Real estate mogul and business expert Barbara Corcoran founded The Corcoran Group when she was just 23 years old. Despite starting the company at a time when the business world was primarily an old man's club, she managed to grow it into one of the top real estate companies. in New York City. I spoke to the 'Shark Tank' star to find out how she made it successful and got her advice for other young women looking to start their own successful business .
Barbara Corcoran grew up with a mother who was a strong role model for how to run a business.
“Everything had its place,” a spokesperson for the Amazon Business Prime American Express Card said of how her mother ran the family finances. “She would do something multiple times and she would create a system, almost like a manufacturer. And she was a great motivator. I mean, she was a great coach in the true sense of the word. [and] leader. “
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Corcoran believes that the lessons she learned from her mother and her inherent desire to succeed are the driving force behind the Corcoran Group's success.
“Many people think that starting a business requires a lot of knowledge,” she says. “I had something much more important than that, a dream. I had a clear image of what I wanted to be. I wanted to be the queen of New York real estate.”
She didn't let the fact that men sit at the top of many major companies stop her from finding a way to make her dream career a reality.
“The world was owned by fathers and rich old men who inherited the business from their fathers,” Corcoran said. “But somehow in my little head I thought, 'I can be the queen of this town in real estate.'” And I just kept going for it and one day… There was an article published in New York magazine and they called me the “Queen of New York Real Estate.'' ”
The “Shark Tank” star said he wouldn't have been able to succeed in the business world if he hadn't waited until later in life to start a family.
“When I started my business, I built it almost like a person,” Corcoran says. “I didn't have kids, I wasn't married, and I've been focused on building my business since I was 23, so I really didn't have anything else to worry about. I had my first child at age 46, and I can say that if I had started my family and become a mother sooner, I would not have been able to build the business that I have. Then I wouldn't have had the concentration, I wouldn't have had the dedication. I would have been similarly inspired to be a phenomenal mother, and that's the division of labor, the division of thought, the division of mind.”
The mogul advises other aspiring small business owners to make sure they have a plan in place to deal with limited cash flow as they get their companies up and running.
“What happens with small businesses is they have big dreams, they want to move forward, their sales are increasing, but what's holding them back is cash flow,” she said. . “Relative to the amount we spend, we don’t seem to be earning enough to get us through the next three months. It will put people out of work. [A business credit card like] The Amazon Business American Express Card essentially eliminates that possibility, as it almost acts as a permanent line of credit for small business owners. That's amazing. ”
Corcoran hopes to inspire other young women who want to start their own businesses to follow their passions.
“The best tip you can give to young working women is to dream of what you want to do and find a way to make it happen,” she said. “The only sad people I've ever met in my life are people who wish they could have done that. You don't want to be one of them either. The best motivator in the world. is about being open to your life and saying, “What do I really want?” What am I really dreaming about? How on earth are you going to get there? And let's shoot it. You have to go out and grab what you can. It just goes around. ”
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This article originally appeared on GOBankingRates.com: How Barbara Corcoran became the “Queen of New York Real Estate”
