Challenge industry norms by innovating and taking risks to outmaneuver competitors.
Prioritize fun in the workplace to build camaraderie and motivate employees.
Leverage setbacks as motivation to excel and tailor leadership to support individual team members.
Deep dives
Competing with the Old Boys Network
Barbara discusses how she succeeded by challenging the traditional real estate industry dominated by wealthy, privileged individuals who were complacent and resistant to change. She identified their weaknesses in being slow, risk-averse, and lacking imagination. By innovating, taking risks, and having a creative approach to publicity and business operations, she was able to outmaneuver her competitors.
Creating a Fun and Imaginative Company Culture
Barbara emphasizes the importance of having fun in the workplace as a way to build camaraderie and break down barriers between employees. She shares examples of organizing unique and bizarre activities, such as themed parties and unexpected outings, to create a positive and engaging work environment. By prioritizing fun and fostering a sense of belonging, she was able to cultivate a loyal and motivated team.
Turning Adversity into Motivation
Facing challenges like dyslexia in school and betrayal in business, Barbara discusses how these setbacks fueled her determination to prove her worth and succeed. She leveraged negative experiences, such as being underestimated and manipulated in a male-dominated industry, to her advantage, using them as motivation to excel and push boundaries. Barbara's resilience and ability to turn hardships into strengths were instrumental in her journey to success.
Being a successful boss involves understanding and addressing the individual needs of each team member. Rather than applying consistent treatment to all employees, effective leadership requires tailoring approaches based on what motivates and empowers each individual. By recognizing the unique characteristics and preferences of team members, bosses can cultivate a supportive environment where employees are encouraged to excel.
Dealing with Negative Influence: Avoiding Complainers and Victims
Negative individuals, such as chronic complainers and victims, can drain energy and hinder team productivity. Recognizing the detrimental impact of such personalities, successful leaders prioritize removing negative influences from the team. By swiftly addressing negativity and holding individuals accountable for their behavior, bosses maintain a positive and productive work environment conducive to growth and success.
As the original Shark of all 13 seasons of the Shark Tank, Barbara Corcoran has never stopped swimming or hustling. Ever since 1973 when she borrowed $1000 to start her own real estate firm, Barbara’s relentless drive and spirit turned The Corcoran Group into $6 billion dollar business.
Coming from a poor neighbourhood and the second of ten children, Barbara always knew how to scrap and stand out from the crowd. She also knew how to use any setbacks as fuel for success, whether that was being labelled the ‘dumb’ D grade dyslexic student to being bitterly betrayed by her boyfriend.
In this candid conversation, Barbara shares her hard won no nonsense lessons in life and business, revealing how she had no other option but to become an entrepreneur and use everything at her disposal to reach the top.