others like:

• Bad at committee meetings

• Bad at listening to people who don’t get straight to the point.

• Bad at impatience.

On our way towards entrepreneurship, most people often exclude themselves mentally because they are bad at these things, especially math.

It’s liberating to hear that even a high-achieving individual like Barbara is bad at these things, and she still made it.

All the businesses that Barbara invested in during Shark Tank are not good at numbers.

To succeed in business, Barbara believed you only needed two things:

1. Good at handling people.

2. Ambition.

Beating The Old Boys

Why Barbara loved being 23 years old:

• You have nothing to lose.

• You can take lots of risks.

• You can try lots of things.

How did she become the biggest residential estate firm in New York?

There are multiple reasons why she succeeds, but Barbara thinks the main reason is because she is competing against the old boys.

The old boys were well educated and very good at what they did, but they kept repeating the same old things in the same way.

Also, they hired people who were just like themselves. When Barbara jumped in, she couldn’t get these people, which was a blessing in disguise.

The old boys get cocky because of their privilege. This made Barbara extremely confident.

What weaknesses did being cocky create?

It’s like competing with blind people, and the old boys are also rich enough, which makes them scared of losing their money.

While these old boys hold their money when the market doesn’t go as they expected, Barbara would take the chance.

I’ll Succeed While You Run

Ramon Simone, Barbara's business partner and ex-boyfriend, ran off with her secretary in the seventh year of their business.

He also gave her the most powerful message for success: “You’ll never succeed without me.”

This shocked Barbara, making her furious at that time, but like we said earlier, this was also a blessing in disguise.

This is also why Barbara loved entrepreneurs who have a horrible dad, life, etc. because they have the most potent magic, which is “anger”.

Whoever possesses this power has something to prove more than anyone else.

Friday the Fire day

Great thing about Barbara is that she doesn’t hesitate to fire an individual with toxic traits.

On Fridays, she would go to their desk and summon them to her office to be fired.

Why?

Because one bad apple can spoil the barrel. Toxicity is contagious; solve it fast or get killed.

They are like thieves—they take your money and your most valuable asset, which is your energy.

Steven Bartlett noticed that after running a business with 500 employees, 95% of the problems were mostly created by one person.

Negativity is contagious.

What Barbara Learned From Shark Tank

After 14 years at Shark Tank, Barbara learned that investing in entrepreneurs rather than their businesses is a better move.

Most of the time, she doesn’t even understand how their business works.

Barbara is very cautious when investing—she would inspect how they handle problems and what kind of person they are.

Problems with rich people?

They raised their money too easily from their father, uncle, etc., and this made them foolishly use their money.

Most of us consider this to be an advantage, but Barbara believed this was their disadvantage.

Poor kids want cars, luxury houses, etc., and they have more to prove, which made them work hard. But for the rich kids, they mostly have it all.

🎉You’ve made it to the end🎉

If you like this summary, feel free to check out the full video because I cut out some interesting things.

The video I summarized is from a podcast, The Dairy of A CEO. You can check out the full video on their YouTube channel.

For this particular video, Click here or the thumbnail.