By Ken Owens
Barbara Corcoran, millionaire real estate expert and co-star of ABC’s Shark Tank recently spoke at UNLV as part of their Barrick Lecture Series. It was motivating to hear the personal story behind the TV icon, as to her childhood and the values instilled by her parents at an early age.
Barbara says that success in one’s personal life and business is attributed in part, to these qualities:
Persistence – Keep trying new and innovative things. Never give up. When you are ready to quit and throw in the towel, try one more thing…that is usually the thing that will work and allow you to grow.
Team – Build an amazing team/group around you; people with unique individual attributes and whom you can trust.
Fun – Throw fun events for your team – once or twice a year. The more wild and outlandish….the bigger the impact. These events build comradery, lower inhibitions, and the word travels to your competitors on what a fun organization you have to work for; which allows you to attract the best employees.
Your Word – Your word is your bond and you need to keep your word. Barbara mentioned all deals that she did with others on just a hand-shake all worked out great; but those few that went bad all had signed contracts. Honest upstanding people know their hand-shake is their word and is better than a signed contract.
Know Your Shortcomings – Knowing what you are not good at, and hiring someone with that quality to manage those aspects of your business is smart leadership. For example, if you are not an organized person, then hire someone with amazing organizational skills to run your office.
The Power of Third Party Endorsements – Her career really took off once she started sending Press Releases out the newspapers and TV stations. They branded her as a ‘real estate expert’ and ‘celebrity real estate broker’ – which in turn generated additional free media publicity. When the media labels you as an expert in your field, that is worth more to your career than any amount of paid advertising will get you.
Shark Tank is now in their 9th season. ABC, which is owned by Disney, has moved the show this season to 9pm on Sunday evenings. Market research statistics have shown that youth viewers are increasing by 10% each week. Therefore, the network moved the show to their premier family-friendly time slot of 9pm Sunday. They are finding the show has been teaching good values of motivating entrepreneurial spirit, communication skills, and business principles which is attracting the new younger viewer base.
Tune in to see Barbara in action on Shark Tank and start implementing these principles into your business…..and maybe one day soon we will see you on Shark Tank!