Barbara Ann Corcoran and Robert Herjavec from Shark Tank talk about what they invest in, how they balance, delivering business plans and the key to success for any startup Barbara Ann Corcoran
How do we get your attention during a pitchIJ
For me to buy in to your pitch you’ve got to look the part, so, if you’re in the food business you better look like you like to eat. If you’re making new horse shoes, you better make sure you look like a cowboy, if you’ve invented a new app of some kind; you better look like a nerd with like glasses on. You’ve to look the part, after that it’s a question of energy, if you’ve got the energy to match the look, I’m generally buying in.
What should women do to get ahead in a man’s worldIJ
The best thing you can do as a woman if you’re going to start your own business is to think like a man. When you’ve done something great and you’re thinking your’re going to wait and share the credit, no don’t do that, raise your hand and take full credit. If you can’t be heard and you’re being talked over, speak up louder, I do it all the time, I think what will a man do and then I act just like a guy and it usually gets me to the front of the pack
nAs a successful and incredibly popular businesswoman, what would your advice be to fellow women who are aspiring entrepreneursIJ
Women have a lot more on their plate than men do because we’re still having the babies in life. And so if you’re planning to have a family the single best thing you can do is to start your own business. You make the hours, you decide who you work with, you decide how much money you’re going to make and when you want to make it. If you’re a woman and you’re not in business for yourself and have that God given talent you’re out of your mind because nothing is more satisfying than being a woman, building a big business is just like building a family.
What are some qualities you look out for while sizing up a business ideaIJ
For me a business idea doesn’t have to be something even anything new, it just has to be a better way in doing something, it has to make common sense, and I have to look at the business and think, how many people are going to buy this, how many people are willing to pay for this and if that’s a lot people, you’ve got something to make money with.
It takes a lot of things to become successful in building a business, you have to be people-smart, you have to be street-smart, you have to be able to size up a situation and think of a solution to a problem almost immediately. Most importantly, you have to be able to get over failure, if you cant get back up after you’ve been punched down and told to stay still you’ll never going build a business, you have to have that kind of stamina and aggressiveness to get back up
One of the most overlooked business talents is having fun with the people you work with. I take all of my entrepreneurs on a retreat every year and we drink way too much, we laugh way too much but we go home loving each other and supporting each other for the rest of the year. You have to be able to create fun, and on top of that you have to be able to brag and create media buzz before it even exists, because once the media is coming to film what you said you had, you’re going to find a way to make it happen.
Robert Herjavec
What are your top three pieces of advice for any entrepreneur or start-upIJ
Top three pieces of advice for starting a business: Have a clear vision; build a great team; make sure you have enough money.
What according to you makes a pitch worth investing inIJ
For me the reason I invest in a pitch is always about the entrepreneur. Always bet on the jockey not the horse.
What tips would you give to struggling entrepreneursIJ
My tips for struggling entrepreneursIJ Well show me a struggling business and I’ll show you a struggling entrepreneur. Go back to the reason you started it, have a clear purpose.
What do you think is the most important skill to have, in order to be successfulIJ
The most important tip, to be successful, two things, have a thick skin and be adaptable. The world will not be won by the strong, it will not be won by the weak, it will not be won by the righteous, it can be won by those that can adapt.
How would you describe Shark Tank as a platform for entrepreneursIJ
Shark Tank is like New York. If you can make it here, baby, you can make it anywhere
Watch Shark Tank every Monday – Friday at 9pm only on Colors Infinity