Skip to main content

Computerease

GET A QUOTE

5 Secrets of Barbara Corcoran's Entrepreneurial Success

5 Secrets of Barbara Corcoran's Entrepreneurial Success

We’ve all heard the rags to riches story of now-famous people who came from extremely humble beginnings. How do they achieve such great success?

This is the exact question that ABC’s Shark Tank star, Barbara Corcoran, answered for the audience at a business conference I recently attended. Barbara is also a successful author, speaker, investor, and contributor to multiple news outlets. She shared her own rags to riches story, along with the 5 secrets that directly contributed to her wildly successful business ventures.

Humble Beginnings With Zero Business Experience

Barbara Corcoran grew up with her loving parents and 9 siblings in a 2 bedroom flat in New Jersey. She had a rough time in school earning mostly D’s, later realizing that she was dyslexic. She tried to earn a living any way she could but eventually ended up working as a waitress in a local diner.

A critical turning point in her life came while she was working as a waitress. She was in competition with another waitress who was getting all of the customers because she was extremely attractive. Barbara updated her appearance by putting red ribbons in her pigtails, and she started getting more customers. She attracted the attention of one man in particular, Ramone Simone. He gave her a ride home one night, and eventually he became her boyfriend, mentor, and business partner.

An Unconventional Beginning to a Business Empire

Ramone gave Barbara $100 for a new business outfit, suggested she give real estate a try, and even gave her $1,000 to start a company with him. She had 49% ownership in the new venture, the Corcoran-Simone Group. Barbara described Ramone as her white knight, the man who saved her from being a poor waitress in New Jersey.

However, 7 years later, Ramone announced he was going to marry Barbara’s secretary. They ultimately dissolved their business partnership and split both the personnel and a small amount of cash. Three days later, Barbara moved into a new office a few floors above her old one, and The Corcoran Group was founded.

5 Secrets of Entrepreneurial Success

  1. Hard work and dedication: Barbara’s mother was the best role model for being motivated and organized, raising 10 children on a shoestring budget.
  2. Fierce independence and forging your own path: Barbara’s father was fired from a new job every year of his life for insubordination and exemplified a true entrepreneurial spirit. 9 out of 10 of his children became successful entrepreneurs, staying with the rebellious family nature.
  3. Marketing works: Barbara’s first lesson in marketing came when she put those red ribbons in her pigtails, a simple update that made a huge difference. There were countless times Barbara turned a less than ideal situation into a financial windfall purely with the right marketing strategy.
  4. Finding the right motivation: Barbara credits revenge as a driving force that kept her motivated through difficult times in business. As she and Ramone were splitting the company, he told her, “You’ll never succeed without me.” Barbara thought to herself, “Just you watch.”
  5. Keep going, no matter what: Many people simply give up when they run into hard times. Barbara and her best salespeople never did. They followed the same recipe for success: think fast on your feet, and when a bad situation happens, turn it into an advantage. Finding the silver lining always leads to new opportunities.

Turning a $1,000 Loan Into a Company Worth $66 Million

In 2001, Barbara sold her business, The Corcoran Group, for $66 million. Her grit, determination, and hard work turned a $1,000 loan into a fortune. She’s since spent nine seasons as an investor on ABC’s Shark Tank, and continues as a speaker, author, and contributor to major news outlets, always looking for her next opportunity.

Key Takeaways

  • Hard work and consistency matter more than a perfect start.
  • Independence can help entrepreneurs find opportunities others overlook.
  • Good marketing can transform an ordinary idea into a competitive advantage.
  • Setbacks can become motivation rather than stopping points.
  • Successful entrepreneurs keep looking for opportunities when circumstances change.

Download Your Free AI Policy Template