FP039: Life in the Shark Tank with Barbara Corcoran
Barbara Corcoran doesn’t look far past the family tree for inspiration. While many entrepreneurs seek seasoned businesspeople to learn from, Corcoran’s mentor was her mother, not because her mother managed a company—she didn’t—but because she managed a family.
“She ran our little, tiny two-bedroom flat like a corporation,” Corcoran recalls. Everything was organized, and everything had a system. Her mother did a phenomenal job motivating each of the children, helping them do what they did best. “If she had been in business, she would’ve been a tycoon,” Corcoran says. “I wouldn’t have wanted to compete with her.”
Common sense was one of her mother’s virtues, and it’s a trait that Corcoran says is vital in business. “I think you have to trust your natural instinct,” she says to aspiring entrepreneurs. Business is about street smarts. It’s not something you can learn in a classroom — you have to do it.
That’s exactly what she has done. Corcoran’s resume includes several businesses and millions of dollars, and she’s now a “shark” investor on ABC’s popular Shark Tank TV series.
She started young. “I had a flower-of-the-week club when I was in college that failed miserably,” she says. “It was good for a while and then it failed. How did I get that job? I just invented it.”
She later founded two real estate companies, including the Corcoran Group, which she started with a $1,000 loan and ultimately sold for $66 million. Corcoran has channeled her experience into her role as an investor on Shark Tank, a reality TV competition that pits entrepreneurs against each other in a contest to pitch their ideas and get big funding. The show’s run includes six seasons, and she’s been along for the whole ride.
In this interview you will learn:
Barbara's story on how she rose to success
The critical elements she believes it takes to become a successful entrepreneur
A super productivity hack to get the most of your day
Real estate investing tips
What Barbara looks for in an entrepreneur and the companies she invests in
& much more!