With a personal fortune of up to $80 million and considered the “real estate queen” in the world, Barbara Corcoran is admired by many when she succeeds in the field that was thought only for men. She is not only the founder of The Corcoran Group but also the co-founder of Barbara Corcoran Inc. The public knows her better after being a judge on the hit TV show “Shark Tank” on ABC channel (USA).
However, before becoming a co-founder of Corcoran Group, she had a poor and miserable childhood.
“I had to pinch myself many times to make sure it was all real. Everything I dreamed of since I was a kid has come true ,” the businesswoman shared.
Used to be a poor student in class, experienced more than 20 different jobs when he was 23 years old, even a waitress
Barbara Corcoran (born 1949) in New Jersey, USA. Her childhood was spent living with 9 siblings and parents in a cramped apartment with only 2 bedrooms. Her mother struggled to support her children with a meager income.
When she was in 3rd grade, Sister Stella Marie, a Catholic school teacher, said that she wouldn’t do anything if she couldn’t read. Corcoran was dyslexic at the time and her statement made her more motivated, working to improve her reading and writing skills thereby nurturing Corcoran’s strong will to rise.
By the age of 23, she had worked 22 different jobs. Years later, in an interview, Corcoran shared that working as a waitress was the best job that helped her build a successful company.
“You learn more in a service job than in any other job. The great thing about being a waitress is that you have your own area. That’s where you take responsibility for yourself, is your table and your stall.
You will learn how to attract customers with your communication skills, know how to get coffee quickly for guests and know each person’s drink preferences by remembering the last drink they ordered. Pay attention to every detail and you will be the winner,” said the businesswoman.
Later, from an investment of $ 1,000, Barbara Corcoran gradually built The Corcoran Group – a real estate business in New York City in 1973. In 2002, she sold The Corcoran Group for $66 million. This is an achievement that not everyone can do, especially a woman.
Unexpectedly, however, Cocoran was shocked when her boyfriend suddenly announced the breakup to marry her secretary. He was originally a customer when she was a waitress and a business partner of Cocoran, after meeting many times, the two developed feelings for each other.
When he broke up with her, he even told her: “You’ll never be successful without me.” Not allowing herself to fall, this businesswoman ended her cooperation with her lover and built a career in her own name.
Businesswoman with strong personality, succeed by investing in backyard
To become a female entrepreneur in the field of real estate, which is considered typical for men, Ms. Barbara Corcoran is a strong woman who dares to pursue her dreams, is not afraid of difficulties and failures do not stop her. She was as strong as men to prove that women are not inferior when doing the job that only men can do.
“I don’t think it’s a problem to be managers from the ground up, because a lot of people leave business colleges and pursue a similar career. I think the question needs to be asked. The question is, how do you keep women at that high position or on the career path long enough to take the company to the top?” , Ms. Corcoran shared.
She also frankly expressed her opinion that women are smarter than men. Therefore, businesswoman Corcoran is always full of confidence in her every job.
“I have the same right to be here as you. I’m just as smart as you. People may not think I’m smart, but I know that I am. And guess what, I’ve accomplished a lot. So Don’t belittle me.”
According to Corcoran, a successful person is someone who knows what he or she does best. They are acutely aware of their own skills, strengths, and weaknesses to move back and forth at the right time.
In addition, according to her, to become a successful businesswoman in the field of real estate must overcome many difficulties and challenges to reach success. And one of those secrets is investing in your own backyard.
“I’ve observed many people who are much smarter than me but lose as much money as I make. Do you know what they forgot? They forgot to invest in their backyard – something that they forgot to do. They all know. They heard that a new market was a phenomenon and when they tried to penetrate it, they lost everything,” said businesswoman Corcoran.
Ms. Corcoran said that if you venture into new markets, you will easily fail. Therefore, do not forget to invest in your backyard because it is the advantage that you understand best.
Real estate queen Barbara Corcoran also gave advice: “Everyone wants to do business with the person they like. If someone likes you, they will want to do business with you.”
Like many self-made entrepreneurs, the queen of the US real estate industry has had a number of failures. But those failures did not make her give up. She believes that the ability to bounce back from hurt, rejection and disappointment is the number one prerequisite for one’s success in business.
“The difference between real winners is how long they feel sorry for themselves. My winners feel it… but they stand up and say ‘try hitting me again'” “ , businesswoman Corcoran confided that failure did not make her back down, but became stronger.
Unique teaching methods around saving and investing
Unlike families with successful parents and huge wealth, they will always give their children the best. But for Ms Corcoran, the key to ensuring that kids grow up without being spoiled is to encourage them to earn money from an early age.
Corcoran’s 12-year-old daughter works two hours a week at an animal spa, where she cleans chickens and takes dogs for walks. Recently, the girl was raised from 10 USD / hour to 12.50 USD and returned home proudly showing her mother.
“Start getting your child into the habit of working early, compared to going on a camping day or something like that, your child will learn more important things than education in school, where a lot of parents are willing to pour a ton of money into” . She shared.
With a way of teaching her children that always revolves around saving and investing, Corcoran’s daughter considers her income as a “treasure”, because her dream is to one day buy a a car. ” She set up a check for her personal credit card expenses. She has a small box of savings since the day was 20 USD and now it is almost 200 USD.”
When your kids are old enough, push them to work, says Corcoran, because when a child is eager to learn, they have a better chance of success in the future.
