Barbara Corcoran Reveals Who the Cheapest Shark Really Is — And Explains the True Passion That Drives Her Success Are you searching for your calling in business? You aren't going to find it standing on the sidelines, says the real estate icon and "Shark Tank" star.
By Dan Bova
I get to talk to a lot of very cool people doing very cool things here at Entrepreneur. And every once in a while, I get to hang out with a true icon.
Such was the case when I sat down with this week's "How Success Happens" guest, Barbara Corcoran.
The real estate legend and "Shark Tank" star invited me to attend her All-Star Entrepreneur Retreat in New York City, where she gathered a group of her top portfolio companies from the show for intimate strategy sessions, media training, and more. After a day of watching her work with these rising business leaders and seeing how she gets in the weeds to help problem-solve, I got to pick her brain a bit. As you might expect, Corcoran was equal parts smart, inspiring — and incredibly hilarious.
You can listen to our conversation below, or on your podcast platform of choice. And check out highlights of the conversation here, which have been edited for length and clarity.
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You started a multimillion-dollar real estate company. You're the host of an Emmy-winning TV show. You run these business boot camps. When you look at your resume, what's the one thing that jumps out at you like, Wow, I did that.
The best part for me is working with the entrepreneurs, all of these small businesses, trying to make their dreams come true. I'm right in there with them, thinking about it, dreaming about it, trying to give them hints as to how they could get ahead much faster. That, for me, gives me the greatest satisfaction.
You have spoken so much about people in your past who said hurtful things to you and how you use that stuff as fuel for your fire. How did you find that mindset?
I learned very young that bad comments, critical comments, and cutting comments take you down. It takes you down not only in your feelings, but in the amount of confidence you have for the next project. You just get weaker and weaker. So I don't allow those people in. I turn the comments into insults. How dare they insult me? And I prove them wrong. I think you can take an insult and look at it two ways. It can hurt you or it can fuel you. You could do either. It's just as easy to let it fuel you. Say, Oh, I'll show you. That's the kind of person I am. I've learned to protect myself as a result of it, and I'm happier.
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You spoke about a nun who was pretty cruel about your dyslexia when you were in grade school. Anything you'd like to say to her now
That was Sister Stella Marie, who in third grade, told me I would always be stupid because I couldn't learn to read or write. Well, guess what, Sister? You are dead, and I'm sitting here!
You talked a lot about how a fun office culture can be a great tool for recruiting and helping a company push through tough times. What about for solopreneurs? How do you have fun when things aren't going your way?
Everybody is a solopreneur to begin with — you don't come out of the gate hiring a team of people. But when I got stuck at my desk and couldn't think of a new idea or didn't want to meet a customer, I was smart enough to get the heck outta there. I never had a good idea at my desk. I would just lift myself up and make it a fun day just for myself. I'd get on the subway and go to Jones Beach. It was basically free — all I needed was the cost of a subway token. I would spend the day there listening to music, going into the ocean, and getting a nice sun tan. And I'd come back the next day a different person. There's something about taking a break for fun that is so good for the spirit — and it was my spirit that made my money. What is hard work without your spirit behind it? It never goes well.
Let's say after a taping of "Shark Tank," you all go out to dinner. When the check comes, who's grabbing the check first?
Anyone but Mr. Wonderful. He's very cheap. He even invited me out for dinner once with his daughter, who is about 18, asking me, 'Could you show her the way about being a woman in business?' I was so flattered. We went to an expensive restaurant. Again, I was flattered. We drank an expensive bottle of wine. I was flattered. And then the check came, and he didn't reach for it. And I said, 'Kevin, you're not actually expecting me to pick up the check.' And he said, 'Would you mind?' And I took that check and happily paid because I wanted to tell this story!
If Jeff Bezos invited you on the next Blue Origin space flight, how would you RSVP?
Are you out of your mind? I have too much to live for. Why would I risk getting on something like that? I worry about taking a regular flight. Never mind space, forget it. I can get my thrills elsewhere.
Many entrepreneurs struggle with the notion of "I need to have a deep passion for something before I start the business." Is that how you felt?
Passion is an active thing. You feel it when you're in the business. It's hard for you to look from the sidelines and say, I think I'm passionate about that. When I got into real estate, I could have been in the plumbing supply business just as easily. What I loved about real estate is that I love people. I loved opening those doors, chatting people up, being independent, and running to the next apartment. It was like an adventure. That's what I fell in love with. That's what gave me my passion. I never really cared about real estate as a topic, but I cared about what I did as a living, which was producing a new business filled with people who love me and I love back.
Important question: What's your favorite curse word?
The one I really use? No, I can't say that, my mother would jump out of her grave. I promised her every year I wouldn't curse anymore. So I'll give you a mild curse word: Holy shit. But that's nothing compared to what I usually say!
