Barbara Corcoran Reveals 3 Money Secrets Behind ‘Shark Tank’ (and What You Can Learn)
Written by
J. Arky
Edited by
Zuri Anderson
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Corcoran has some surprising tales to tell from the “Tank.”
Barbara Corcoran is a self-made millionaire, as well as one of the stars of the hit television show, “Shark Tank,” whose net worth is currently $100 million, according to Celebrity Net Worth. For years, Corcoran has shared her advice in TV interviews, podcasts, YouTube videos, books, and now has some money-related secrets about “Shark Tank” on an Instagram highlight reel.
Ever wanted to learn more from one of the sharks on the show that has real world experience to share? Now you can, as Barbara Corcoran reveals three money secrets behind “Shark Tank” and what you can learn from her in the process about your own finances.
Put Your Money Where Your Mouth Is
Corcoran shared that she and the other sharks on the program actually do invest their own money into pitches or as they say “put skin in the game.” This means that the stakes are real for Corcoran and the other investors, so when there is a figure or percentage put into a pitch, she has to back it up with her own financing.
Lesson to learn: If you are serious about getting into business and making a lucrative company, you’ll have to put your own money into it at some point. The amounts will vary from person to person, but by putting your own money behind an enterprise means you care about making it successful.
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Competition Is Healthy
On the show, Corcoran and the other investors can get pretty heated about what they want to invest in and, as stated on Instagram, will interrupt, challenge and steal deals. However, after the cameras stop rolling everyone remains friendly and professional, taking nothing too seriously or personal if the outcome did not go in their favor.
Lesson to learn: You can be aggressive and go for what you want in business, but at the end of the day, you are working with human beings (and will probably continue to work with them in some way down the line). Business is always business, but being respectful, personable and not taking disagreements to heart is the way to successfully build a community of investors.
Pitches Are Always New and Fresh
Corcoran explained that everyone who comes to pitch on the show only gets one shot to do so. Everyone’s reactions are real and the investors are hearing these pitches for the first time. There are no do overs, no retakes, and anyone who fumbles can gets no second chances to re-pitch.
Lesson to learn: Corcoran explained that body language is key to starting off a pitch on the right foot, especially when it comes to making eye contact. Oftentimes she can tell right from the first moment the investors enter whether she’s going to invest or not. On the other side of the table, though, she has to immediately get a sense of the business, be ready to ask the right questions, and make a snap judgement, so being as prepared as possible helps steer her business senses in the right direction. Always do as much research as you can ahead of time so you are ready in the room to put your money behind a pitch.
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