New York (BUSINESS / STARTUPS) — While many people may recognize the name Barbara Corcoran for her role on the television show Shark Tank, this real estate mogul’s greatest success came far before her debut on the small screen. This happened when Corcoran took a $1000 and developed it into the highly successful Corcoran Group.
Although she had no prior experience before starting Corcoran Group, Barbara Corcoran has been a staple of success in the New York real estate scene for many years. The broker has the insight help a real estate startup, or any startup, grow their company into the successful organization they want it to be. This is why Corcoran not only appears on Shark Tank, and works as a mentor for startups, but has authored several books to help aspiring real estate companies get their business off the ground.
In terms of business growth approaches, Corcoran constantly advises real estate startups to start growing their business before they’re even ready to do it. According to Corcoran, many people will look to expand their companies in times of success, but the real time to grow and to expand are when things are slow in a company, so entrepreneurs can establish a goal to work towards. This is a strategy that Corcoran herself used when attempting to grow Corcoran Group. There was a time where she would rent double the space the offices needed so the spare rooms and empty desks would serve as a motivator for growth.
Corcoran also recommends that those trying to find success in real estate and to grow their own firm, know about proper techniques when pitching their ideas to venture capitalists. While practice is key for success with any pitch or presentation, Corcoran tells those she mentors to practice their pitch to someone who hates them, as friends and family will never be fully honest. This will help presenters operate under fire as well; a trait that Corcoran believes is essential in terms of a successful pitch and getting any business off the ground. Corcoran encourages any startup trying to make it in competitive markets like the real estate market to show Venture Capitalists an ability to thrive under pressure when giving a pitch as it displays the ability to thrive that is needed to grow a successful company.
There is a lot to be learned about growing your own business in today’s demanding New York real estate market, or in any market for that matter. When it comes to finding quality from someone who has lived the struggle to grow and prosper in real estate, there is perhaps no better mentor than Barbara Corcoran. The prosperous entrepreneur always leaves startups who were in the position she was once in with one tip; that it assumes a certain level of assumed success. An assumed success that Corcoran believes can help committed startup companies find the same success Corcoran did years ago.
First Published: ENTREPRENEUR