In her book 'Shark Tales', Barbara Corcoran shares her journey of transforming a $1,000 investment into a billion-dollar business through her innovative real estate firm, the Corcoran Group. She emphasizes the importance of setting ambitious goals and creating a fun, engaging workplace to attract and retain talent, which contributed to the agency's remarkable growth. After selling her successful company for $66 million, she experienced a lack of purpose but eventually found fulfillment again by pursuing a career in media, particularly as a cohost on 'Shark Tank'.

1. Barbara Corcoran Learns Her Heart’s True Desires
In her hilarious and lighthearted book, Shark Tales: How I
Turned $1,000 Into a
Billion Dollar Business, Barbara Corcoran demonstrates the
importance of knowing what
you really want out of life (Corcoran & Littlefield, 2011). As
her title suggests, Barbara
founded her real estate company, The Corcoran Group, with
only $1,000 and some big
dreams. Shortly after founding the company, Barbara took out a
piece of paper and wrote
down some big goals for herself and the company. In 1978, she
had only 14 sales agents
working for her, who earned a total of $250,000 in
commissions. She set a goal of
doubling the number of agents and the commissions every year.
So she put down 28 sales
people for 1979, 56 for 1980, and so on, all the way up to 1,792
salespeople in 1985 with
total commissions of $32,000,000. Barbara was amazed when
she saw the fantastic sums

2. projected for 1985, and of course many people, when they see
such amazing sums, would
dismiss the calculations as fantasy But as Barbara put it, she
went to work the next day
hustling hard for her $32 million.
Real estate agents are paid largely by commission, which is
about as close as you
can get to a pure form of contingent reward for performance.
However, Barbara didn’t
rely solely on the commissions to motivate her workers. She
threw theme parties and held
numerous social events to build a committed workforce. Good
sales agents could always
move to another firm, but not every firm had Barbara’s positive
attitude and fun-filled
atmosphere. In the early years of the firm, when money was
tight, Barbara and her
relatives did the cooking for the outings and parties, and she
found clever ways to
entertain people with skating parties and other lively activities.
As the firm became larger
and more profitable, she even hired professional entertainers for

3. the company’s midweek
picnics, which included elephant shows, daring rides on hot air
balloons, horses, or
Harley Davidsons, etc. Barbara stated “I built my company on
pure fun, and believe that
fun is the most underutilized motivational tool in business
today. All of my best ideas
came when I was playing outside the office with the people I
worked with” (Corcoran &
Littlefield, 2011, p. 283). What did she get in return for the fun
atmosphere? She had the
“most profitable real estate company per person in the United
States” (p. 284). By the
time she sold her agency in 2001, she had 1,000 agents working
for her, and she had the
largest real estate agency in New York – clearly her
motivational strategies attracted a
large number of productive employees.
Barbara Corcoran had sold her firm for $66 million. She
thought that would make
her happy, but instead, it made her sad. Although she pretended
to be happy with her new
wealth and freedom, she was “secretly miserable” (Corcoran &
Littlefield, 2011, p. 232).

4. She had lost her purpose in life. Barbara stated, “I felt my entire
identity gone – wiped
out” (p. 232). In addition to losing her personal identity, she
lost much of her social
identity as well when the new owners blocked her former
employees from sending her
emails. Without a purpose and an identity, she felt like a
nobody.
Barbara set to work making some new goals for herself. She
took out her trusty
yellow legal pad and drew a line down the center of the page.
On one side of the page,
she listed everything she hated, on the other side, everything
she loved. When doing
exercises like this, its important to be honest with oneself.
Barbara was honest enough to
realize that she loved the power of her old position. She also
liked being creative and
helping other people. She especially loved being the center of
attention. These honest
self-evaluations and goals helped her realize that she wanted a
new career in the mass

5. media. This set her on the path to her current job as a cohost of
ABC’s show Shark Tank.
On Shark Tank, she can listen to creative would-be
entrepreneurs pitch their ideas for
new companies, and she has the opportunity to help them out by
investing her own
money into their businesses. And as a TV host, she gets plenty
of attention as well: a true
happy ending to her tale.
1. Are you motivated by ambitious goals, such as Barbara’s goal
of doubling the number
of sales agents every year? Why or why not?
2. Barbara’s rivals in the real estate industry probably paid the
same commissions on
sales to their agents that she did to hers. Given that all the
agencies paid the same rate,
why was Barbara able to grow her firm so rapidly?
3. What else did Barbara do to motivate and attract the best
agents?
4. Besides money, how will you motivate your employees?
Provide some rationale for
your choice of motivator(s).

6. Source: Corcoran, B. & Littlefield, B. (Ed.). (2011). Shark
Tales: How I turned $1,000 into a billion dollar
business. New York, NY: Penguin.