I didn’t think I could admire Barbara Corcoran more, until I finished listening to a podcast that interviewed her recently. It’s “How I Built This – Barbara Corcoran.” Things that I hope to remember the rest of my life:
1.Know how much time you have left based on the amount of $$$ in your bank account.
Hearing Barbara budget her cost of business based on the salaries of her employees really resonated with me. This is something that I vaguely practice. I know what I have and whether or not I have enough money in my bank to survive another month etc… But something about the way I’m doing it, doesn’t push me enough, while something about how she does it makes me want to do it her way. I’m not sure what the difference is, maybe it’s my personal finance versus her business. It’s probably more of a push for her since she’s got her employees depending on her, while I only have to take care of myself. Because of this knowledge though, as I dive into “self-employment” I think I’m going to look at things this way too. How much time will each of my accounts payable buy my business?
2. Recruit based on potential and then empower your employees.
In the beginning her staff, are people she’s interacted with that she thought had the potential to be a real estate agent. It’s baristas, waitresses, flight attendants that she connected with and empowered to work for her. This is something I want to do. I want to recruit based on people, instead of resume. I think I will need to, in the future if what I’m trying to do is develop an economy where most people didn’t really go to school. I do believe training is a responsibility that good employers take on.
3. After a certain amount, numbers and values don’t seem to mean much.
She put her company in the market expecting 1 Million ish, she got a call from a broker saying somebody made an offer for $23 Million. She rebutted with, “don’t call me back until you get a $66 Million offer” simply because it’s her lucky number. My take away for this is that, after a certain point the value of something is really what you think it’s worth to you. Don’t be scared to negotiate.
Barbara is somebody that I’ve always looked up to, and it was really more because she’s kind but fierce in shark tank. But after listening to her podcast, I respect her so much more because her successes are truly because of her street smart, and her go-getter attitude which is something I always thought I had.