In May of 2013, I was fortunate enough to listen to Barbara Corcoran’s keynote address at the GKIC SuperConference in Orlando. Her story is absolutely fascinating and what she shared with us attendees really resonated with me. She was a fabulous speaker, was truly authentic, and it was evident that when it came to business, she wrote her own rules. A true Maverick, which I really appreciate!
During her keynote address she shared with us her Seven Lessons of Success, as told through her experience as an Entrepreneur. These may be things we have all heard before, but it doesn’t hurt to be continuously reminded of them to help us as business owners and Entrepreneurs stay on our A-game!
Lesson 1: Enjoy the Getting There
Barbara talked about the day she would sell her business for a lot of money. Like most business owners – certainly me, probably you – she dreamed of selling her business one day for a lot of money… and then she said, “To anyone in the audience dreaming about selling your business, let me just give you a word of caution, enjoy the getting there. I thought the day I could go to the City Bank machine and see that I had $44,000,000 in my checking account after I sold my business would be the most amazing change in my life. Well, let me tell you something, it’s so much more fun getting there than having it. The best days of your life are in the action. Nothing is ever as exciting as building your business”
WOW – That was powerful.
Ralph Waldo Emerson said it also, “Life is a journey, not a destination.”
Lesson 2: All Great Entrepreneurs are Great at Failing
Over the years, in her real estate business Barbara had about 7,000 real estate agents who worked for her. She had agents earning $11,000,000 a year, while the average agent earned $43,000. She asked herself, “What’s the difference?”
At first she thought it was connections – that wasn’t it.
She thought it was how hard they worked – Nope.
What she found out was that her great sales people were great at failing. When they get hit they have the inability to feel sorry for themselves.
They were down for a short amount of time and then back at it.
Lesson 3: Perception Creates Reality
Long before Barbara was a Celebrity Real Estate Broker in New York City, in fact, before she could afford to advertise, she started sending out press releases about the New York real estate market. She began to be quoted in the New York Times as real estate expert, Barbara Corcoran.
When Barbara heard that Madonna was pregnant, she wrote the Madonna Report about what
Madonna would be looking for now that she was pregnant. She didn’t represent Madonna, but she was now referred to as, Celebrity Real Estate Broker, Barbara Corcoran. When Richard Gere was looking to buy in New York, his people called Barbara. Perception Had Created Reality.
Lesson 4: There are Only Two Types of People Who Work for You – Containers or Expanders, and You Need Both of Them
Containers are the organizers, the filer, the office manager, the operations manager, etc. You need
Containers in your business, and you need them in the correct positions.
Expanders are those good at sales, creative and marketing. You need Expanders, and you need them into the correct positions.
Put people in positions where they can creatively use their strengths. Let them reach their personal and professional goals as well as the goals you’ve set for them as their employer in the best way they know how.
Lesson 5: Promote GOOD People
I’ll say it the way Barbara did. Forget about ‘ass kissers.’ You don’t need ass kissers. To find GOOD people ask co-workers in the company, “Who helps you?”
Now, I agree with Barbara’s first 5 lessons, but I have a real problem with her 6th lesson…
Lesson 6: There is No Such Thing as a Balanced Life for the Successful Business Owner
OK, I haven’t sold a business for $66,000,000.00 like Barbara so I can certainly accept that if you define success as selling your business for 66 million dollars there may be no such thing as balance.
Barbara didn’t start her family until she was 47 years old because she couldn’t imagine running a business and having a family.
YIKES!!!!!!!!
OK, again, maybe that’s true if you build a business worth 66 million dollars, but that doesn’t work so well for most business owners. We’re not willing to put our life totally “on hold” to build our business.
I love what I do. I love owning my business, but I also have a family life, and my outside of work life. But… if you had asked me in 1992 if you could be a balanced business owner I would have agreed with Barbara because I was burnt out, and just flat tired from building my business and being the best father and husband I could. I was running at 100 miles per hour and I had no time for my own physical, mental or spiritual life.
When I started developing my Make-You-Happy Management System in 1993, everything changed. I had found a way to create that work-life balance that we all strive for but find so elusive when we become Entrepreneurs and business owners. This literally changed my life, and I become a better husband, father, and business owner because of it (I’ll spare you the details here but you can learn more about this system at www.KeithLee.com).
Lesson 7: You Have the Right to be There
When Barbara became a “success” in New York she started attending industry events and to her surprise everyone at each event was a man. They treated her like second class and she felt second class.
After accepting this for a while, she decided that she wasn’t going to accept it anymore and decided for herself that:
You Have The Right To Be There
So she decided she was going to change her thought process and start acting like she had the right to be there and before long it wasn’t an act anymore.
Always remember, you have the right to be a successful entrepreneur! No apologies. No regrets.
