00:09 Barbara Corcoran: Number three is to expand before you're ready. My mother, who had 10 children, always said it was never a good time to have a baby.
00:16 Corcoran: Of course, she was pregnant. I don't ever remember my mother not being pregnant. She was always pregnant. Okay? But you know what I learned in business, it's never a good time to expand, alright? If you wait until you have extra money in your coffers and things are looking rosy and you analyze and you think this is a good time to push ahead, it's generally, the worst time to push ahead because everything's rosy. Your the little guy and the big guy is gonna outrun you. 'Cause he's got even 10 times more money than you.
00:42 Corcoran: I found that the best time to move ahead is in the absolute worse times. The worse times, because the big guy on the block is prudently protecting his money. He wants to control his money, alright? And he doesn't wanna waste it, he doesn't wanna ruin his reputation, he doesn't wanna have failure, he wants to keep his success, so to keep a low profile. The best time to expand, the absolute best time is when everybody is asleep at the wheel and everybody agrees it's a bad time to expand. I moved my business ahead only in bad markets, not that I didn't try in good markets, I was always trying. I never seemed to crawl up the pecking order in a good market, I always crawled up when people were asleep at the wheel.
01:20 Corcoran: So if I go into the next recession in 11th position, I come out an eighth, okay? Then I'd stay in eighth position 'til the next bad storm. Then I'd go in eighth position and come out at fourth. I crawled my way through the back door and the back door of all business is bad times. What a phenomenal opportunity to expand in bad times. Bad times for the young entrepreneur, you know why? Because the big guys always gonna have the corner on money, but the little guy, let me tell you, always has the corner on creativity. And it's creativity that makes things click in bad times.