3 Ways Barbara Corcoran’s Emotional Intelligence Helped Her Become a Powerful Investor
Written by
Laura Bogart
Edited by
Kristen Mae
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When you think of a savvy business person and investor, you might imagine someone cunning and brilliant — someone who can read charts and reports and instantly spin their knowledge into expert decisions. A person who is adept with numbers, even if they’re a little Vulcan-like in their demeanor. Certainly, you might not imagine that being in touch with their emotions would even matter.
That’s where Barbara Corcoran would prove you wrong. The real estate mogul, “Shark Tank” star and smart investor obviously has plenty of brain power — but she credits her emotional intelligence with her success. Emotional intelligence is so much more than being “touchy feely”: it’s about knowing how to read people and situations while also showing real grit and resilience in the face of uncertainty.
Corcoran’s ability to work well with others and marshal her inner strength have served her well in life. Her approach offers powerful lessons for anyone looking to get better at business or investing.
Inner Resilience Is the Key to Success
If there’s been one motivating factor in Corcoran’s life, it’s the love of her mother, who instilled in her the belief that the first step to winning at life was trying as hard as you can — even if you don’t succeed at first.
“I will out-try anyone in the universe … and I’ll succeed because of it,” she has said in the past. Knowing that any setback is only a chance to get back up again, whether in life or in business, has allowed Corcoran to cultivate resilience. A core element of emotional intelligence, resilience enables a person to adapt to challenges and even learn from them.
Her approach of “out-trying” and treating setbacks and adversity as learning opportunities has served her well as an investor. Obviously, not every investment she’s made on “Shark Tank” has been a huge winner, but her willingness to keep trying has paid off — her best investments have more than made up for her losses on projects that didn’t quite go as planned.
Seeing the Good in Others Can Lead to Great Rewards
Another lesson Corcoran learned from her mother is to identify people’s unique strengths. In an interview on the “Erika Taught Me” show, Corcoran shared that her mother had a real talent for looking at someone and understanding where their strengths resided. Beyond recognizing the gifts in others, Corcoran also learned the importance of encouraging those gifts.
Far from being just feel-good fodder, there’s a real business and investing intelligence in this mindset. As Corcoran explained to host Erika Kullberg, seeing and encouraging the potential in other people is mutually beneficial — once those people are on your team, they’ll be committed to using their strengths to help your business grow.
Corcoran’s prowess as a mentor has obviously served her well as a “Shark Tank” mentor, where she’s guided many entrepreneurs to become millionaires in their own right. Of course, the success of their companies pays big dividends for Corcoran. Take her early investment in The Comfy, an oversized wearable blanket — she put in just $50,000, and after working with the founders, her investment has grown to an estimated $468 million in sales.
Understanding What People Want Is Important
Another part of Corcoran’s investing strategy involves good old-fashioned common sense. She understands what the average person wants — whether it’s fulfilling an emotional need or simply adding comfort or functionality to their lives — and invests accordingly.
Consider some of her biggest “Shark Tank” success stories. Who wouldn’t want a super cozy wearable blanket to get through the cold months or a long night of binge-watching? Corcoran has also backed companies that produce comfort food, like Daisy Cakes, which now generates roughly $1.2 million in annual revenue, as well as Pipsnacks, which has seen a massive spike in sales thanks to Corcoran’s mentorship.
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