From a Loan of Just USD 1,000, Barbara Corcoran Built a Real-Estate Group Called ‘The Corcoran Group.’
In 1973, at just 22, Barbara Corcoran was a waitress in New Jersey. She then decided to borrow USD 1,000 to start a real-estate company. Over the years, ‘The Corcoran Group’ became a real-estate empire, and in 2001 Corcoran sold the company for USD 66 million. This was an achievement few could match, particularly a woman.
Barbara Corcoran is currently considered one of America's most successful entrepreneurs. She is the author of the best-selling book “If You Don’t Have Big Breasts, Put Ribbons on Your Pigtails.” She is currently a real estate adviser for NBC's “Today Show” and a leading columnist for More and Redbook magazines.
Barbara Corcoran is also the sole, powerful female judge on ABC's famous reality show ‘Shark Tank.’
Barbara Corcoran’s insights from an Entrepreneur interview 2 years ago still inspire people who want to start businesses and pursue their passions:
– If you could go back to the beginning, would you want to do anything differently?
– I was only 22 when I started. I was waiting tables and met a boyfriend who said I had a talent for real estate. Although I loved my job, I felt ready for a change. I then borrowed USD 1,000 from him and built a small real estate company. Through wholehearted effort and support from many people, I succeeded and the company kept growing stronger.
After everything I have experienced, I realized that opportunities come and go very quickly. If I had not trusted a stranger’s words and left my job back then, perhaps I would not be where I am today. Each business decision I make is quick and accurate, without much deliberation. I have learned never to let my thinking be obstructed.
If I could start again, I wish I would change and decide sooner.
– Do you think you have something like an entrepreneurial gene that drives you to build your own business?
– No, people can truly know that only after seeing their own success firsthand. All I had was stubbornness, obstinately ignoring the adverse consequences of failure. In fact, that stubbornness is a powerful personal motivation because you are not afraid of anything.
For many entrepreneurs, this is the only precious gift nature gave them at birth. Only after spending a full 10 years in the field and looking back at events and the reckless decisions you made do you begin to feel afraid. From then on, everything becomes far more difficult, complex and frightening, because you now understand what you could lose if you fail—not to mention pressure from competitors.
At this point, you are no longer the child who always wants to explore and take risks in the world around you, nor do you dare take on too many experiments at once.
– What have you learned after going through so many difficulties?
– Challenges always appear along your path. They are there to overwhelm your confidence and spirit. Solutions always exist, but you cannot always see them. I have learned that you must see obstacles as opportunities to change and grow.
– Do you face any difficulties maintaining the corporate culture?
– Of course. The larger a company becomes, the harder it is to maintain pioneering creativity in any field, because its structure includes many layers and different people. Everyone has their own personality and working style. Some always strive forward, while others only discourage progress. The larger the company, the harder innovation becomes.
– What is one of the most valuable lessons you learned while building your career?
– Six years ago, a producer asked whether I wanted to invest in a new television show called ‘Shark Tank.’ I immediately agreed. I signed the contract without even reading it. I bought three beautiful outfits, packed my bags, and booked a flight to Hollywood. But then the producer called to say they had hired someone else. Deeply discouraged, I emailed them and said that their rejection was a blessing: returning was an opportunity for me, and I wanted to come and compete for the job. Since then, I have become a judge on one of today's most successful television shows.
The Most Valuable Lesson I Learned Was to Remain Enthusiastic and Dedicated and Never Give Up.
