What does it take to be successful in business?
You can read a million books, attend every seminar and conference, and have the best LinkedIn profile in the world, but none of that will guarantee you success. Those things can be helpful, but the best business people have something a little extra. So what’s the special sauce you need to make a good business great?
My guest today is the perfect person to shed some light on this subject.
You’ve probably heard of Barbara Cocoran. If you’re in the real estate game, you know her as one of the top real estate agents in New York. And if you’re not in real estate, you’re probably still aware of Barbara from her regular appearances on ABC’s Shark Tank. She’s one of the most successful and highly-respected businesswomen in the world, and her media appearances and speaking engagements are always highly informative.
But of course, you guys know I like to take my guests out of their usual playbooks. That’s why Barbara and I go deep about subjects she doesn’t usually talk about. We talk about relationships and why the people you surround yourself with can make or break your business. We also talk about how we can all reframe our mistakes to avoid regret and keep accomplishing great things.
And for all you entrepreneurs out there — with her personal brand of directness and wit, Barbara shares with me some of her best business advice about finding the right career, the right investment partners, and the right resources to spend your money on.
“Get rid of the clunkers and make sure you surround yourself with people who know how to laugh. People with a sense of humor bring a whole bag of delicious things with them. … If you could just qualify [that new friends] have a sense of humor … you wind up with a lot of good people in your life, and you wind up — as a result of that — with a great life. … What’s more important in life than [who] you surround yourself with?” – Barbara Corcoran
Whether you’re in the business sphere or not, this interview is gold. Barbara is full of wonderful advice that has the potential to help us all thrive in life. Let’s get started!
Who Is Barbara Corcoran?
Today, Barbara Corcoran is an incredibly successful businesswoman, investor, speaker consultant, and TV personality. But she did not start out that way. In high school and college, Barbara made straight D’s. She had worked 20 jobs by the time she was 23 years old, and none of them felt like the right fit for her. But one day, while she was working as a waitress in New York City, she borrowed $1000 from a boyfriend and started a tiny New York City real estate company.
That company went on to become The Corcoran Group, a multi-billion dollar business. To this day, The Corcoran Group is one of the top real estate companies in the world, and they’re definitely the go-to people for luxury New York properties.
Once she’d built a top-tier real estate company, Barbara truly took the world stage. She wrote a book, Shark Tales, to tell the story of her insane rise to billionaire status and started speaking at events for the Harvard Business School, the New York Times, Business Insider, and Wells Fargo, just to name a few. Her motivating speeches and workshops have inspired thousands of people to become better businessmen and women.
In addition to her speaking engagements at various corporate events, Barbara is a well-known TV personality. In her recurring role as one of the famous “sharks” on ABC’s Shark Tank, she has invested in over 80 businesses. When Barbara sees a product and a personality she trusts, she doesn’t hesitate to spend money on them, and dozens of clever entrepreneurs have benefitted as a result.
And to make things even better, Barbara is now an experienced podcast host. Her new show, Business Unusual, is a beneath-the-surface look at Barbara’s business savvy. She goes in-depth on her best business tips and strategies to help listeners grow their own businesses and thrive in today’s market.
But besides being a titan of industry and wealth, Barbara is just a delightful person to be around. She’s funny and positive, and she never fails to say it like it is. I want to acknowledge her for being so kind and generous about sharing her wisdom with the world and with me here on the show. Now let’s dive into our interview to see what truly makes a business work.
Find People Who Will Sign Up for Your Business
Here’s the thing — as much as we like to think we’re fully successful as individuals, our relationships have a massive effect on our business lives. This is true particularly of our most intimate relationships — our partners can make or break our businesses, and vice versa, our businesses can make or break our relationships.
I wanted to ask Barbara about the kinds of relationships that facilitate successful businesses, and she had some interesting advice:
“I think a lot of [relationships] go awry because it takes 150% effort to succeed in life in the workplace. If you’re going to be hugely successful — you’re going to pour your heart and soul … into [your business] — you better have a spouse who signed up for it.” – Barbara Corcoran
That’s so true. If you know you need to go all-in on your business — and that will prevent you from giving enough time or energy to a relationship — it’s best to let the other person know before several years go by and there are greater emotional stakes at play. Barbara said relationships fail all the time because one partner is dedicated to their work, and the other partner did not sign up for that level of commitment to the business. I want to encourage you to carefully consider whether there’s room for a relationship in your life before trying to balance entrepreneurship and romance at the same time.
But if you know you can balance your work life and an intimate relationship, you want to find a partner who is willing to be a good life partner and a good business partner, too. And believe it or not, Barbara thinks that partners who work the best together are actually people with opposite personalities.
“… Some people intuitively choose people very smartly as to who should be their partner in business or in life, and I have found the most successful ones on both [sides] have been when you choose the opposites.” – Barbara Corcoran
When you’re looking for someone to share in an intimate relationship with you, don’t look for a carbon copy of yourself. Chances are, people who are too similar will find too much conflict. But people who think differently and actually have some opposing traits tend to compliment each other, and their relationships work out better.
