You probably know the name: Barbara Corcoran. She is the Shark on the ABC business-pitch reality show Shark Tank who built The Corcoran Group, New York’s largest real estate company. Barbara is also an expert in the art of leading a team to success and in how to build a successful business. Here is a “bite” of small business advice that she shared with Forbes magazine:
• Don’t Be Afraid to Make Big Mistakes: “All the best things that happened in my business happened on the heels of failure. Don’t be afraid to fail; it’s proof that you are meant to be a successful entrepreneur.”
• Little Companies Always Move Faster: “The big guy may have the corner on money but the little guy usually has the corner on creativity. Take some time to sit down and figure out how your big rival is promoting their brand and plan something smarter and more creative for yours.”
• Take Full Advantage of All the Free Social Media Out There: “Before you go out and blow money on advertising, capitalize on the free online access that leads you directly to your customers. You can quickly build a huge following of customers willing to try your new product without spending a dollar on advertising.”
• Make a Marketplace Report: “The best way to get some attention for your brand is to publish an industry report chock full of statistics. Reporters need stories, and if you put your report in a short, easy-to-read format and name it after your company, you’ll soon become the expert reporters call when they need a quote.”
• Choose Only Really Good People: “Make sure you pick good people to build your business with, as they’ll determine 80 percent of your success. The best people are honest and have lots of enthusiasm. Don’t worry too much about their level of experience when you’re interviewing, as the right attitude always delivers much more than just experience.”
• There Are Only Two Kinds of People in Business—Know the Difference: “‘Expanders’ like to push the envelope, take risks, make new friends and test how far they can go! They also like to spend your money. ‘Containers’ like to keep things in order and stay on top of the details. They keep you from losing your money. If you match the right person to the right position that takes advantage of their natural talents, you’ll build a powerful team of workers with all the strength needed to build a huge business.”
• Focus on What’s Already Working For You and Do More of It: “When you look for ways to expand your business, the real pot of gold is usually the same stuff that’s already proven successful. Do a lot more of what’s already working and then do the new stuff.”
• Stop Putting It Off!: “Procrastination is the enemy of success. The time you waste on stalling breeds guilt, and guilt deflates energy and sometimes even leads to depression. When you feel stuck and can’t seem to move ahead, always remember that you don’t have to get it right, you just have to get it going!”
• Make a System for Everything You Need to Do More Than Once: “My mother ran her house like a boot camp. She had to—she had 10 children! I learned from my mom that to run a growing business you need to set up a system for everything. If you take the time to set it up once, you’ll build your business faster and avoid wasting time and handling customer complaints.”
• Make Sure You Know What Not to Do: “Everyone should have their own ‘Not to Do’ list. I regularly sit down and make a list of all the things I have spent time on that have amounted to nothing. It’s smart to post your ‘Not to Do’ list where you’re bound to see it so you’re reminded to do more productive things that give a better return on the time you spend at work.”
• Shoot the Dogs Early!: “If you spot a complainer and if you have the authority to do it, fire them right away. Complainers are like thieves, robbing you and your company of its good energy. Your whole team’s outlook will shine brighter once you’re rid of them.”