Barbara Corcoran Was Fired From 'Shark Tank' Before She Started. "I Didn't Take No For An Answer"

0:00Barbara Corcoran:This is an iHeart Podcast. Guaranteed Human. Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com.

0:37Barbara Corcoran:Not an Empower client paid or sponsored. Earners, what's up? Look, when you think about discovering small brands, what store pops in your mind? Well, it should be Walmart. Seriously, Walmart has thousands of small brands and they're all in one place. Just go online or in-store, discover and shop. It could not be easier. Every one of these brands has a real story and real people behind it. They're true American success stories, and you can find them all at Walmart. Discover thousands of small brands at walmart.com today. When traveling for events or festivals throughout the country, every dollar matters.

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1:52Barbara Corcoran:Learn more at brex.com slash AF. Shark Tank. Yeah. What's your introduction to Shark Tank? How did you hear about it? And how does the relationship with Shark Tank start?

2:01The hosts of Earn Your Leisure:I got a call one day. I was doing some gigs on real estate on the Today Show, like once a month or something like that. And I got a call from a producer named Mark Burnett, who I had no idea was a big producer or his assistant. I don't mean to overplay that. His assistant called me asking me if I'd be interested in the show. Describe it. I said, sure. Sign the contract within four days. I sent it right out. Send it back. And then two days before I was headed to Shark Tank and told all my friends, I'm going to Hollywood. Wow, I'm going to Hollywood. I bought new outfits. I bought new luggage. I got to the whole nine yards, you know.

2:33The hosts of Earn Your Leisure:I got a call saying they changed their mind. They invited another woman. I couldn't believe it. I couldn't believe it. But I did what I did do always very well in my old career. I didn't take it laying down. I sat down. Again, I'm going to use the word piss. Sat down and wrote the email to Mark Burnett. You're making a mistake. I consider your mistake my lucky charm. Blah blah blah. I've had all the best things happen in my life on the heels of rejections and I cited Sister Stella Marie telling me I'd be stupid. The old boy network telling me I'd never compete with them in the old boy network.

3:05The hosts of Earn Your Leisure:Defeating Donald Trump when he said I'd never see a penny of the four million dollar commission and I just cited the high points and then I said I suggest you invite both women out to LA and we compete for the seat and that's exactly what he did. Thank God I wrote that email. I've been on Shark Tank, what, 15 years? 15 years. Imagine if I didn't have all those delicious entrepreneurs I got to work with. I mean, I'm sure I'd find another way to make a living because I'm a worker, but I wouldn't have had as satisfying a career as I've had.

3:33Barbara Corcoran:Well, that's a valuable point because a lot of times people would have just taken the rejection and moved on. Yeah, move on.

3:40The hosts of Earn Your Leisure:It seems prudent when you think move on, get over it.

3:43Barbara Corcoran:Yeah. No.

3:44The hosts of Earn Your Leisure:Yeah. No, but what is important, the piece that I have learned working with my entrepreneurs is the space between people move on. A great entrepreneur, I've seen it again and again with every single person who has made a lot of money and really been successful, they take less time feeling sorry for themselves. They take the hit, but they don't wallow in it. They just get back up and say, hit me again, almost like they have a low IQ. It's kind of like that kind of a thing. But those are the winners. Those are the people who just keep coming back, keep coming back at you. And that's far more important than intelligence or knowledge or anything else.

4:20The hosts of Earn Your Leisure:I think it's a drive to come back when you've been hit. I haven't really thought of anything more important than that in my whole life. And watching my entrepreneurs, that is the number one trait, without a doubt in my mind.

4:32Barbara Corcoran:So in 15 years, as these people are walking with their businesses, the first thing you're looking for is do they have the drive? What are some of the characteristics that you're looking at as they present?

4:41The hosts of Earn Your Leisure:I have a test. I mean, the presenting is great, but there's a lot of pressure on the show to ask a lot of questions rapid fire really fast. Very often it's a hard thing to really get to know the person. I'm trying to dig for bad backgrounds, fathers that were drunks, mothers that damn them to hell. I know that sounds stupid, but if they came through adversity, I mean, if somebody's a rich kid and got the first round from family, I hate family and friends, family and friends, so you don't need me just go to your family and friends, you know? But the most important thing happens to me. I invite intentionally everybody I sign a contract with three months after I sign.

5:21The hosts of Earn Your Leisure:I invite them to New York to discuss with me what are the biggest issues. And they come very well prepared, but I watch. And you know what? The people who take careful notes and ask me all the questions, how they're going to succeed, and ask me this and that, I know I got a loser. When somebody's sitting there and polite listening, and they're just going to go out on their own and do exactly as they please, I got myself a winner. Because that is the nature of a great entrepreneur. where they're headstrong. They're driven. You know, they don't, they didn't get into the business to have a boss tell them what to do.

5:52The hosts of Earn Your Leisure:And if somebody is putting me in the position of kind of being the new boss, it's like not a good sign. I don't know if you've walked my office, but I have all my entrepreneurs in frames that I do deals with. And the minute I see them acting that way, taking notes or blaming something that went wrong on somebody else, I turn the picture around. I know they're not going to succeed. The minute you have someone who feels sorry for themselves, they don't succeed. That's been my rule all along. I'm open-minded to change it, but I've never seen an exception in that. Feeling sorry for yourself makes you a victim.

6:23The hosts of Earn Your Leisure:If you're a victim, you give your power away. If you give your power away, you don't see opportunity. If you don't see opportunity, you don't get ahead. It's like boom, boom, boom, boom, boom. Follow. It's just like a train line.

6:32Barbara Corcoran:Domino effect. Yeah. So we spoke with Damon. He talked about Bomba Socks. I think that was his biggest. Very proud. Very proud.

6:39The hosts of Earn Your Leisure:I love those bomba socks. I hate seeing Damon make money. So I'm annoyed I didn't get that deal.

6:47Barbara Corcoran:What's the deal that you remember or your top deal or one of the deals that, you know, is a highlight for you?

6:54The hosts of Earn Your Leisure:Well, the most profitable deal is definitely comfy.

6:57Barbara Corcoran:I mean, good old comfy.

6:59The hosts of Earn Your Leisure:Good old comfy. I mean, it's not my kind of deal. I like service businesses where I could build, build an empire or build a franchise or build something on service back. That's my sweet sweat. So it was so abnormal. I should do more of them actually to actually buy that because of an oversized sweatshirt. So the guy had no experience. They didn't know how much it would cost. They didn't know what they would sell it for. And in two years, I can't even remember the number. It seems so absurd. Like I'm making it up. I'm probably making it up, but let's just say I should probably check with somebody.

7:28The hosts of Earn Your Leisure:I think I had$47 million in sales in two years over this stupid oversized sweatshirt. Whoever saw that train coming? when I said to them, I'll take a third of your business because the sharks here are all interested in this. I'll take a third for$10 ,000 or$20 ,000. They grabbed it. And that was my single, my best deal. My best deal today, money-making. If that's what you mean, money-making, which is a little different than satisfaction.

7:55Barbara Corcoran:So that leads the question in. So what's the most satisfying? Because as you were speaking, I'm looking at the list, and I've watched the show, so I know you're more into the service space. I've actually visited some of your investments. the cousin Maine's lobster, which is incredible here in the city. So what has been the most satisfying one for you?

8:13The hosts of Earn Your Leisure:Exactly that cousin lobster. I love it. The guys have found phenomenal. I'm sure you know that.

8:18Barbara Corcoran:Yeah, that's great.

8:19The hosts of Earn Your Leisure:Damon always comes out for them when you do a promotion. Damon loves these guys. He always comes out and performs for them. He's a sweetheart. But these guys, one is one type of personality. The other is the opposite. They've got chutzpah of the moon. They're great salespeople. They're good looking. And if that doesn't count, it counts. They charm the pants off anybody they meet. Okay. And they even charm me. They call me up to tell me how pretty I am. Do you know how good that feels at my age? I love those guys. But they both got married too bad since I invested in them. I have kids and all that stuff.

8:52Barbara Corcoran:Shame on them. So for the entrepreneurs, everybody watching Shark Tank, right? What advice could you give somebody that's looking to seek money from a venture capitalist or angel investor or somebody like yourself? What are some things that they need to have prepared before they start pitching their business for capital?

9:11The hosts of Earn Your Leisure:Two things they need. They need to show sales and attraction of sales going up to the roof. That's important. They also need to tell the investor, which many people on Shark Tank don't tell us, how are you going to make money? Hey, let me tell you how you're going to make money. Because any guy sitting there with money in his pocket to invest has that question right in his forehead. How am I going to make money? They're measuring everything by that basis. How am I going to make money? So I would say you have to have appreciating sales and you have to answer straight down the middle how you're going to make money and how much money you're going to make, which is hard to do.

9:44The hosts of Earn Your Leisure:You know, most people don't do that. They project out based on industry averages and how big the market is.

9:50Barbara Corcoran:Earners, what's up? Look, you probably think of Walmart as the store that carries just about everything under the sun and maybe not as the place to discover small brands. Well, two things can be true at the same time. because Walmart is home to thousands of small brands founded by people who had an idea, took a chance, and built something of their own. Behind everyone is a real story and a lot of hard work. So why not take a little time to recognize all the people building small brands across the country and support everything they're creating? Walmart is proud to give those brands a place on its shelves and online.

10:23Barbara Corcoran:It's never been easier to find and support small brands. So take a look at Walmart. You might come across something new, something unexpected, or a brand whose story speaks to you. You never know what you're missing until you look. Discover thousands of small brands at Walmart.com. We talk a lot about ownership, and one of the most important assets you can own is your digital real estate. Too many entrepreneurs rely on social media platforms they don't control. Your website should be the center of your business. Framer helps you build a professional website without all the friction. It's more than a website builder.

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13:00Barbara Corcoran:When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options, so why wouldn't we compare rides? Personally, I always check lift before booking a ride. Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check lift could leave you with more money to enjoy the experience. Save money. Check lift.

13:30The hosts of Earn Your Leisure:And let me tell you, every investor, not just on Shark Tank, but every investor writes it right off. But more important than any of that is try to bootstrap your business. I'm just a believer in bootstrapping. When you're spending your own money that you slaved around for to try to make that buck and did everything in your mind to try to grab that buck, you spend it very carefully. You get about three dollars out of every dollar. You know, you're just careful with how you spend your money. When you got family and friends or investors behind you, you just don't spend your money the same way. It's different.

14:00The hosts of Earn Your Leisure:I don't know. It shouldn't be different, but it's different when you've earned the money and you're spending your own bucks. So I think bootstrapping businesses are a great way to get started rather than going out for funding right away. Of course, if you're a technology business that takes tremendous cash to get it started, that's one thing. But those are not the majority of businesses in the United States. The majority of mom, pa, Main Street type businesses. So bootstrapping, you learn everything with your own money. You learn the pain. You learn the joy. You learn it all. It's different with your own money.

14:32The hosts of Earn Your Leisure:For sure.