Throwback Thursday: Barbara Corcoran
Now I know I typically use the eClips collection for my Throwback Thursday posts, but this entrepreneurial energy kicked off by Celebration 2013 has got me stepping out of the box a bit. In one of the questions asked during Symposia Session 1’s Panel 4, “Managing Your Career.. Lessons from Battle Tested Entrepreneurs,” Matt Ackerson ’09 (Founder & CEO of PetoVera) mentioned Barbara Corcoran in one of his answers. A student interested in real estate essentially asked about the initial capital it takes to start a project, and how to go about obtaining that initial capital. Matt mentioned that Barbara Corcoran would be an interesting person to look into, so that’s exactly what I did.
Frantically taking notes about the Panel’s discussion for my upcoming posts (which you should look out for), I managed to haphazardly guess the spelling of Barbara Corcoran’s name decently enough for Google to save my itching curiosity. I ran into this video, which supplied helpful advice to entrepreneurs, especially interested in real estate.
Founder and Company Bio
Barbara Corcoran was not as academically inclined as the average Cornellian. She was a straight D student and had 22 jobs before she was 23. However, that didn’t stop her entrepreneurial spirit. Barbara Corcoran took a $1,000 loan and transformed that into a $5 billion real estate business, The Corcoran Group, and sold it for $66 million in 2001.
Entrepreneurship isn’t always taught – Some people are born to be great entrepreneurs. However, that doesn’t mean others can’t improve their entrepreneurial skills by experience. Experience often involves failure, and failures involve great lessons.
Stay away complainers & negativity – Fire complaining employees. Even ‘fire’ complaining clients if you have to. They drain away your energy and you’ll never succeed when dealing with them. Ridding of the negativity around you leaves room for a great client. Barbara Corcoran took a leap of faith by firing her leading producer, who was producing 80% of her company’s income. Once she let go, another super star client came in. Take a leap of faith and you will be rewarded.
Success inevitably depend on your everyday tasks – Every day tasks are key. Rate them from A – C. A’s lead to more sales; B’s are undecided; and C’s are tasks that only make you feel productive, but don’t amount to anything (small errands). Delegate those tasks and increase your productivity.
The worst times are the best times – Competitors are not aggressive; they’re laying low. They’re doing things they’ve always did and they’re hoping for a change. Out-create them. You’re small–you’re in a speed boat. They’re in the large luxury line that takes 2 years to take a turn.
Throwback Thursday is a weekly column published on every Thursday which features past eClips that deserve another highlight. The eClips collection contains thousands of short video clips that are created from in-depth video interviews or presentations by entrepreneurs, venture capitalists, bankers, angel investors, and employees of start-up companies.