New York real estate entrepreneur Barbara Corcoran of The Corcoran Group gave her firsthand account Tuesday at the World Business Forum of success from a $100 loan to selling her first company for $66 million.
Corcoran’s rags-to-riches story of a waitress who made it big has plenty of elements of fun (a necessary part of doing business, in her opinion), along with funny and practical advice for entrepreneurs or others in business.
Here are her top seven life lessons from her years as an entrepreneur:
- I am great at failure. Everything great that Corcoran has done has been born out of failure of some kind.
- Perception creates reality. If you create a big image for yourself, people will believe you are that big.
- Expand before you’re ready. Corcoran’s mother said, “There’s never a good time to have children.” So goes the adage of expansion in business.
- Everybody wants what everybody wants. Nobody wants what nobody wants. Create the atmosphere of need.
- There are only two kinds of people: Expanders and containers. Make sure you balance each one out in your office.
- Fun is good for business. Corcoran says she’s never had a good idea behind a desk. Make work events fun!
- You have the right to be here. When Corcoran made it into Donald Trump’s golden elevator to have a meeting with Trump himself, she kept repeating to herself, “I have the right to be here.” Sooner or later, you’ll believe it.