THE ED MYLETT SHOW - Ferocity Of A Female Shark w/ Barbara Corcoran

Episode Date: November 16, 2021

I hope you’re ready to swim with one of the most famous SHARKS in America. You probably know BARBARA CORCORAN best from hanging out on SHARK TANK with the likes of Mark Cuban, Kevin O’Leary, Daymond John, and others for the past 11 seasons.  This week, you’re going to learn about what it takes to run with those powerhouses as an  EQUAL on television and in the real world. Barbara’s journey is packed full of lessons you need to hear and that you can use in your own life. She came from very modest beginnings and was a poor student who battled dyslexia and failed at 20 jobs before she was 23. But after borrowing $1,000 from a boyfriend, Barbara eventually formed the Corcoran Group, and in time, turned it into a $5 BILLION REAL ESTATE BUSINESS. You’ll love the story of how Barbara tapped into her ENTREPRENEURIAL SUPERPOWERS to become one of the WEALTHIEST and most INFLUENTIAL businesswomen in the world today. Her rags-to-riches story is beyond INSPIRING.  More than that, it’s a BLUEPRINT you can learn from when you tap into a FREEDOM MINDSET, GRIT, AND DETERMINATION to create your best life, even in the most difficult circumstances. As you’ll hear, it’s no surprise that many women look to Barbara as a ROLE MODEL to overcome challenges they face in the business world.  She offers specific advice to women, but there are also UNIVERSAL LESSONS anyone can take from her experiences and wisdom. Barbara shares the MUST-HAVE TRAITS any entrepreneur should have (starting with COMPETITIVENESS and RESILIENCE), how she EVALUATES Shark Tank opportunities, and why SELF-AWARENESS is critical when you work for yourself. Barbara wraps up our interview with an interesting and SURPRISING insight into how WEALTH DOES AND DOES NOT CHANGE YOUR LIFE.   She is an endless bundle of ENERGY and mixes that with HUMILITY and a NO-NONSENSE approach in her work, making Barbara Corcoran one of the most uniquely ENDEARING people I’ve had on my show.  

This is the Ed Millage Show. Hey everybody, welcome back to the show. I'm so thrilled to have this woman here today. I don't think I've ever enjoyed preparing for an interview more than I did this one, because we had not met before yet. We have all these very mutual friends who just, they just love her so much. I was telling that before we went on. And then as I'm reading about her and learning,

I'm falling more in love with her. So you would know her best probably from Shark Tank, which airs on Friday nights. She's got an awesome podcast called Business Unusual. And I think she's one of the most fascinating guests we've ever had on the show. So Barbara Corquant, welcome to the show. Thank you for being here.

Thank you so much. And all your compliments are a little bit premature and why don't you wait a little bit on it. Well, at the end of the interview, if it's not very good, I'll amend my remarks, but I'm pretty sure we're gonna crush. I'm reading it back. I gotta confess, I've watched you on TV all these years

and I'm thinking, she's got so much confidence in presence. This is like an upper west side, New York, raised with a silver spoon. That's not I'm thinking, right? I just, and then I start to read and I'm like, oh my gosh, she's one of us. And she said to overcome this tremendous adversity. She's one of 10 kids, she's jujuresy.

She's, you know, your dad wasn't the richest guy in the world by a mile. I was just fascinated by your upbringing and what you've turned your life into. Then I read, you couldn't read or write. Could you tell us? Well, eventually I did. Eventually, but as a child, you had dyslexia.

I didn't know any of this about you. So let's just start out there just for a second, because I want everyone to seize this finished product. This one of the top entrepreneurs, well-known ones on the planet, take us all the way back to little girl Barbara. Well, after that introduction, I'm going to get myself a bottle of whiskey

and start drinking at this time in the day. So I could talk about it now. You're too behind, I've already started. So go ahead. Okay, okay, okay. But you know what, all of that kind of background stuff puts a lot of emphasis on money and what money brings.

And I've learned as an adult, I was very lucky having that background being one of 10 kids, you know, having worries all the time about how we would make do in our little house. You know, we had 10 kids in two bedrooms, boys room, girls room, my mother and father made those kids on the couch and we had one bathroom.

But you know, when you're that young and that's what you know, I never felt like I was short on anything because I had a mother and father who really loved us and cared for us. And I've met so many people where my hats wail off to them because they didn't even have that. And if you don't have that love when you're younger, it's a hard one to get over. So I was doused with love. And so I think of myself as a privileged child in a real way, if you you can get rid of the usual stereotype that money makes difference. And you know, I found that in my life, not having money made the difference. It made me desire to have a better life, not that that was such a

bad life. It made me dream about maybe one day having a beach house, having a nice car that didn't have, you know, dense inner or whatever, like my dad's blue beauty that went on for 20 years, as I recall. It made me get lots of jobs. What an asset that was. I work since the time I was 11. As for all my brothers and sisters, we all worked to contribute to the house. And I learned what I was good at, what I wasn't good at. And by the time I was 23 and started my business, you would swear I was 53 in experience in the real world of living. I could go on and on, but those are meaningful I was 23 and started my business. You would swear I was 53 in experience in the real world of living.

I could go on and on, but those are meaningful ways that I got very, very lucky early. I feel like I had that too. Our backgrounds aren't that different. A tons of love. But there are also things that happen when you're a child, I think.

That's why I respect you. Not because you came from low income means to obviously you've done incredibly well. But I think sometimes when why I respect you, not because you came from low income means to obviously you've done incredibly well. But I think sometimes when we're a kid, there's experiences where either our parents or people that we admire around us kind of project their limitations onto us or say things that they don't know might be limiting us long term and our identity or our self confidence that end up affecting us later. And for you, for me, I had an alcoholic dad who's ended up being sober and became my best

friend, loving father. But there was always be careful. He always, before we'd hang out about be careful, be careful. You know, there's always this very cautious sort of thought process in our family. And for you in school, you were sort of labeled not so smart because of this reading and writing issue that you had with the dyslexia, right? Did you think that ever impacted you? Did you have to consciously overcome that or did you just work your way through with all

these jobs and just the hustle? You know that in my life, even to this day, is the largest challenge because you said you had an alcoholic dad when you were younger. I mean, if you had an alcoholic dad when you were 25, it's very different than when you ate and feel so vulnerable or 14 and wonder if you're going to grow and be like that guy. It can be the most painful and cutting experience into the depth of your heart and your confidence and your shake of faith in life itself. The big injuries, okay?

So my big injury wasn't the same as your own. My big injury was I was a dumb kid and made fun of. And I can feel that pain till today. I got the bit, somebody acts like a bully to me in business. I turn into that kid, getting even. I hate to say it, but I's like, I'll kill you. I'll kill you. You know, it comes great.

It's not just a theory or a dream I have, but it's like comes from all those old cuts around me. So I think the choice of two ways you could go. Okay, you could feel sorry for yourself, which is totally normal when your child who teaches you not to feel sorry for yourself. Most of us are raised by parents who are pretty good at feeling sorry for the situation, right?

So we learn that. But who teaches you not to feel sorry for yourself and instead get even in your life? And when I have chosen to do, and it didn't come early, it didn't come so fast, it came out of dress, being on my feet in circumstances that I didn't envision. But as a young 20 something year old, I got over it.

And not totally over it, because I'm still an over-prepared, I'll prepare 50 hours for someone else will prepare 15 minutes for it because I don't want to ever be thought of as stupid again. I don't want to embarrass myself, I don't want anyone to think my IQ's not up there, whatever. I go through oldest insecurity.

So my great asset I got from that is I'm an over preparer. And the other asset I got from that of growing up with that injury card, my biggest card, every kid's got something nobody grows happy as could be, okay. But my big injury card on that is I'm out to prove to the world for my entire life that I am not stupid, because I was written off as stupid, reinforced that I was stupid, and I'm still, of course I know I'm not stupid, but somewhere, a piece of me still is scared about it.

And that's what makes this bunny hop, you know? So you can get your strength from the greatest weaknesses if you have the strength to realize it, you know, and find it somewhere. It's definitely perfect, I relate to it. And I, it's one of my favorite things someone's ever said on the show because you watch you, you have this presence, you have it now, yet I don't know. I, I met what I said. I'm reading about you, and I'm falling in love with this little girl, and I'm watching. I could just picture this little girl not being told she wasn't the smartest one. And she's

just accomplished these amazing things in her life and to know that, you know, that happened for you and not to you. One of the worst things that could happen is being labeled with a limitation like that. Your whole life, Barbara, to some extent, maybe not the last time I've been with you, the last 20 years, it's all the winning and all that. But prior to that, I'm honest, this one takes a thousand dollar alone from a boyfriend, turns into a five billion, not five billion with a B real estate business. But then I'm picturing this scene.

I just, I don't know, maybe emotional is unprephing. You're an all-softy. Look at you, Ed. You're an all-push-over-softy type of guy. I'm disappointed in you. I thought there was this. Well, I think that I am a little bit. And the reason is that I love it.

I'm kidding with you. I know I root for people. You know, I love it. I'm kidding with you. I know I root for people. I root for I'm thinking I don't know maybe people knew this. I'm watching you on the show thinking, man, if everyone knew this woman's story, I want to have her on so badly because it's remarkable. And I'm picturing you, you're like, I don't know, you're in your early 20s. You're with this boyfriend who gives you the thousand dollar loan. I want everyone to hear this. You're with your boyfriend who gives you the thousand dollar loan. I want everyone to hear this. Yeah. You're with your boyfriend who gives you the thousand dollar. You guys have built a really good business.

You're doing most of it. You're doing the work. But you build a pretty good business. It's a funny name. You like Simone Le Mone or something like that, right? I wasn't that funny. It was Corcoran's Simone. My name first.

That was a battle. What was his name though? Wasn't it like Ramon? Oh Ramon Simone. There we go. Ramon Simone. That was good. I remember. That was good. I remember that.

That was what I remembered and I and he comes home and just tell them what happens. You're cooking dinner for his kids, right? And what happens? And then what do you turn it into? Tell us that. Well, of course, he came home to announce he was marrying my secretary. I just couldn't believe my eyes. I mean, my ears, rather, I guess, is what I couldn't believe. But she was almost eight years younger than I. She was pretty than I. She had a long blonde hair. I had already made mine short. I got it in hindsight, but he told me I could take my time moving out. I took about a minute. Grab my toothbrush was out of there. You know, that was my family. I was raising those kids. That was our our family. We also built

a 14-man shop renting apartments in the city. So we had the family at work together, we had the family at home. I thought we were, hmm, buds, you know, dead on the life, you know, but it took me a year of, a little bit feeling sorry for myself on the front end, I guess, because I thought, how could he do that to me? How could he take me by surprise? How could he, that's the pity pity party that's so dangerous in life. But then I tolerated that for a year. She moved into my office, say, giggle together. That's what broke my heart. The giggling, he liked her so much more than me. I was like the girl in the other room. So I finally went Friday. I just walked in and said, we're ending the business today alone. We're going to chop the people in half. You picked the first person off, picked the second. I think that was the day I grew up. Wow. Remember having

presence, like I knew what we were doing that day. We divided that business, seven, seven people, in probably eight minutes. We divided the bank accounts, the receivables, the whole thing, I think was 76,000, we chucked up. And then I announced to my people we were gonna be in new office on Monday. I didn't give them much time.

Where we go and they said. And I said, it's a surprise. You didn't know where you were going. Did you know? No. No, I went immediately up that afternoon on Friday to my landlord and asked if he had any other space because we always paid our rent on time. And he said, yes, I have the 11th floor above the eighth floor. Same space. I knew the space. And I rented it that day. I had phones installed on Saturday. When you could do that, you could call and get business phones installed the next day. And I bought 14 deaths down on 42nd Street and those guys around the month to midtown.

And I had everything packed that weekend and they came into a boat box with all their possessions on their desk. Welcome to the corkering group. And that was the first day of corkering group. And it happened two days after the last day of Corcoran's alone, you know. But you know, the Spirit of Coran, that business, the old business was a great Spirit of Coran. They had a mom and a dad at home. Nobody knew we had marital problems. You know, all of a sudden, dad was gone. Mom was running it, you know, and it, we worked with passion because I had so little money and also my security, I

didn't know it then. but I realized on that Monday, how insecure I felt without my boyfriend and partner. He was eight years older than me, a man of the world. I just, he found me in my little town of Edgwater, took me out of the diner, you know, told me I'd be a good person in sales. Everything that was like mature and positive about me, first time hearing things positive about me in my life was from him.

So I thought without him, I was really nothing. But even that was quickly turned into an asset because I was running scared and you know how helpful it is when you run scared, you run hard. And so that couldn't have been a better start. And also I forgot to mention, which I always like to mention, is that Friday when I left, he called me back because he was really shocked that I moved so fast.

And he called me back and he said, oh, Barbara, as yes, Ray, I said, he said, I could call him Ray after a few years. I said, he's a, you'll never succeed without me. I couldn't believe he said that to me. I would rather kill than let him see me not succeed. And I can't tell you at how many times I came into my head at the tough times when all of us build businesses, you go forward, you go back, you go forward, you go back, you think you're gonna go out of business and you stay in business, you say the neck of the,

it goes on and on, but each of those worse moments, I would think about him laughing at me. It's terrible. He wasn't gonna laugh at me, I doubt it. But I pitch him, ah, and I shake me up. And I think of another new idea to try something else to do something, something. And I would always like just get me around that next corner. So I really had the gift of insult walking out that door. And I think if he had been lovely and mature and said,

you know what, you're phenomenal. You're going to do fine without me. And that was asking too much because I had just hit a broad side as you know. I think I maybe wouldn't have stayed in business. I think it would have made the exit in the beginning a little bit more graceful versus vengeful.

And I realized I'm very good insulted. I also discovered my strength, you know. Yeah, well, I think finding like the leverage that gets you going. I think sometimes even when we start to have some success, I mean, why do you keep climbing? You know, some of you that are achieving that are doing pretty well too, it's, can you still find the reasons? I we were talking about the football helmet behind me from Brady before he went on.

She's got an Emmy behind her. I have a football helmet from another guy But someone like him that he's keeps Yeah, I would tomorrow. It's a football player comes with the football. I'll do a swap Yeah, I can't throw that way and unfortunately I can throw in lunch with me But but I gotta tell you I it's finding that leverage you get on yourself It's hearing those things that you're not smart. You're going to fail.

It's feeding it to you in a way that it energizes you and not taking those things to bury you in your life that I think a lot of entrepreneurs go the other direction like, ah, they were right. They were right every time there's evidence that something negative happens rather than getting that bowing your spine so to speak and battling through. I also see this competition thing with you, like shines through you. But thing I wanted to ask you about kind of

as a little side road because you're a woman. And one of the things is that- That's when I looked down I was, yep. Yeah, I'm staying in the obvious for this reason that you were one of the first women, really, but women were already doing while it's sales and right now they dominate the sales space.

But you were the woman owner also of a business. I just like you to speak to maybe women right now that are out there and they're on the fence a little bit about should I start a business? Should I move into ownership in my life? What does do you think there's anything

unique that a woman brings to the table? And do you feel like there's still a shortage of female entrepreneurs out there? Listen, being a female for me anyway when I was building my business was an asset or at least I sought that way so it was. I was in a male dominated business. Every shop was owned by men, the development field, the brokerage field owned by men, usually second, third generation wealthy guys, okay? And they're big companies, so it seemed insurmountable, but it was work by women. And that was lost on me.

90% of the sales force for female, we didn't even have the gay population yet as part of the New York real estate scene, which today in brokerage is there, a tremendous force in brokerage. So we had it work by women owned by men. I could see the asset of that. I could see that if I was a girl telling the girls what to do, why would they object to

that? Would I have more empathy for them wanting to spend going home with their kids, being spread thin, having four jobs when the husband had one? I understood that because I was of them. Okay? So, I was able to build a speared core that I'm not saying couldn't be done by a man, but no one really did it because they weren't cut out of the same cloth. So, they were they were part of me. I was their mom. They were my kids. And that was my attitude and feeling from day one at that business. They were my kids that I would kill fun

and the same way I would kill for my own kids today, my real kids. And that gives you a big calling card. Now, to your other aspect of your question, less life, I forget it, you said, what do you say to a woman who's working like particularly in a man's field, pulling ahead, you have no idea what you're missing until you start your own

firm. If you were to be an entrepreneur, no idea what you're missing when you're not free to make the walls your college, choose the people to make the policy yours to decide what stick is in the sand, which mountain you're going to climb. When you're in charge, anyone, any individual in the world, put them in charge, and you will see what they're made of. I remember in my business, I was it running the company, but I knew where I wanted to go. I knew I would need top management. Eventually, even though I couldn't afford it and didn't have enough size to have other people running offices. But I remember from almost the get go, I would go away for two days, say, don't call me.

There are no cell phones. Don't call me. You're in charge. I would choose a salesperson. You're in charge. What do you mean I'm in charge? Whatever you decide is OK with me, don't call me. Make any decisions.

You want marries in charge. Everybody marries in charge. What I discovered in the first 25, 35 people I had, I had potentially five or six phenomenal leaders, good managers, they didn't know they're managers, but I test drove them all the time, throwing people in charge, throwing people in charge. So if you can take charge, not only of your offices, a manager, you usually find, find your gifts that way very often, but if you could go the

extra step and be in charge of your destiny, what you do with your life, 9 to 5, every day you decide what power and what a delicious, delicious luxury it is in life to be able to make you world what you want it to be. It's magic making, you know?

So you can't get me to too badly because I wish everybody could be entrepreneurs. I think there are certain traits that are dominant and entrepreneurs if you don't have them, you're not gonna make it. But I do believe if you are so inclined to have those traits that ability, you're like missing so much by working for the next guy.

I would rather kill myself than work for somebody. That's how I feel. That's how dedicated I am. You can see it on your face when you talk about it. You said wired earlier and then you said these traits. And I think that's an important ask this too. And I don't know that I answer it very well. So I'm curious what your answer is.

What are some of those traits? I'm sitting here, I'm driving in my car, I'm on a treadmill, I'm watching this on YouTube, wherever I am listening to this. I'm like, I want to be an entrepreneur, or I am one, but I'm still not totally sure I should be. What are a couple of those traits in your mind that are just you must have these or you shouldn't be one? Well, let me reassure you and you wouldn't have the success you have if you didn't. You

would have been out of business, bid out, shoot up and just a few short years. So forget about that doubtful stuff. Leave that one behind for somebody else. I believe front and foremost is competitiveness. Wow, I have invested a lot of businesses. I have to tell you there's not one really successful one where the principal isn't fiercely competitive. And I don't mean competitive. I want like a Sabin and Jimov cousin main launch to the equally competitive. It's something like, I don't want to be the biggest lobster brand in America, not that kind of competitive, but Luke's did what?

Luke's lots are on the shop. The horns come out whether they wanted the shop there whether they wanted the city there whether you've not an interest but their competitors. Yeah, it's like a fast fuse. My most successful entrepreneurs are sickly competitive.

I know for myself, I used to compete for things in my field that I had no interest in. Just to show them that I could get it sick. I needed a shrink, not a job, right? But it's a wiring that you hear. I don't know, I have to growl in you and know that you want to be competitive. And I think that's the number one trait.

I think the number two trade, if I only had an hour or two, and there's so many things you tap into in your entrepreneur, you've got all guns of laser, but the second one, I would say, is that you have to be able to get back up fast. Everybody, you know, gets a hit and feels badly and you have a lot of excuses to rest a bit and stay low or make yourself right. You know, he told me he was right. Whatever. But I think it's the ability to just like getting the habit of getting up, getting the I am such an the habit of getting up back.

I'm almost not really almost at the point now with somebody slaps me around. I don't feel it because I'm so much in the habit, the good habit of getting back up. And the interesting if I could add, you know, that wasn't your question. I'm going to throw it in here. It's interesting how often I'm so much in the habit, the good habit of getting back up. And the interesting, if I could add, even though that wasn't your question, I'm gonna throw it in here. It's interesting how often I'm asked by parents how to build a child's confidence. If only they find something they're really engaged in, if only they're really, if only,

I believe parents can very much help children find the thing by getting them in the habit, trying things failing and getting back up. And you can control that. Force you kid to go back out and try back up a bat try at that sport, if you're not going to try it, that sport. Oh, you can't do your homework, try hard to go do it again. I think that kind of building a habit of trying is where all children get there, get their confidence from.

And as dumb as I was in school, man, I was not allowed to coast. I was shoved out back and back and back and back and back. So I didn't think that lying down was an option. I got in the habit. And what an asset that was as an adult devil that practices a kid. I had an advantage, you see? So that's, I think I answered your question. Maybe not you guess it again. I think I dropped a piece of it on you know something. It's so good and it's interesting. I have to tell you because I've asked that I don't I would like to have a different answer. I got asked in a couple months ago at a speaking engagement I have an I said the word competition. Oh, they go. Because when I was done though I wasn't so sure I that that was the one thing but I actually I just we just did this new podcast deal and I you know start new businesses and somebody asked I asked the other day to my friend and said, why am I still, you know, I'm like, you know, all these things, I said, what is, do I need a shrink?

Like what you said, they're going, you do need a shrink, yes, don't get one, you won't be as profitable. And so he said almost verbatim, he said, he goes, was Eddie, listen, dude, here's the deal, you're competitive. You want to, you just, you want to, and also you're competitive with yourself. You want to see how much you can expand, how much you can contribute. And he said, you'd be dead just sitting around me. Like, I told him, I said, I was, I live here on the ocean, I'm looking at the beach.

I said, I have not put my feet on that sand in like four weeks. He goes, you get out there, you find a way to do it, but you're competitive. And I actually enjoy doing this more than I do, just sitting there. And it doesn't mean I don't like to rest. It doesn't mean I don't like to recuperate, but I like expanding, I like contributing, I like growing, I want to compete. And so I completely agree with your answer.

And this has been a trend with you. So now I'm like, okay, how's she got a shark tick? You have the exit in 2001, a bunch of money. And then I think you think you're gonna get the show. Yes, I have a show. They were hired, but yeah, I saw it in the contract. They hired you and then it was like, maybe not. You got it, this is amazing.

I mean, think about this. What's happened to your brand, to your reach, to your influence? I mean, this one decision, we're one decision away from altering our life, right? One little competitive psychostrieking you. So tell them what happens. You get the show and then what? Then I get the call from the Mark Brunette's assistant and the same one who called me in

the first place saying, I'm sorry, the show has changed its mind. They've hired another woman for the lone female seat. I couldn't believe my ears. You know, I have to remember at this point, I had already bought Hollywood outfits, just gonna sign autographs. Oh, I had done my movie going. I had new, new leather luggage. Wasn't gonna be plastic in Hollywood.

It's gonna be leather matching luggage. And so I, I was already there. Told my friends, I'm going to Hollywood. I'm going to Hollywood, I'm gonna Hollywood. So I was mortified more than anything. I honestly, the first thought I had of what will my, what will my friends think, what will I explain. I hate to be that shallow, but I really thought of that. And then I hung up the phone. I couldn't believe it. I had to shake my head. But then I did the thing that's more important than anything else in life which I had learned to do. Get back up. So I got back up and I typed out a very brief email to Mark Burnett, who in my hadn't met, and called the assistant to promise she promised she would deliver to him.

Because I didn't think he'd read it, you know. And she said she'd walk it over and promise that he'd read it. And I told him, I consider him to be my lucky charm. All the best things in my life happened on the heels of rejection. When sister Stella Marie told me, I'd never learned to read a right shoes wrong. I learned when the big boys in New York said, I couldn't compete.

I became the number one rival in Donald Trump. So I'd never see a penny of the formerly dollar commission. I collected every penny in federal court. I just went, right like that. And I said, I'd like you to invite both women out to compete and I expect to be on that playing on Tuesday. All right. And what do you think happened? He invited us both out and thank God, that was 13 years ago. To pointing again to the power of not being so smart and not working so hard or all the rest

of stuff you have to do in life, but the power of getting back up, you know, just take another swing. By the way, I had what was shocking to me. Well, I was not so shocked. I turned it around because I was used to turning things around, but was shocking to me as my claim, my producer, two weeks after that we were on Shark Tank. He said to me, you know, we hired four times more business owners than we needed and we rejected three out of four. He said, it not one wrote an email. between you know, we hired four times more business owners than we needed and we rejected three out of four.

He said, it not one wrote an email. I was like, what? No one objected. So I got to see purely for writing that email, not because I earned it or I had good luck but that email got me that seat. No doubt. It's just amazing story. And by the way, not only did you respond, let's get you a little, everyone just a paragraph

of the email, not only did you respond, but you did it in such a way that just had a level of certainty. I think it's certainty. Certainly. I was thinking it. I love that though, but see, but certainty is influence. This says, she says, Mark, I understand you've asked

another girl to dance instead of me. Yeah, great opening. Even I laughed at that one. It's so good. It would get your attention. You would laugh at it and he says, although I appreciate being reserved as a fallback, she says, I'm much more accustomed to coming in first. Oh, yeah. That's another good line. I might say so again. It's so it's just I gotta say guys, I mean, these there's moments that define our lives.

And do we get back up, you know, do we compete again, you know, do we dig deep? And these things may seem sort of hokey. They're real world things that end up deciding whether or not you've had a pretty successful life, or you're one of the most influential entrepreneurs on the spinning earth, which is what barbers become. Isn't that amazing? And it's just, it's just remarkable. Now, which is what barbers become. Isn't that amazing? It's just remarkable. Now, someone pitches on the show. I'm curious. What are you looking for? In other words, is it the business model itself? Are you evaluating the on the jockey or the horse, or is it both? And how do you end up reaching a determination? Like, this is at least one I may be

in on, or can they say one thing and you're like I'm out. Is there something in particular you'll notice when you're like I'm out with these. A few hot buttons. First of all, I really form a first impression before they ever say a word based on how they look. The standing in front of the sharks lower than us, the intimidating, come through the doors as standing there. They had told them not to talk until they're asked to start. So there's this long silence while they set the camera shots up close and they're very intimidating. And I watch how they handle the pressure. Okay, so when somebody's falling apart looking at the ground shifting, don't can't handle that pressure. I just am out right away. I mean, I can't say a map, but I know

a mountain, no matter what they say that it would be digging out of a hole. I just can't really believe that this would be a strong business partner. Okay. That's one. I do pay attention to the model to the degree that I say, Hey, well, enough people buy this service or product? Is there a need for it and will enough people buy it? And if it seems, yeah, reasonable. I'm okay with the business model.

All the details that we go into, margin and blah blah blah. I'm honest to get as a dyslexic, almost sleep on the wheel. I'm often making a shopping list while it's going on because I can't hide in there to pay attention. Okay, but I already have formed my opinion on the very important piece. Hey, does it make sense with enough people by it? Now I'm just watching at the person and just thinking myself,

can I picture them as my business partner? Do I like them? Do I trust them? And if I do, there's one last question, do they have enough energy to make it to the finish line? Because I've never met a successful entrepreneur who didn't have a ton of energy. So if they don't have that energy, I don't, I think they're going to run out of gas. Now I could be wrong, who really knows? But I know in hiring people my whole life, thousands of people, when people don't, I think they're going to run out of gas now. I could be wrong who really knows, but I know and hiring people in my whole life, thousands of people, when people don't have high energy, they never great.

So that's like a breathing test or a mask. So that's kind of the summation of it. And then you have to hang in there for another 45 minutes before you can say I'm out and make up another reason why they're out. Because you don't want to say to everybody, I don't like your energy. You're not competitive. You know, I don't like the way you look.

You have to come up with something more business-y. And I spend the rest of my time trying to come up with something more business-y that makes sense for the show, you know? Business-y. I love that. I do that all the time on this show. Let me sound more business-y, so I can just fit in. I know exactly what you're talking about.

This energy thing is interesting. It's the first thing that introduces you. Right when you walked in before we started, it was your energy that introduced you. And's the first thing that introduces you right when you walked in before we started it was your energy that introduced you and I say all the time to people I say I think that you're you're always making people feel something so why not be aware of it and intentional or not I don't think enough people are aware you are always making someone else feel something all the time and you have a more on a zoom and you can feel there's a presence and an energy, a, I call it a higher vibration, whatever you want to call it, that, or when you're

around someone, you feel something about them that's attractive, that's magnetic, that's successful, that's, or bad, it can go the other way. It's too good. Certainly go the other way. It can go the other way. Are there things you do in daily practice to protect your energy so that you have the reserves you need to perform at a high level? In other words, are there things you do?

It's reading something that maybe you don't even get email on your phone anymore or you forwarded most of those. Are there things in any of your routine or your day-to-day stuff that you do to increase your energy or to protect it? Just curious. Well, I don't really think about it in exactly that terms like protecting my energy or driving my energy. I'm a very terrible sleeper so I don't get a lot of sleep, which is an issue because I can get very tired in a day. So how do I regurgitate my, woo, woo, woo, get myself

going up for the day, you know. I'm good at that. I drink wine every night. That helps my energy. I swear to God, I hate to admit it. not a lot of wine. Glass, sometimes a glass if friends over two glasses, no problem, right? Okay. So drinking wine, chills me out because I run out of high pitch and I can't transition when I get home. I'm still up there and I would drive my husband crazy. I'm sure. So I chill myself out by taking my drug of choice, which is white wine, preferably Pinogrejo, if it's not too sweet. Okay. I wish I were going to see what you're doing with your hands right now. Oh, they're up out of the screen. I'll keep them lower. Kids awesome. No, I love it. I love it. Go ahead.

Okay, but the other thing I am such a believer and I do work out, I work out three solid hours a week, which might not sound like a lot, but it's enough of my body type to keep me in great shape. And I believe when I skip those workouts, justifying, because I just want to break, I have half the energy that I usually have. I believe that's what keeps me ticking on my pitch just those three hours a week. And I'm religious about it.

For the day my son was born, he's 28. If I've missed 10 workouts in those 28 years, it's a lot. I'm religious about, I'll do it on Zoom, even if I'm not at home, because I was missing it when I was traveling. So you willing to tell me your success rate roughly on the show? If you have, so what's the success rate and do they have something in common? So if I'm an entrepreneur listening to this, I want to success leads clues, right? Is there something that the successful ones have in common or is it all for different reasons? Tim timing, market, scaling, product quality? No, I can address only my own success rate because as sharks, we all lie to each other.

You said, a mark to Kevin, hey, how did you do with that guy with that silly dog shaped a racer that you spend $150,000 on? They'll say, well, we're burning it up. We're burning it up. That's what guys do. We're burning it up. It's bigger than bigger than it's your after. Okay. I always go to this second man and say how they do it. That eraser. Mom, you know,

I get the truth out of who works for the top guy. So my truth is, if I said to you, I was successful with half of the companies at least half now. Wouldn't that be amazing, but it's not true. of the companies at least have now wouldn't that be amazing, but it's not true. I'm successful in one out of 10, one out of 12 maybe in a good year, all right? And my success rate in the last four or five years has been much better than that. I should really figure it out, but maybe I don't want to know the truth. I would think around 20% but in the first few years on Shark Tank, I succeeded at nothing. It was a joke because what I was doing then is I was trying to understand the businesses

and make good rational decisions. What I did after year four, I started trusting my gut. Just going for my gut on it and you gut, I don't care who you are unless you have such bad judgment. You gut as a truth teller. So I listened to my gut real and I don't I don't second guess me. So I don't know if that's a good average how it compares with the other sharks. I'll never know because so in each of his eyes and our producers eyes,

we're amazing. Yeah, but I guess I don't know if that's better than the norm, not the norm. What do they have in common? I have a definite leaning toward and not even intentionally, but when I look at my successful companies, all of them are partnerships except for one. I get two for the price of one and each of the partners have opposite skill sets to each other. So I get a solid pack, you know, powerhouse there. And they all then share the same traits we talked about earlier. They're all competitive, they're also all aggressive. They all have people's smarts. They sure can choose to be, they build good teams around them. That's intuitive. They make the mistakes of first few people on important positions, but then they get over it

and they don't ever do it again, you know? Yeah. Yeah. You have like line spots and business, still barber, all this experience, you know, this remarkable real estate company, you know, you're all the success you've had on the show. 10% to me is still a really good, it's better than mine.

My angel investing certainly isn't 10%. So you're doing better than I am. Are there blind spots you still have that you're aware of as your heart lead too much sometimes? Is that a, I'm just, just seem like such a caring, kind person. Do you, do you have anything you think still in business? I can be a little cruel. I can be a little cruel. I can be a little cruel.

You mean, it was my entrepreneur's? Yeah. Or a role of cruel, certainly. I have quite a few that I keep repeating, and then I try to nail it away. And sometimes I can, sometimes I can. One of the things I tend to do is if I don't like someone, their personality, I think them less smart,

which is not really fair. There are a lot of smart people out there with flat personalities, smart and lots of ways. But for me to swing and dance with someone, I have to have fun and like them, or I don't want to invest myself because I'm bored, you know. So that's definitely a blind spot. You get a guy who's a computer, a genius, and he talks monotone. I was actually thinking of one entrepreneur as a conference call with yesterday. Monotone, I almost wanted to say before the end of the call, have you ever thought of being an accountant versus an entrepreneur?

That's how flat he was. And he approaches everything like an accountant. I don't believe the man will succeed in the end. But I tend to not give people like that a chance. I'm impatient. If someone's along wind it, I tend to write them off. It's just chance. I'm impatient. If someone's along winded, I tend to write them off, which is terrible because I'm along winded, but they got a cut to the chase up front, and then I'll listen to them

for now. But if they don't cut to the chase up front, I'm really shot their head off right away. So I'm impatient, you know, and I don't like people who are too rich, honestly, which is a shame because I have affluent children now by default, okay? But when I get rich kids on the set and they've already done around a funding with their family and friends and they are a new model now,

of they've shifted this way, I'm like, what happened to money? It lost for your mother, you know? I'm intolerant of that. And yet we get, I'd say a quarter of all the entrepreneurs on Shark Tank are rich kids. I never buy those rich kids. I never buy into them because I don't like them for being rich. Isn't that terrible? It's not there fault. So interesting. Yeah, so that is so interesting. I have the same thing. They

have a higher threshold for me to get them to believe them and they have a higher threshold for me to respect them. Yes. And so it's interesting because you know you're around a lot of rich people now. I am around some as well because of some of the you know financial success I've had and it's an odd dynamic that when I meet somebody who comes from money not has made it, making it is one thing comes from it for me is one of these biases that somewhere got in there with me at some point when I was a kid or something or they just got to work a lot harder to get my respect and my trust than someone who doesn't come from that. It's a very I'm wondering why I do it.

You know why because it's foreign to you because it wasn't who you knew who worked by your side. So you know there's an implication which I hate myself for that. Someone like that is almost cheating to get ahead. They can't help being rich that the father haven't you know the right guy to introduce them to but but it's a curse. I mean, it's so hard, you know, for affluent children to really do better than their parent who made a bundle, impress the parent on their own right. Not even it's even hard not to join the family business. It's tough for a rich kid to succeed, I think, really to feel it in themselves,

then it is for a poor kid. You don't have to quite accomplish as much and you know you did on your own. What a gift that is, right? Yeah, I think so. I think maybe we're just some of this. I think part of it is, you know, in life you're moving towards something.

You've got a dream and a vision, but to your point earlier, there's a power to moving away from something too, or wanting to change conditions or change how we feel, even if we come from a loving family. I think there's a power to that. I'm really surprised that you said it. No, one thing I noticed about you that I admire in all people, and I'd like you to speak to this, and maybe no one's ever asked you this before.

People that I like that are successful, or this that I like being around, success to me just means they are great at what they do. So my middle sister, for example, is a school teacher. She's blind, she's born with diabetes so she can no longer drive. She can see a little bit, but. But became a school teacher, you said? Is that what she's in for? It's really an interesting thing

because even grading homework, communicating to the class, and she's one of the best, you know, she's amazing. I'm sure if she wanted to be there, she is, yep. She is and she's one of the most successful people that I've ever met because she's using her giftedness and her dream in her life and she's living it. So to me, my sister's mega successful in our film,

and so are my other ones, but she's a great example of that. People that I know that are successful have a higher level. It seems to me of self awareness. You seem to be very self aware, like, you know, I can be cruel. I can judge this. I'm competitive. Do you think that that's an element that's that's, do you agree with me on that that self awareness is important as an entrepreneur and also just in life being aware of who you are, your deficiencies, your strengths, and then playing to them. Well, you know, if the truth being on self-awareness is

another category of competitiveness for me anyway, I mean, it's not that I don't want to be self-aware or I don't want to know what someone thinks or how they feel. I'm very, very in touch with feelings sometimes too much so. I'm aware of that about myself. I've got tremendous empathy. I built my business on empathy and marketing. That's it. I wasn't gifted at anything else. But that being said, I want to be self-aware and see how this person's reaction, what they might be feeling, because also I want to get ahead. And you can't get ahead on your own, you're getting ahead through the people you choose to be your team. So part of itself serving too, you know,

when I'm self-aware, I get the most average, just like the person that I'm treating much better or reading much better or giving the opportunity faster because I'm much more tuned in, but in the end, I get the greatest benefit of that. You know, I'm aware of that. So there's a great incentive if you like to compete and when you're a contest,

whoever you compete with, to be more self-aware. Because you know what you know, and I know, you can't get ahead working with people if you don't have the capacity to walk in someone's shoes. They're gonna see right through you, you're a ****, when you say, I understand how you feel about working those extra hours, Sally, and not getting a raise

in nine months. They're gonna see through that crap, you know? But if you get in the shoes and explain it in an entirely different way, that's truthful, they're gonna hear the truth too. And that's an important piece of managing people to be able to walk in the issues and speak from the truth. So yeah, I think self-awareness is, especially if you're building your own business in anything. Forget it as a parent.

And anything, it's a key card. Yeah. All right, is it worth it? I'm curious. I ask, you know, people ask me that often. I'm just curious. I mean, your real answer, you know, all the work, all the sacrifice, all the hours you've put in your life, all the growing, all the setbacks, all the difficult meetings, all the nights before a big meeting. You're talking about not sleeping, the anxieties, all the it's the it's the it's the it's the harder road to some extent in life is that I'm not going to cool it in my life life, right? That's what you've lived and are living. You in most people listen to my show or on that path. I'm not going to cool it in my life life, so to speak. And I'm I'm curious, is it

is it worth it? Of course it's worth it. If you didn't live life that way, it's like buying a sheet without color. The more you can push into things, the more you try the more obstacles, and not saying that obstacles are fun, because when you go into it and you hate them, right? You don't even know if you're coming out the other side. But the more you do that,

it's like, you know, you have this colorful sheet that you lane down and every night. Oh my God, look, I know I had this bunch of purple flowers. Oh, your life is so rich. And I don't know. I'm not one of these people that think I'm going to come back at his grasshopper or a person or anything. But if it is the only life you have, I mean, why wouldn't it be worth it? It's you one shot. That's it. And you don't know it can end tomorrow. So that puts an urgency on living. That's palatable because it could be your last day.

How do you really know? So yeah, it's worth it. Oh, by space, what's not worth it is knowing what you might grab or do for yourself, but rationalizing why it's not worth it. Why that's not worth it? Because what that does, it eats away at you. And it eats that away at your joy of self

and your pride of self. Because even if no one else knew your coward and shied away, you know you did. And you know what, when you're trying everything, guns and blazing all the time, even if you're gonna fail a three out of four, I find, I am always proud of myself when I've tried, even if it's all my face and bar is fine, so I go, at least I tried. when I've tried even just all my face and

barris myself. Well, at least I tried and I know that sounds like a cliche, but I really do feel pride of me having tried, you know, and I do believe you don't have to win to get that satisfaction. You can get satisfaction again out of just kind of making a habit of always always trying your best, always trying your best because you're proud of yourself. Self pride is such an important piece of happiness. I know I was going to enjoy talking here, but this is awesome. Thank you. By the way, I got two more for you. I'm enjoying this so much. I got to tell you, like I'm thinking, I can't wait for my daughter and son to hear this. You know, I can't wait for my daughter.

And I'm going to listen. If you recommend it, they'll never listen. Forget it. They're kids. You mean, you mean, you're surprised. I think when there's something really special in the show, I always send it to them. And this one's being sent to them for sure. You did a funeral fruit, like a mock funeral for your birthday. What was that? And why did you do it? Hey, it was for my best friends. Okay. They came up with the idea and someone snitched that they were going to throw me a surprise party because I'm hard to surprise so they were planning this surprise party and I decided I'm gonna surprise them So when they walked in they thought I was gonna come into the party later. They were all there with they took When did she come in she got JFK? She's on her way in we set everything up like a dream

And I live in a duplex. They were on the top floor, old drinking waiting for me. And then my dear brother T said, let's all go downstairs. So she doesn't see us. They came down this stairs, walked into the living room. I had empty out the entire apartment. And I set it up as a funeral parlor. And they walked in to see me dead in a coffin. My God. People believed I was dead at first. You could hear a pin drop as people was it was like a funeral. They walked in so silently. And then after they all gave I had a rabbi giving respects. I had a monstinia there fake friends giving respect, you know, giving a speech.

Anybody want to say anything? Everybody said different things while I laid their dead. And I got to hear where everybody was going to say about me when I'm dead. And then I popped up and we started the dance party. And I was alive. It was great. But I never thought anybody was going to know about it. Other than my close friends, but somehow it's taken a life of it. So I'm always asked about my funeral. I can never die now again. That's one of the most big stories literally of all time.

Like for it was fun. That is crazy. I might do that. Actually, I'm not going to do on any new birthday, but that's something next that I might do. I do not announce it. It runs all you have to see your friends faces. Oh, I would say. I mean, by the way, that's an interesting question for

everybody. Ask themselves if it was your funeral today, what would people say about you? What would your life? What's your life end up like? You know, it's it funeral today. What would people say about you? What would your life what your life ended up like? It did who cares what they'd say speaking about last question last question. Thank you again, by the way By the way, give out the phone number for your podcast. I don't want to thank you for reminding I was supposed to do that Okay, it's 888 Barbara you're phoning your question. I answer as many as I can on my podcast the more difficult the question The more I like it because it retains to more people.

8-8 Barbara. Business unusual podcast. All right. Last question. This is a tough one. I don't know if you ever heard of that. I think you got it by the way. Of course. This is a tough one. Yeah. Is there something? I doubt it. I doubt that. Hey, well, you're crushed every one of them. I got to get one in there. So what do you? Is there something that you used to believe strongly about life and or business that you've changed your mind about? Did you just look at very differently than you did? And that's not an easy question, but there's got to be something over this incredible life experience that you've had that you continue to have that you believed at one time, life or business that you go, you know what, I don't believe that anymore.

This is what I think now. There are so many things honestly or you're not living if you're not learning. But the first thing that popped in my head So I'll use it because I came in my head is I used to believe that it must be amazing to have money for whatever you want in life The freedom to have money to buy the beach house to go on a vacation and go there to go there. I used to believe the carefulness of having wealth. What I've learned through living life, and I'm not giving back my money, I'm not complaining about of course, but what I have learned in life coming from the background and having the poor middle class and very rich, I've learned that the more money you have, the more complicated life is. It complicates friendships, motivations, how people treat you, it gives you fame and accolades for things you don't deserve. It changes your relationship with

your children. It complicates it, it brings in lawsuits, estate planning, accountants. Life gets very complicated. The more money you have, and again, I stay again, I'm not giving the money back. I handle my complications. But I saw money as, wow, if I won the lottery, I would say to someone now winning the lottery, watch out. You might find your best days up behind you, not in front of you. And when I think of my happiest moments in life from a skip your childhood, okay, that's put upon you.

So you have no, as a young adult through now, my happiest moments are my silly moments that I shared with a friend that brought so much joy to both of us that we giggle. And you do less giggling the more money you have. And that sounds weird, but it's true. You go to more sophisticated parties, more sophisticated things.

You're not gonna jump in the trunk of a car until you get to the beach front. You know? So the silliness is where all the joy is at. So I try to manufacture that in my life as best I can, but it's easy to do when you pour. It is. Wow.

That might explain why so many of my friends aren't, I've kept so many people around me that their success wasn't financial because they keep me silly. They keep me goofy. You know, so you can trust them, you know, they know who you were then, they know who you are now, and the true friends., but my closest friends, my treasured friends, are my old friends. Yeah. Thank you for the wisdom today. This was awesome. I knew it would be great. Everybody told me it would be great, but you know.

You're easy to talk to Ed, really. Yeah, thank you. And you saw where you and I enjoyed. I feel like this is the beginning of a new friendship. So thank you for being here today, Barbara Corcoran. Thank you, my friend and my dad's name, my brother's name. I love the name. So hey, everybody. I know you enjoyed today the show. Thank you, my friend and my dad's name, my brother's name. I love the name. Hey everybody, I know you enjoyed the day show.

We bring you the most fascinating, successful and insightful people on the planet. Barbara is absolutely at the top of that list. So please share it today show and continue to max out your lives. God bless you. And call me at 888, Barbara. I'm getting good in promotion.

Good it. Get him in there. All right guys, God bless you. Max out. Love you all. Bye bye. This is The Edom Mylich Show. [♪ OUTRO MUSIC PLAYING [♪