Aired January 10, 2017
“A lot of people who start businesses come from poor families and I was one of them,” says “Shark Tank’s” Barbara Corcoran. Watch the video above to hear Corcoran’s story about how she went from rags to riches and hear more about her tips for getting started with your own business.
Act the Part and Give Yourself the Right “Packaging”
Corcoran says that acting is nothing more than convincing yourself you’re deserving of the business. Clients can easily sense a lack of confidence, so you have to convince yourself you’re deserving of your success, she explains. To do this, she started dressing differently.
Even though it might not seem very practical, she used her first commission check to buy a fancy coat from Bergdorf Goodman. “I looked like a fancy lady, and I wore that coat for four years up and down the streets of Manhattan,” says Corcoran. “I got my money’s worth.” To stand out from the crowd, she started wearing red suits so her identity was always easily recognizable, and it helped her feel more confident, which her clients picked up on.
Never Underestimate the Power of Organization
Corcoran says her mother ran their house like a boot camp. “With 10 kids to care for, she developed smart systems to keep things in place which I carried over into my business,” she says. Today, her entire office is color coded so things can be found and returned without the need to read a tiny label and her to-do list is printed on a brightly colored piece of paper so she can easily spot it in a pile of white papers. Check out the video above on how she keeps her to-do list in check.
Have a “Not” To-Do List
Corcoran suggests creating a “not” to-do list to help you identify your strengths and weaknesses. Draw a line down the center of a piece of paper to create two columns. On the left side, write down things you love to do at work. On the right side, write down the things you don’t love as much -- those are the things you should delegate. Corcoran says you’re more successful putting your energy into things you love. Don’t have the money to hire people to do those tasks? Barter with your friends and family -- offer your services for free in exchange for their work.
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