NBC’s Shark Tank Star Barbara Corcoran Reveals Business Tips!
Barbara Corcoran is contributor on NBC’s TODAY Show where she comments weekly on trends in real estate market. Barbara is better known for being a investor star on ABC’s reality hit Shark Tank.
Surprisingly, Barbara was a straight D student from high school to college, and before age twenty-three she already had twenty jobs. But the next position developed Barbara into one of the most influential entrepreneurs in America. She acquired a $1,000 loan to begin The Corcoran Group and transformed the little loan into a five-billion-dollar property business which she sold in 2001 for $66 million. Barbara’s success story has motivated and taught entrepreneurs critical business lessons that can be valuable for local San Antonio companies.
Check out her shark tips to create your own success story!
1. Perception Produces Reality
- While battling to get her real estate company noticed in New York, Barbara started to submit property articles to newspapers in hopes to generate buzz and new business. She persistently sent articles to local newspapers, within a short amount of time the real estate editorials appeared within the New York News! The key was to produce a compelling and relevant message, even if your business is small your voice matters. Be creative when developing your articles and consistently attempt to publicize!
2. Everyone Wants What Everyone Wants
- Growing up, Barbara watched her neighbor create competition among people to maximize profit. While selling puppies, the neighbor told potential buyers to come by her house to select a puppy at noon. On that day twelve families showed up at the exact time, the big crowd of people started competing against one another and offering higher prices for the puppies. When others observe people with a desire for a product or service, there is a natural urge to follow and obtain the same item. It’s your job to develop that competitive buzz among your customers.
3. Compete With Big Corporations
- As a small business the easiest method to advance is using creativity. Large companies will splurge on costly campaigns, however when times get tough they aren’t able to heavily promote because of budget limits. Small companies can grow with low costing creative and effective marketing campaigns while large rivals reduce their marketing efforts.
4. Shoot The Dogs Early
- The very best business advice for leaders is to shoot the dogs early and never throw away cash on low performers. Let go of low performing employees or sales reps and use the funds to spoil your well-deserving team.
- Concentrate on ranking sales team based on performance.
5. Two Employee Types-Expanders and Containers
- Containers are very well organized and detailed. These people frequently have handbags that convert right into a nice file cabinet.
- Expanders aim to find new growth possibilities and therefore are innovative. Unbiased, risk takers could be considered expanders. Barbara’s answer to an effective team would be to match expanders and containers to optimize departments.
6. Recognition Works More Effectively Than Money
- The Shark Tank star is an enormous believer that recognition increases job satisfaction. Being known for your achievements from your colleagues and superiors is much more rewarding because recognition carries meaning.
7. Fun Works For Business
- Barbara revealed her true colors by incorporating fun into the workplace through practical jokes and pranks. Once, she informed the staff to dress in their finest for a surprise outing. The team arrived their Sunday’s best and glitzy jewelry. Nobody knew the secret location, Barbara showed up with an open top tour bus…. destination….Harlem. Terrified the glamorous staff drove in the worst areas of Harlem, while Barbara had a laugh!
- What exactly were the outcomes of adding just a little fun to business? New creativeness and great ideas generate from your team when you are having fun.
8. You Have The Right To Be Here!
- Whenever you feel you’re insufficient and feel you don’t deserve an opportunity, remember you have the right to be there! Never let anybody bring you down, you have the ability to succeed!
- Believe in yourself and your business and make a leap of faith and jump! Discover the solution in the fall.
Barbara’s business insights are valuable and inspiring for leaders in any San Antonio company. If you want to learn more about marketing and business tips from the Shark expert, I would highly recommend her book “Shark Tales.”