33: “I’m Out” – How I Decide Which Businesses I Won’t Invest In

Business Unusual with Barbara Corcoran

Barbara Corcoran

Entrepreneurship, Careers, Business

4.8 • 1K Ratings

🗓️ 18 December 2018

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

I’m asked all the time what I look for in an entrepreneur on “Shark Tank,” and how I know if someone won’t be successful. The truth is I always know I’m out much faster than I know I’m in because I spot a few early warning signs that let me know I’ll soon lose my money. Listen in and I’ll tell you what those signs are. Also, I’ll answer some more of your great questions about how to get financing for your growing business, as well as what to do when management is doing all the complaining. Got a business question you want to ask me? Tweet it @BarbaraCorcoran and I may just answer it on a future episode! Follow Business Unusual with Barbara Corcoran on iHeartRadio, or subscribe wherever you listen to podcasts. This episode of Business Unusual with Barbara Corcoran is presented by On Deck Business Loans (http://www.ondeck.com/barbara).

Transcript

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0:00.0	If you're going to build something from nothing, you've got to know what really works.
0:07.0	I took a thousand dollar loan and built a five billion dollar business, and now I make smart investments in new businesses on Shark Tank. This is Barbara
0:15.7	Corcoran and you're listening to Business Unusual presented by On Deck Business Things.
0:22.4	This week on Business Unusual I'm going to be answering all of the
0:25.3	great questions you guys keep sending me in on business life how to move forward
0:30.4	how to jump over obstacles come on I'm good at it and I want to share my advice. But first
0:35.3	I'm asked all the time what makes me go out on a deal on a shark tank and I've given
0:41.0	that a lot of thought.
0:43.0	And the truth is, I have a very short test I use on every entrepreneur I meet in the tank.
0:49.0	Here's the first.
0:50.0	Do they look the part?
0:52.0	I gotta believe that an entrepreneur should look the part of what he's professing to be.
0:58.0	So let me give you a couple of examples.
1:00.0	When Daisy Kakes came into the tank and said she and her mom made the best damn cakes the side of the Mississippi, I believed her.
1:08.0	Did I even taste the cakes yet? No.
1:11.0	But she looked like the southern bell next door with an apron on,
1:15.0	smiling from ear to ear, and I could just picture her in that kitchen with her mom.
1:20.3	She looked the part.
1:22.3	When the two guys from Pork Barrel Barbecue sauce came in and they were a shoe in.
1:27.0	One of the guys looked just like an adorable pig and I jumped right into that business.
1:32.0	But if they hadn't looked the part, I wouldn't have invested in that business. But if they hadn't looked the part,
1:33.6	I wouldn't have invested in that business.
	...

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