Barbara Corcoran: Build Your Sales Team
In this lesson, learn Barbara Corcoran’s counter-intuitive strategies for recruiting and maintaining top talent on your sales force. By the end of it, you’ll have a deeper understanding of the no-nonsense approach that enabled her to turn $1,000 into a billion dollar business.\r\n
Barbara Corcoran is the Co-Founder of Barbara Corcoran Venture Partners. Her credentials include straight D’s in high school and college and twenty jobs by the time she turned twenty-three. It was her next job that would make her one of the most successful entrepreneurs in the country when she took a $1000 loan to start The Corcoran Group. As one of the “Sharks” on ABC’s hit TV show, SHARK TANK, Barbara has ponied up her own money and invested in twenty-two businesses, competing to make those deals for all to see, then shepherding them to success. Her newest book, SHARK TALES, takes you behind the scenes of her life and business and her ‘seen on TV’ venture capitalism. Barbara is famously brash and blunt, bold and courageous, and a brilliant identifier of opportunity and talent (often invisible to others).
I am very good at hiring because I’ve made a lot of mistakes. I’ve learned to look at the specific individual and look for the most important traits and then ignore everything else, especially the resume. It sends you in the wrong direction. I learned through trial and error what makes a great manager, what makes a great salesperson – and that’s who I always hire.
If you’re going to hire a lot of salespeople for your organization, I found that I look for the same three things in every single person I hired. I wanted someone who was insecure with something to prove. If somebody walks in there cocky, they never become your great salespeople. My top ten salespeople making millions of dollars a year, every year came to my office in December swearing they would never have another good year. Why? It was ridiculous. But they were insecure enough to think it could never happen again. You want an insecure person if you’re hiring a salesperson with something to prove.
You also want someone who has a positive attitude in every way because you know what happens? A positive person when they get hit – and sales is all about getting hit and knocked down. They spend very little time feeling sorry for themselves. They get right back up. They’re back out. You almost need a low IQ, like, “Hit me again, hit me again, hit me again.” That’s a great salesperson. And then you need the work ethic to go with it. Nobody is great in sale unless they work like crazy. So those are the three traits I look for in every great salesperson.
Nobody’s happy doing what they’re not good at. You want to get a great job you love? Do something you’re good at. When a salesperson isn’t producing, they’re not happy. And so you must have a system to make sure that they can move on to something that’s going make them happy.
In the real estate sales field only one in four salespeople ever succeed at selling enough to even meet their overhead. So in my business I need an ironclad system to make sure I had an exit strategy for every single would-be salesperson who didn’t have the talent. So what I did was fire 25 percent of my sales force every year because we needed to move them out and make the desk available to take another shot at someone who might really be talented in sales. I never fired a salesperson who didn’t love me for it because I allowed them to move on to something potentially that would make them happy. When you have a sales organization with unhappy salespeople as a large percentage of your population, it drags down the energy of the company, drains your financial resources and so you can’t take care properly of the salespeople at top.
So you’ve got to come up with a firing system that always happens, and the reason it has to be a system is the very managers that are great at hiring are terrible at firing. Nobody’s good at it. Nobody wants to do it so you have to make a system of doing it. My system was simple: I ranked every salesperson from the top producer to the bottom whether I had 50 people or 500 people and always the bottom 25 percent were not making it. And so you must have a system where it’s mandatory that if people are not making it that there’s a system for dismissing them after a period of time of trying like crazy to help them.
In this lesson, learn Barbara Corcoran’s counter-intuitive strategies for recruiting and maintaining top talent on your sales force. By the end of it, you’ll have a deeper understanding of the no-nonsense approach that enabled her to turn $1,000 into a billion dollar business.
These five main food groups are important for your brain's health and likely to boost the production of feel-good chemicals.
We all know eating “healthy” food is good for our physical health and can decrease our risk of developing diabetes, cancer, obesity and heart disease. What is not as well known is that eating healthy food is also good for our mental health and can decrease our risk of depression and anxiety.
Infographics show the classes and anxieties in the supposedly classless U.S. economy.
For those of us who follow politics, we’re used to commentators referring to the President’s low approval rating as a surprise given the U.S.'s “booming” economy. This seeming disconnect, however, should really prompt us to reconsider the measurements by which we assess the health of an economy. With a robust U.S. stock market and GDP and low unemployment figures, it’s easy to see why some think all is well. But looking at real U.S. wages, which have remained stagnant—and have, thus, in effect gone down given rising costs from inflation—a very different picture emerges. For the 1%, the economy is booming. For the rest of us, it’s hard to even know where we stand. A recent study by Porch (a home-improvement company) of blue-collar vs. white-collar workers shows how traditional categories are becoming less distinct—the study references "new-collar" workers, who require technical certifications but not college degrees. And a set of recent infographics from CreditLoan capturing the thoughts of America’s middle class as defined by the Pew Research Center shows how confused we are.
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