Barbara Corcoran of Shark Tank is a sought-after investor on the reality show. The real estate icon is more likely to parter with entrepreneurs who have more enthusiasm rather than education.
The millionaire panelist shared some qualities that attract her to take a stake in a small business owner’s company, and some that make her close her checkbook.
Barbara Corcoran favors attitude over intelligence
As a sought-after Shark on the reality show, Corcoran often goes with her gut when considering a deal. The millionaire investor tends to partner with those who show a strong sense of resilience.
“For me, it’s never the pitch — it’s about the entrepreneur,” Corcoran said in 2015, according to AOL. “I look for someone who’s really good at taking the pressure of a shark attack. If they can handle that, it lets me know they can probably handle all of the other pressures that come with a start-up. I look for someone who is good under pressure and can pop back in the face of adversity.”
The Shark Tank star is drawn to entrepreneurs who are solid decision-makers and passionate about building their business.
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“I’ll go for someone who has high energy over someone with a high IQ every time,” Corcoran revealed. “I like people who cut to the chase and can get to the point — not just in the pitch, but in the answers, too.”
‘Shark Tank’ star isn’t impressed by polished verbiage
While ivy league degrees and spouting words of high intellect may impress some Sharks, Corcoran gravitates more toward entrepreneurs who can interact with all walks of life.
“Too much fancy talk — someone who uses those Harvard MBA-type words all the time,” she responded when asked what turns her off in a pitch. “To me, that guy will never make money. Too much education can build false confidence. When you build a business, you need to relate to everyday people.”
Corcoran sees staying humble and down to earth as keys for winning people over when you want them as clients.
“Those are the folks you’ll need to help build your business,” the Shark Tank investor explained. “You have to talk their talk and get them to buy-in and follow you. The guys who talk fancy distance themselves from people and typically lack the ability to see what’s really going wrong, because no one tells them — and they wouldn’t listen anyway.”
Barbara Corcoran watches out for spendthrifts
As someone who built her business from just a $1,000 loan, Corcoran knows the value of a dollar. The real estate mogul won’t partner with those who don’t appreciate hard-earned money.
“Another thing that bugs me is when a person has no regrets about blowing their parents’ money on their business idea or no sense of urgency to pay them back,” Corcoran said. “That says to me that you’ll have no qualms about blowing my money, too.”
Corcoran advises wannabe business owners to spend less time planning and more time doing.
“Don’t waste time thinking about it,” she said. “One of the biggest problems many entrepreneurs have is they spend too much time thinking about the process. They think they have to get a patent first or hire a PR firm right away — what a waste of time. I can’t remember who said it, but there’s an old saying: ‘You don’t have to get it right, you just have to get it going.’”
ABC’s Shark Tank airs on Friday nights.
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