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Life Lessons From Barbara Corcoran

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Barbara Corcoran, a part of the investors’ panel on the show Shark Tank (amongst other things,) has lived an interesting life. By the time she turned 23, Barbara had held over 20 odd jobs and was still struggling to make ends meet. However, everything started to change in 1973, when she founded her real estate company which instantly turned into a massive success! By 2001, she sold the company for a whopping $ 66 million to NRT Incorporated and since then, there is no stopping her. Here are some really inspiring life lessons to learn from Barbara Corcoran:

1. Accept fear

Every failure and every fear has an upside if you are in the game for the long run. The first ever talk show Barbara was a part of, she got so nervous, she lost her voice! For many people, this would be a dealbreaker when it came to being a media personality. However, Barbara realised this was just going to stop her growth and not help her push past her fears. By pushing through, she made sure she didn’t let the fear of public speaking overrule her decisions and after just a few years, she gave over 40 speeches in a span of 2 months. In fact, she also gave one of the most inspiring TEDx speeches!

Picture credits: rebulance360.com

2. Always stay positive

In most situations, optimism is the key to success. According to Barbara, it is important to be optimistic in the midst of all adversity. One of the key principles Barbara follows in life is to meditate and stay centered, a rule which helped her get through a lot of tough times as well! The glass is always half full, whether or not you realise that fact.

Picture credits: businesswomaninsider. com

3. Take a leap of faith

You always have to take a leap of faith when you think things aren’t going your way. Barbara believes, people work the best when they’re under pressure. If you want to find out the best thing about yourself, then work on what makes things tick for you. Don’t stand around waiting for the right time because if you hold on for too long, then you might just lose out the best thing which could happen to your life!

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4. It’s all about perception

The big mouth shall inherit the earth,” says Barbara. What does she mean by that? Simply that if you want your business to succeed, make it look bigger and better than what it really is. According to Barbara, when it comes to succeeding, self promotion is important to climb the mountain. Act like you have the authority to say the right things and when you send press releases of any kind, make sure what you say is truly original.

Picture credits: barbaracorcoran.com

5. Build firewalls between personal and private life

One of the major reasons people don’t succeed in staying at the top of their game is because they don’t know how to distinguish their home and personal lives. One of the reasons Barbara is so successful in life is because she compartmentalises every aspect of her life. Barbara believes, the one way to make it big in the real world is through following the rule of progress, not perfection!

Picture credits: barbaracorcoran.com

6. Fake it till you are it

Just like perception is everything, giving people a different view about you till you make it to the top is also an extremely important part of the growing up process. The more you go through the journey of growth, the more you realise that you are faking that which you really want and crave. According to Barbara, one of the reasons people fake perfection is because they are insecure and no matter where you are in life, insecurity never goes away. Another benefit of faking it till you make it is that you grow to become a better person by accepting the insecurities in life.

Picture credits: kiplinger.com

Barbara Corcoran would not be where she is if she hadn’t accepted all the negative aspects of life. If you think you have learnt other things from her, comment and let us know!

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Questions To Ask Before You Take On A New Business Partner

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When it comes to entering into a new business partnership, it is extremely vital to know who you are getting in bed with for the rest of your life (if things go well.) While most things may seem great and you may click with your partner right away, you can never be a 100 % sure of the other person. Knowing how difficult it is to make a decision like this, we have a list of questions you could ask before entering a new partnership!

1. “What is your goal?”

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People who are setting out on their own often know what they want from life. While you may know who the other person is, it is important to know what makes them tick. Like Jonathan Mead from Playboy said, If you’re going to do business with anyone, you need to get clear on the why. Knowing where you’re going is great, but if you don’t know why you’re both going there, then you’re screwed. Always start with why, and let the circle expand from there.” Almost 32 % of CEOs say most of their partnerships failed because they did not do a thorough research about who their partners were. When you know what your partner’s goals are, you know how far they can go to achieve them. Make sure you understand everything about your future partner’s ideas, dreams and passions.

2. “W

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2. “What are you looking for from this partnership?”

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One of the primary reasons you are looking for someone with whom you can partner is because they have a different perspective on things. While you do need someone who is similar to you in most ways, you also need someone who can bring new ideas to the table. When you are looking for a new partner, understand the other person’s strengths and ask them for what they are looking from this partnership. Maybe you have the strengths they do not have. One of the primary things which you should consider before forming a partnership is, your potential partner and you have a shared goal. Your ideas and thought processes have to be aligned and you have to have see the same end goal together. Only if your ideas match, can you start working toward the bigger picture.

3. “How are you placed financially?”

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Financial stability is extremely important when it comes to entering a new business deal. Get a clear understanding about the kind of financial commitments your partner has and make sure you have a clear picture of how much they can put into the business. While it may be tough to ask this question upfront, it is extremely important to get to know these details from the very beginning.

4. “How much time can you put into the business?”

Picture credits: telegraph.co.uk

Business partners come in different forms. There are certain partners who are hands on and completely involved and there are others who are only part of the deal financially. In order to get clarity about your partnership, ask your partner for what kind of partnership your partner is looking. Moreover, apart from knowing the kind of partnership you are looking at having with your partner, it is important to know how much time they can put into the business. Whether it is full time or part time, getting clarity about these things is extremely vital. Asking this question in the beginning helps you avoid confusions later on during the journey.

5. “What is your long term plan?”

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There are several reasons as to why people enter into a partnership. While some may be motivated money wise, others are pushed forward for different reasons. However, while they may enter the deal with a certain idea in mind, they almost always have an exit strategy in place. Make sure you ask the person for how long they want to be in the partnership and what they seem to get out of the deal. Talking about this will help you get a clear idea about not just the business you are getting into at this point, but during the later years as well!

When it comes to partnering with a new person, there are several things you can do in order to have a fruitful and long partnership. If you think we missed out on any other questions like these, comment and let us know!

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How To Master Your Craft

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It is no secret it is a lot of fun to watch people do what they love. Painters, chess players, pianists and dancers, all these people perform exceptionally well and when you watch them, you realise this is not just a statement. How does this happen? How do people reach a point of success where they love their craft so much, it becomes a part of who they are? It is by following the below suggestions about how to perfect your craft!

1. Find what drives you toward your passion

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Everyone has the power to master certain skills in life. There are so many things one dreams of doing when they were younger, wild and free. The first step of rediscovering what your passion is, is by rediscovering the instinct which drove you toward your passion in the first place. In the process of growing up, you forget what you loved doing, either because of boredom or because of how things pan out. Connect the dots from your childhood, draw a map of what you love, start doing what you loved as a child and slowly, everything starts falling in place. Reconnect to your past and let go of things which are holding you back. Only then can you truly start working toward your passion again.

To sum this up, as Chris Bailey says, “People become experts on a particular subject by accumulating and connecting enough dots related to them, in the form of experiences, knowledge, and best practices. Our brains are naturally programmed to cluster related dots.”

2. Have multiple test runs

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Mastering a craft is not an overnight process. It takes a lot of time, effort and continuous practice to make sure you know what you have set out to do. Once you have chosen your path, you should start reading and learning about different ways to master your skill. This can be done through a number of ways ranging from classes, books, forums, blogs or guides. At the end of the day, do everything possible to sharpen your skill and craft. Test the things you learn in different formats. Make mistakes and learn from them. If all the artists we love didn’t work and rework on their arts constantly, they wouldn’t be who they are today.

3. Stay consistent with your practice

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Deliberate practice takes a lot of time and effort. However, deliberate practice has certain processes you can follow when it comes to staying consistent. Work with a mentor and tell them what your plans are. When you start working with a mentor, you realise you can do a lot more in life than you thought. Mentors help push your dreams and make them come true. Stay consistent in your practice tips and everything will fall in place. It is not a coincidence that the best pianists, athletes and writers practice over and over till they perfect the art. Keep going at your strengths and everything starts going right.

4. Realise that mastering a craft takes sacrifice

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People are great at what they do because of the amount of time and effort they put into perfecting their craft. While practice seems like it is enough, the perfection comes because of a great deal of sacrifice as well. What shapes you as a person is your attitude toward your work. If you truly, deeply want to create something extraordinary, the amount of time you put into what you do matters a lot. The amount of time you put into the task is important. If Da Vinci did not sacrifice a life of comfort for a life of hardship, he wouldn’t have been able to create some truly brilliant works of art.  

5. Keep going

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While working on your craft, it is important to remember you should keep going, no matter what. Be patient. Van Gogh never sold a noteworthy piece of art his entire life. Jeffrey Archer gained recognition after being arrested for the kind of books he wrote. Different people known for their greatness achieved success because they kept going, no matter what. Stay focused on your goal and work on it, despite all the negativity. Everything you want to do is achievable.

Like Napoleon said, “Nothing is impossible.” There is no wrong time and there is nothing which is truly impossible to achieve. Practicing your trade and perfecting your art is what you need to do in order to stand apart. What are your thoughts about how to perfect your craft? Comment and let us know!

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Different Types Of Chatbots And How To Use Them

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If you were under the impression that there is only one kind of chatbot, then think again. Although the basic forms of chatbots are the ones used the most frequently, there are different types used for different scenarios. Chatbots use chat mediums and come in a series of types, each designed to benefit your business in the best possible way. If you are looking at the different types of chatbots best suited for your brand, then here’s our most preferred list!

1. NLP based chatbots 

Picture credits: chatbotsmagazine.com

At its very core, chatbots show how artificial intelligence works. NLP chatbots go a step further from the generic chatbots in the sense that they use a combination of AI technology and Natural Language Processing (NLP.) By using a combination of these two forms, this type of chatbot identifies the intent of the use, classifies the messages and then gives answers depending on the language of the texts. In short, NLP chatbots help in creating a uniform communication between your brand and the customer.

2. Menu based chatbots 

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Similar to the automated menus on phones, these chatbots increase interaction and ensure that when you are looking for the answer, you dig deeper than you normally do. While they may be among the slower form of the chatbots, they help in answering 80% of the questions people usually ask. From helping you answer the basic form of questions to giving you the option of finding the right answers, these type of chatbots help in finding the exact answer for your question.

3. Keyword based chatbots 

Picture credits: chatbotsmagazine.com

Unlike NLP and Menu based chatbots, Keyword based chatbots are extremely user friendly. By using a combination of customizable keywords and AI technology, these chatbots help determine the response which is best suited for the user. Faster and quicker to use than most chatbots, Keyword based chatbots also help in answering questions that basic chatbots don’t have the ability to.

4. Service/Action chatbots 

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The best way to describe service/action chatbots is by looking at how they work. By asking and collating data from the user asking the questions, these chatbots answer questions based on what people ask. These type of chatbots are best used by companies in the airline and clothing industry. Compared to the other type of chatbots, the service chatbots are tailor made to answer the users to the best of its abilities.

5. Context based chatbots 

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Of all the chatbots mentioned in the list, Context based chatbots are the most advanced. By using a combination of machine learning and artificial intelligence, these chatbots not only have meaningful conversations with users, they also remember previous conversations. For example, if you are trying to order pizza from a place you frequent, the chatbot remembers your address and also remembers the last order you made on the app. Using data and user based information is one of the biggest advantages of context based chatbots, giving users a complete experience of how the app works.

Chatbots are designed to improve the user’s experience with the app and help in making your experience with the store that much easier. If you think we missed out on any other chatbots like these, comment and let us know!

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