Real-estate mogul Barbara Corcoran started her empire with a $1,000 loan from her boyfriend, but it was his affair with her secretary and the subsequent breakup of the relationship and the business that spurred her on to success. She sold the business — the Corcoran Group — for $66 million in cash. Corcoran has written several best-sellers and is on the panel of investors on ABC’s “Shark Tank.” Guests pitch their products, hoping someone on the panel will invest. One of 10 children, she grew up in Edgewater, N.J., across the Hudson River from Manhattan. She was labeled “the creative one” by her very organized and inspiring mother.
Q: What do you think holds most people back from reaching their goals?
A: Self-doubt, absolutely. We all have whatever doubts we have and parenting that doesn’t teach you that you have the right to be there. If there is one thing that my mother taught each and every one of her kids, it’s that we had the right to be there. She had us go into situations that we hated her for, that we felt uncomfortable, and felt the intimidation of [being] a poor kid in a middle-class situation without the right answers. I didn’t think of it until just now, but it was almost a sense of entitlement. Isn’t that weird coming from my background? Let me tell you, I leaned on that card more than any other card in the moments of greatest insecurity. So having that drilled in was and still proves enormously helpful. I had challenges just in the last couple of months of my life. I thought about quitting and thought, “Why do I need this?” Then I thought, “Well, screw them. I have the right to be here.” I didn’t care if I left on my own accord, but I sure wasn’t going to be pushed out of something.
Q: Yes, I understand that it was the bitter betrayal of your boyfriend and business partner that ultimately spurred you on. You were not going to let him see you fail.
A: Well, thank God. It was an insurance policy. He gave me an insurance policy for success.
Q: Before that happened, how much was your success in real estate simply motivated by making money?
A: Never. In fact, can I tell you the only thing that was motivated by making money was the sale of my business. I was never motivated by money because, you know, I knew it doesn’t make a difference. I mean it does make a difference in life. It gives you a nicer vacation, but you can always go to Jones Beach by subway for the day and take a break. I find the most successful people are not motivated by money. I think the most successful people are usually motivated by either a tremendous need for recognition of their success (which certainly was my ticket) and doing an excellent job. And winning! I’m a competitor. I will try and win in a situation where I’m not sure I want the winnings, but somebody is acting like I shouldn’t have it. Kind of sicko, right?
