54: The 5 Lessons I Learned From A Housewife
Hey, this is Barbara Corcoran. You are now tuned into business unusual and everything you ever learned about business. Throw it out the window. I'm going to tell you the real deal listening today. I'm going to answer all your burning questions about work life starting accompany getting on track and much much more be sure to call into the business on usual hotline with your question at eight Barbara that's eight eight eight B A R B A R A. But I my mom was a housewife and she raised ten kids on shoestring budget in a two bedroom apartment. Pretty remarkable here. Five things I learned from my mom, her beliefs in her practices that helped me build a huge business share them with you here. Number one. My mom believe that everybody has a gift. My sister. Ellen was good at dishes, and she was also great at making bids. My brother Eddie was at saving money new work since he was eleven and you couldn't get a nickel out of that guy. If you beg for a week. But when he resigned eighteen he got on a motorcycle and move to California with ten thousand dollars in cash in his pocket. He was just a good saver. My mom said my biggest talent was my magic nation. And I was in charge of putting the rock stores in the basement. Or putting on Broadway shows. I was always entertaining. The other nine kids. I'm good as well as my mom at spotting people's gifts. And I use that to build a hugely successful company. Taking advantage of what I saw and people as the gift and putting them in the right jobs. So I was constantly making salesman into advertising executives, and I was convincing bookkeepers they should be salesman. Because I could see the light in them and what they were good at the most important lesson. I used to build my business clearly was that everyone has a gift. Number two. Everybody's gonna pitch in. We were a family of twelve people in very tight quarters. And if we hadn't all pitched in a new what our jobs were we could have never gotten along as we had each child had an assigned role in the family. And so when I built my real estate business, I gave everyone in the Simon. I didn't care if they were sales people I didn't care if they were employees. But they all knew exactly what they're sinement was. And they understood that if they're going to be part of my company everyone had to pitch in. It was simple. And with that. There was a spirit of core that everyone actually felt like they were part of the family when I was building my business every salesman. Understood it was their specific job to meet their desks overhead every single month. And so their overhead was forty eight thousand dollars a year. And they knew if they couldn't make forty eight thousand dollars a year for them and another forty eight thousand dollars for me to clear my. Overhead that they couldn't stay in the company, and I can't tell you how powerful that was in building a firm foundation for the business that everyone knew they had to pitch in. And exactly what that pitch looked like. Number three. You have to only surround yourself with happy people. My mom always said people either build you a drain you and there's nothing in between. And she was right. My mom would rarely go down to the ferry on the Hudson river and pull out my big brothers out of the ferry gang. Why did she not let my brother's hang out at the ferry with all the other big guys? They're the only ones that weren't allowed to hang out because she said, they're not a happy bunch. And I'm taking my boys out of there. She went down. They didn't even have to know what the message was they followed her right back home. They got caught every time. At the Corcoran group. I always made Friday the day that I would get rid of all of my complainers. Why hokusai knew there is sucking the energy and draining my Bank account, psychologically. So I would make sure that if someone was a complainer in pulling down my good, happy people. They didn't stay around very long. I consider that one of my major jobs at the Corcoran group. I've learned over time that a miserable coworker Abed, boss or negative friend. Takes you down with them. They always want company, I surround myself with only positive people for one reason only I wanna be happy. The only exception. Of course is my husband Bill, but that's okay. Because I go out of my way to make a miserable. Number four. You have to have a system if you're going do anything more than once you better make a system to get it accomplished. My mom ran her house like a boot camp. She would have been great in the army everything had it's place in when she opened her mouth we snap to it. She had a sock drawer in the kitchen where all the boys sauce role navy blue all one size, the girl soccer underneath it was all white all one size because she understood how much effort was involved in sorting socks and buying different sizes for ten kids when she made the peanut butter and jelly sandwiches. Every morning to send us out to school. She had to make ten she's Hispanic Ling. Knifes spread the peanut butter and jelly after she lined up the bread. It's probably thirty seconds to make ten sandwiches when she polished are white shoes school every morning because that was required of our little Catholic schools uniform. She lined up all of the shoes on a white radiator painted the white with their paintbrush with shoe polish on it, turn them over did the other side and the radiator dried the Shoups she was able to polish all of our shoes in less than a minute. She was remarkable on systems. But from my mom, I learned that if I was going to build a big business if I had to do something more than once, I better make a system to make it happen faster. When I ran the Corcoran group. I learned to run it like a Swiss clock where everything had it's place. I remember the time is saved us the day, we decided to color code, the different sizes of our listings so that all studios were pink and all one bedrooms were blue, and then the sales people could find the listing they needed instantly without everything being mixed up. A lot of the money spent and building my business was spent on building new offices, which would house sixty eighty two. Two hundred sales people, and I found one night when I actually looked at the arrangement of the deaths thinking this got to be a better way. I was able to measure the width and length of the deaths measure the chairs how much they went onto the desk. What the rollers took up in this space, and how wide the aisles were. And I realized that if I turn desk head to head instead of parallel lines after the other that I could save twenty percent of my office space that made me a fortune from that point on getting ineffective. Twenty percent discount on all of my rent. I learned that from my mother. Number five. My mom always said, you need a bully to beat a bully and she demonstrated that one day when she got tired of seeing the town fully beat up on my younger, brother. Tommy Tommy was built like my other brothers. He was slight. He was poetic he likes to sing and dance. He just wasn't one of these athletic football types. Like my other brothers one day. She turned to Mardian John's just go out there and beat up that bullyfree. Brother. It was over. He was picked on. Again, you need a bully to be a bully. I would later use that lesson when I was being sued by the Donald himself who didn't want to pay me a six million dollar commission that I was clearly owed and instead of hiring my regular Turney wish. My instinct was I too hard. The attorney I knew I decided interview every bully litigator in New York and hire the biggest bed is bull. Really? And I'm telling you is that that I would have never won these are the five lessons. I learned my mom, and I'm telling you, I could have never built the business if I hadn't watched her demonstrate these lessons raising her ten kids in our two bedroom home. Let's take a short break. You talk about a company. I love my friends at on-deck business loans. If you're determined to build a business, you're gonna find along the way you're going to need some financing to help you get there. I remember when I was building my business. I couldn't get a loan from anyone when I needed the cash if I went to a local Bank. They didn't wanna lend to me I was just a little small fry. But if you're building your business, you know, what you need the money for and I say to you go to my friends at on dick business loans by going to on on-deck dot com slash Farber. Let me tell you why they give small business loans of two five hundred thousand dollars in the best part is they make decisions in minutes. Funding is as fast as one day on deck values cash. They know it's an important part of building a business. It's not just about your credit score. Like the big guys do on deck has amazing customer service. They have over sixteen hundred five star reviews on trust pilot. Don't forget to visit my friends at on-deck dot com slash Barbara on dick business loans. Tell them Barbara. Percents. You. Now, let's get back to the show Nick from New Jersey. From Edgewater because I met you look shocked out. I just wanted to call on. Thank you so much for writing that book and influence in my life. My question is how can I provide value to people that don't know me or get my foot in the door while still being respectable when not overstepping my down. Thank you have a great day. Thank you so much. So Nick you from New Jersey my home state. Good fi you I find that people in New Jersey. Oh, genuinely so lovely. I really hardly ever meet a clunker. Well, you're asking about getting your foot in the door. And if you asking about professionally getting you foot in the door, which I'm going to have to soon from your question. I would say you've got to get rid of this notion that you're overstepping your bounds. You strike me. As though you're slightly timid and very polite, which are two wonderful traits and insurance apply today. But I think if you wanna prove yourself will you're worth to an organization or an individual. You've gotta get comfortable Boli stepping through that door. Nobody invites you in. If I waited for every invitation that I never got. I think I would have never built a business. I learned that I had to develop a different personality than the one. My parents gave me which was to be a nice. Nice quiet polite child into never cause any problems, and I still don't cause any problems. But I also had to learn that nobody was going to invite me in business unless I opened my own doors that makes sense that ring a little bit true there. I think what you need when you step through a door is a good pitch because I think everything in life pretty much is sales. If you're going to start something new, so if you're gonna walk through the door, I think you need to have a little story about yourself. And so I'm going to just take a shot at it. Not. No, you, Nick. But just for example. So something like you're in the door. You shaking the hand. And hi, I'm Nick Smith, and the one thing I do very well is I work really, really hard. I also really get along with people. Now, if someone came in my door said that I would think a fifteenth spots that I could use them in my organization because those are essential things you need to do if you're gonna prove you. Work those two specific things. Okay. I'm Nick Smith. And the one thing I'd do very well is work, really hard. And I also really know how to get along with people. I'm wondering if you might have a position, blah, blah, blah, blah. It's a story line about you and your uniqueness. And what you bring to the table now to get there to say with confidence takes a little work. But it's the table for anybody because I know because I had to memorize this kind of crap and make it my own really own it and believe it for me to get other people to believe it. So you'll have to write it down. What you're pitches, you're going to have to start to believe it by writing it. You're going to have to practice it until the second nature. Practice it enough onto you can see that you can really whole someone's attention practice. Maybe on your mom who've definitely loves you. I could tell just from the sound of your voice, you had a good mom there. And then hold it against your hardest. Most critical friend the person who doesn't like anything that here. It's simply a sales pitch on yourself. And there's not a successful person out there that gets us shot to prove themselves or get through any door without it. It's essential Nicole me back at eight eight Barbara this week and give me a pitch. I wanna hear it. I'll listen, and I'll even rewrite it for you and help make it a winner that you could use again, and again, and again, I could tell you a great guy, but you're going to need the help with the pitch to get through the door hard, Barbara this is just in from Austin, Texas. I was wondering what my credits for the impacted if I was seek assault as phone for my real estate company. Thanks an event free of ice. No. Oh, just in a business loans should not impact your personal credit score. But before you accept a business loan, make sure it's a real business loan and that the lender is reporting your credit history to the business credit bureau, not the personal credit bureaus, if it's really a personal loan, then it will definitely impact your personal credit score. Of course, I know that small business lenders like my friends at on-deck report your credit history to the appropriate business credit bureaus, not the personal credit bureaus. And that's exactly how it should be. So double check how it's going to be reported. Hi, Linda, the Muffin lady from Boca Raton. My question had a grow beloved brand to trade secret recipe when people don't sign your NDA's, and you have to protect your recipe, and proprietary procedures love to hear the answer. Thank you Bye-bye. Thanks for your inspiration. Linda, I would suggest that you trust a little bit more. You get a lot Warren business trusting and giving people the benefit of the doubt than being paranoid. And if someone wants to help you build your business, and you're insisting on a nondisclosure agreement. Right. From the beginning says, I don't trust you. Now, I could see if you had a chemical compound that was so sophisticated that you took years to engineer that you might have a concern with disclosing the magic ingredients. But we're talking about a Muffin here. How different? Can a Muffin really be. I'm sure you have your secret sauce your secret recipe. But I don't think you have to have people sign a legal agreement just to talk to you about your business and pushing ahead, I can tell you certainly firsthand for myself as an investor every time anyone comes to us with any kind of business proposal on s for NDA. We say we're not interested. It's a bad place to start. It's like I don't trust. You you don't trust me that kind of thing in a trust a little bit more. Get rid of your paranoia would be my best advice. Hey, Barbara, this is Todd from Gary, Indiana. And my question is are there times in a business should turn down taking the loan because of the pressure to pay it back? And if so what are those scenarios, thank you tie? If you have any doubt at all about you businesses ability to pay back the loan. It's stupid to borrow money. Absolutely. That's not what it's intended for. Because a good loan should have a specific purpose? And it only makes sense if you're gonna use the money to either improve your bottom line or increase the value of you business. Those in my mind are the only two times you should be borrowing money for business. If the extra cash allows you to do that thing getting a small business owners, always a good option. But if it's your just strapped for cash right now and trying to say a float then you absolutely out of your mind to borrow the money. This is only going to add more financial pressure on the back of business. That's having a hard time to begin with. That's how. I feel about borrowing money. Where do you listen to business on usual? I really wanna know. And guess what? If you show me, you might have a chance to spend an hour with me all you've got to do is posted a photo on Instagram showing me, the unusual places where you listen to my podcast, be sure to use the hashtag business unusual when you post the photo and make sure it's a public account. So I can see it a random winner will get to spend an hour with me on Skype or at my office here. New York City, whichever you prefer show me a photos by June third, and I'll have fun seeing all the places you listen. And that's all the questions. We have time for today. If you have a question leave me a voicemail in the business on usual hotline. Eight eight eight Barbara that's eight eight eight B A R B A aren't a you can also tweet it to me at Barbara Corcoran. And I may just answered on a future episode. You've been listening to business unusual with me. Barbara corcoran. Come back next week to hear more steps and missteps I took on the path to success business unusual part of the iheartradio podcast network. Search follow business unusual on iheartradio or subscribe wherever you listen to podcasts. When you're building a business. Cash flow is never even you wanna expand open a new office by manufacturing facility, where do you go? Well, I can tell you that I used to go to banks, and I never got the money. I needed. I was just a small fry. But if you're building your business, you know, you're going to succeed, and you know, what you need the money for go to my friends that on-deck business loans by going to on-deck dot com slash Barbara. And let me tell you why they give small business loans of two five hundred thousand dollars in the best part is they make decisions in minutes. Funding is as fast as one day on deck products are always tailored to specific business deeds with lots of loan payback options on deck values cash, though, they know it's an important part of building a business. It's not just about your credit score. Like the big guys do on. Dhec has amazing customer service. They have over sixteen hundred five star reviews on trust pilot. Don't. Forget to visit my friends at on-deck dot com slash Barbara.