4 Top Money Lessons Barbara Corcoran Learned From ‘Shark Tank’
Written by
Adam Palasciano
Edited by
Rebekah Evans
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Real estate mogul and “Shark Tank” star Barbara Corcoran is well known for her success and her sharp business acumen. According to Forbes, the 75-year-old businesswoman has invested in more than 80 companies and grown her real estate firm, the Corcoran Group, into a $6 billion business. So, she knows more than a thing or two about personal finance and how to make smart business decisions.
According to an Instagram Instagram post from October 2024, there are four lessons she learned from “Shark Tank” which can help better your personal finances or start and grow a successful small business.
Know Your Numbers
Be sure to examine your finances with a fine-toothed comb: check your account balances, your current debt and your monthly savings and investing contributions. It’s crucial to develop a clear financial plan from a young age so that you can ensure a bright financial future. It helps to set clear, actionable goals so you can reach milestones like buying your first home or getting a new car.
Have a Clear Vision
It’s important to have a clear vision if you’re looking to start a small business. Ask yourself: what are my interests and how can I turn them into a business? Why do I want to start a small business? What tools do I need to get started? Reflecting first is important before taking the plunge into entrepreneurship. After all, if you don’t know where you’re headed, you can’t really expect to get there.
Know Your Competition
If you’re starting a small business, be sure to do thorough research about your local competitors. Find out how they structure their businesses, what they charge for equivalent products and services, where exactly they’re located and how they conduct their marketing plans. You’ll need as much as insight as possible to gain a competitive edge and grow your customer base.
Know Your Worth
Don’t doubt yourself: having a clear vision, working hard and always being persistent can pay off over time. However, while it’s important to be confident, you should always remain humble at the same time.
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