🔑 Key Takeaways
- Shopify empowers entrepreneurs to manage their businesses efficiently while Eight Sleep revolutionizes sleep technology for optimal rest
- Barbara's unique approach to life and business is rooted in her ability to find joy and create memorable experiences, derived from her childhood experiences and Irish storytelling heritage.
- Effectively using stories to capture attention and set brand apart from competitors can lead to business success. Early successes included marketing a $80,000 penthouse and selling a historic mansion after discovering a safe in the basement.
- Early experiences taught valuable skills, revealed strengths, and instilled a strong work ethic
- Dyslexia and business failures taught the speaker resilience. Observe successful people and keep going through setbacks to achieve success.
- Even after betrayal and loss, it's possible to find the strength to start anew and turn negative experiences into opportunities for growth.
- Falsely accused of running a prostitution ring, the speaker used the situation to expose a competitor's illegal practices and launch her real estate career. She also used creative advertising tactics to attract top talent.
- The speaker's competitive nature and unique approach to recruiting agents helped her overcome intimidation and dyslexia, leading to success in the real estate industry through unconventional methods and innovative strategies.
- Speaker's mom's organization system, innovation in sharing listings, and use of 'Homes on Tape' helped her overcome challenges as a dyslexic individual and succeed in the competitive real estate industry.
- Creating artificial scarcity can motivate buyers to make impulsive purchases, even for less desirable items. Limiting availability and setting equal prices can generate a sense of urgency, leading to quick sales.
- Successful sales depends on identifying customers' needs and urgency, prioritizing them, and maintaining a hustle and routine.
- Effective sales involves thoughtfulness, presentation, and a strategic approach. Build trust with customers by not rushing the buying process, following up, and using thoughtful gestures. Consistency in sales techniques and exercise routines leads to success.
- Embrace challenges and discomfort for personal growth and positive outcomes, such as mental and physical benefits from exercise and personal empowerment from standing up for oneself.
- Seek the best strategy and reasoning from experts when facing moral fights or difficult situations, and assess the energy required and importance of the fight before engaging.
- Barbara Corcoran learned that happiness comes from relationships and experiences, not just material possessions or winning every argument.
- Overpaying for desirable assets or hiring happy people can lead to significant benefits, including faster acquisition of dreams and a more enjoyable work environment
- Barbara Corcoran empowers entrepreneurs through her Patreon community, offering advice and a platform for growth. Her message: 'You're more capable than you think you are.'
- Tim shares his favorite e-commerce platform (Shopify) and recommends a temperature-regulating device (Pod Cover) in his weekly newsletter
📝 Podcast Summary
Innovative solutions for businesses and sleep
Shopify and Eight Sleep are game-changers in their respective industries, offering innovative solutions to make running a business or getting a good night's sleep more accessible and efficient. Shopify, a commerce platform, empowers entrepreneurs of all sizes to start, run, and grow their businesses with ease, providing them control over every sales channel and the internet's best converting checkout. Eight Sleep, on the other hand, revolutionizes sleep technology with its Pod Cover, allowing users to adjust the temperature of their sleeping environment for optimal sleep and tracking health and sleep metrics without the need for wearables. Both Shopify and Eight Sleep demonstrate the power of innovation and technology to simplify complex processes and improve our daily lives.
Childhood experiences shaped Barbara's love for excitement and storytelling
Barbara's love for shock value and PR stunts can be traced back to her childhood, influenced by her fun-loving father who always found creative ways to bring excitement and joy into their lives. This experience instilled in her the importance of introducing fun and memorable experiences into people's lives, which she later applied to her business success. Her ability to storytell, connect with people, and position herself effectively also stems from this Irish "trade" of weaving compelling narratives that people remember. Overall, Barbara's unique approach to life and business is rooted in her ability to find joy and create memorable experiences, which has been a driving force behind her accomplishments.
Using creative stories to sell high-end properties
Effective storytelling is a powerful tool for business success. The speaker, who had experience in sales and real estate, used creative and intriguing stories to generate interest and sell high-end properties. Some of his early successes included marketing a penthouse with a nightly cost of $80,000 and selling a historic mansion after discovering a safe in the basement. These stories not only captured people's attention but also set his brand apart from competitors. The speaker's ability to think creatively and entertain was instilled in him from a young age by his mother, who recognized and encouraged his unique talents.
Childhood experiences shaped interviewee's success
The interviewee's early experiences, including creating intricate snail games and working various jobs, significantly contributed to building their confidence and identifying their unique strengths. The interviewee learned valuable skills such as sales, communication, and the power of the press. They also discovered what they were not good at, allowing them to focus on their strengths. Moreover, the interviewee emphasized the importance of not taking a victim perspective and persevering through challenges. The interviewee's childhood experiences shaped their work ethic and set them up for later success.
Bouncing back from setbacks is crucial for success
Resilience and the ability to bounce back from failures and setbacks are crucial for success in life and business. The speaker shares how her dyslexia and experiences of feeling like a failure in school taught her the importance of getting back up and not dwelling on setbacks. She also learned this valuable lesson from observing successful salespeople and her business partner, who consistently recovered from setbacks and kept going. The speaker's story of meeting her business partner, Ramon Simone, and starting their rental business in New York City illustrates how a setback (leaving home to start a business) ultimately led to a successful venture. The key to success, according to the speaker, is not just about starting strong but also about getting back up and keeping going when faced with adversity.
Turning Negatives into Positives
Even in the face of betrayal and heartbreak, it's possible to turn a negative experience into a positive one. The speaker in this text, after being left by her partner and losing her business, found the strength to start anew. She didn't hold a grudge against her ex-husband and instead saw the opportunity to move on and grow. She credited him for giving her the confidence and financial means to start her own business, which ultimately led to her success. Additionally, the speaker's enthusiasm and positive attitude were key factors in her ability to attract support and build a successful enterprise.
Facing adversity can lead to unexpected opportunities
Sometimes facing adversity can lead to unexpected opportunities. The speaker shares a story about how she was falsely accused of running a prostitution ring in her apartment building. Despite this setback, she used the situation to her advantage by exposing a competitor's illegal rental practices to her landlord and becoming his exclusive agent. This experience helped her launch her real estate career and eventually found the Corcoran Group. The speaker also mentions that in the early days of her company, she used creative advertising tactics to attract talented recruits by focusing on the fun and excitement of the job rather than high commissions.
Using unconventional methods to succeed in a male-dominated industry
The speaker's competitive nature and unique approach to recruiting agents gave her an edge in the male-dominated real estate industry. She used unconventional methods like career nights and her femininity to her advantage, turning what could have been perceived as disadvantages into strengths. Despite feeling intimidated at first, she saw herself as a competitor and used any negative experiences as motivation to succeed. Additionally, she later became known for her systems and overcame her dyslexia by over-preparing and taking things seriously. Her determination, resilience, and innovative strategies allowed her to thrive in the real estate business.
Mother's color-coded system inspired speaker's business success
Effective organization and innovation were key factors in the early success of the speaker's real estate business, despite facing challenges as a dyslexic individual. The speaker's mother instilled in her the importance of organization through a color-coded system, and she applied this approach to her business by using visual aids and automating repetitive tasks. In the competitive real estate industry, the speaker differentiated herself by sharing listings and implementing a centralistic system, which eventually led to controversy and a virtual lawsuit. Another innovation was the use of "Homes on Tape," where the speaker recorded property descriptions and tours on cassette tapes for potential buyers. Despite the initial struggles and setbacks, the speaker's willingness to experiment and think outside the box ultimately paid off.
Using Scarcity to Sell Unsellable Apartments
Scarcity can be a powerful motivator in sales. Barbara Corcoran, real estate mogul, shares an anecdote from her early days in the industry where she applied this concept to sell 88 unsellable apartments by creating an artificial sense of scarcity through a "puppy sale"-style auction. Despite the apartments' lack of desirable features, she managed to attract a large crowd and sell them all within a few hours by pricing them equally and limiting the number of attendees. The scarcity of available apartments created a sense of urgency, leading potential buyers to act quickly and make purchases they might have otherwise hesitated on. This tactic proved successful, and Corcoran's innovative approach showcases the importance of understanding human behavior and leveraging it to drive sales.
Understanding customer urgency and needs
The secret to successful sales lies in understanding the urgency and needs of your customers. This was exemplified in the story of the speaker's encounter with Esther Kaplan, a quiet and seemingly unassuming salesperson. Despite the speaker's initial dismissal of her, Esther's meticulous organization and eagerness to learn transformed their business partnership. The speaker taught Esther to assess customers based on their need for a product or service, and to prioritize working with those who demonstrated a sense of urgency. Additionally, the speaker imparted the importance of hustle and routine in sales, as well as small details like sequencing apartment showings and getting men to pay for cabs. Ultimately, the success of their business was a result of their complementary skills and Esther's dedication to learning the art of sales.
Using thoughtful sales techniques to build trust and maintain connections
Effective sales techniques involve thoughtfulness, presentation, and a strategic approach to closing deals. The speaker shared his experience as a real estate agent, where he used a reverse close method to guide potential buyers through various apartments and help them make informed decisions. He emphasized the importance of not rushing the buying process and following up with customers to maintain relationships and encourage repeat business. The use of thoughtful gestures, such as sending gifts and postcards, helped keep the sales team at the forefront of customers' minds. Consistency, whether in sales techniques or exercise routines, was also highlighted as a key factor in success. The speaker's anecdotes illustrate the importance of building trust and maintaining connections with customers to ensure long-term success.
Recognizing the Benefits of Discomfort
Even when we don't enjoy or like something, such as working out or standing up for ourselves, the benefits can outweigh the discomfort. The speaker shares her reluctance to exercise but acknowledges the mental and physical benefits she receives, including personal time, relaxation, vanity, and improved cognitive function. She also recounts her experience standing up to Donald Trump despite her initial fear and lack of experience with lawsuits. Her determination to not back down stemmed from past experiences with bullying and a desire to avoid being resentful or regretting the outcome. The speaker's story highlights the importance of recognizing and embracing the positive outcomes, even when faced with challenges or discomfort.
Finding the Right Help in Difficult Situations
In the face of moral fights or difficult situations, it's essential to not only have a willingness to fight but also to seek the right help. The speaker learned this lesson during a lawsuit where he interviewed top attorneys to find the one with the best strategy and reasoning for his case. This attorney, Richard Seltzer, not only won the lawsuit but later worked for Donald Trump. The speaker also shared that as he's gotten older, he's learned to preserve his energy and avoid fights when possible, especially those that may not be worth the negative energy. Instead, he assesses the potential energy required and the importance of the fight before deciding whether to engage.
Lessons from a $800,000 Trailer
Barbara Corcoran, a successful businesswoman, values her energy and peace of mind over winning every battle. She shared an anecdote about buying a trailer in a park near her Shark Tank studio in LA. The trailer, which cost her $800,000, was a significant investment, but she fell in love with the community and the simple way of life it offered. The neighbors were like her parents, and she appreciated their values. The trailer park experience taught her that happiness comes from meaningful relationships and experiences, not just material possessions or winning every argument. She encourages people to prioritize their energy and focus on what truly matters in life.
Learning from Harry Helmsley: Overpaying Can Lead to Big Benefits
Overpaying for what you want, whether it's real estate or hiring people, can lead to significant benefits. The speaker shares how they learned this lesson from Harry Helmsley and have applied it throughout their life. In real estate, overpaying helped them get their dream home faster. In hiring, the speaker found that happy people make for better employees and a more enjoyable work environment. The speaker also emphasizes the importance of surrounding yourself with positive, supportive people, and letting go of complainers. Starting Barbara in your pocket, a business channel on Patreon, was a way for the speaker to help a larger number of entrepreneurs and provide them with valuable advice and resources.
Barbara Corcoran's Mission: Helping Entrepreneurs Succeed
Entrepreneur and businessman, Barbara Corcoran, believes in the power of helping others build their businesses and in turn, making a difference. She's created a community of entrepreneurs through her Patreon channel, providing them with honest advice and a platform to learn and grow. Corcoran finds great satisfaction in seeing entrepreneurs succeed and making a difference in their lives. If she could put a message on a billboard for the world to see, it would be "You're more capable than you think you are." She's seen people write themselves off too early and become winners despite their doubts. Corcoran's mission is to bring people together, help them build their businesses, and remind them of their capabilities.
Tim praises guest Barbara and introduces Five Bullet Friday newsletter
Tim Ferriss, the host of The Tim Ferriss Show, expressed his gratitude towards his guest, Barbara, and praised her engaging personality. He also introduced his Five Bullet Friday newsletter, a short and fun email he sends out every Friday sharing cool things he's discovered throughout the week. Additionally, Tim recommended the Pod Cover by Eat Sleep, a temperature-regulating device for optimal sleep, and highlighted Shopify as his favorite e-commerce platform for starting, running, and growing businesses. Overall, the episode showcased Tim's enthusiasm for sharing valuable resources and insights with his audience.