Barbara Corcoran shares which Shark Tank investments have won a special place in her heart (and what happens when she realizes her investments won't make it), how she isn't afraid to be tough and the traits that make a successful entrepreneur.
Watch the first half of our interview: https://www.slideshare.net/secret/DsPOvEe6TYOBET
Some of our favorite excerpts:
"If you go to my office today, you'll see a color photo framed and matted of every entrepreneur I've invested in. And they’re hanging blanketing the wall. But the minute I realize one of those entrepreneurs isn't gonna make it, whether it's week one or week 30, when I'm working with them day in and day out, I flip that picture upside down to remind myself not to spend any more time on it."
"They came across so solid that all of the sharks forgot to ask them how long they had been in business. They had only been in business three months. So when they were talking about monthly sales, we never thought, 'Oh, for only three months.' But you know why they came across so well? Because they were prepared. They told me after I signed the contract that when they got the invitation for Shark Tank what they did is they watched every episode of Shark Tank for three and a half years' worth."
"Daisy Cakes, I love her and I love her business. Because her heart and soul is in it. She baked those cakes with her mom 24/7. So I love the work ethic. But what I also love about her is when she was discovered on Shark Tank, her business flew out the door. She couldn't keep up with them and took her cakes to a commercial kitchen. And they ruined the cakes. And so she had thousands of cakes returned to her. Almost put her outta business. But she's come back from the dead."
"Grace and Lace, I totally under-estimated them. Their story came from tragedy because they lost their first baby. After carrying the child eight months, [they] lost the baby in the hospital. For those seven months of bed rest, she taught herself how to crochet. And from that business, that's why they named it what they did, which is Grace and Lace."
"You could have the best product in the world in the hands of someone not that capable. Someone who can't get back up. Someone who doesn't take a hit well. You're never gonna make money on that deal."
"The individual's the whole thing. The reason my business got built is because I gave it my heart and soul and every inch of my talent. All right? And that's true every one of my Shark Tank businesses."
"You know, I put a lotta time and energy and emotion into these businesses. If they start gettin' off track, of course I'm gonna kill 'em. I don't want my time wasted. And I don't wanna see the loss of potential."