Shark Tank’s Barbara Corcoran came on The Bobby Bones Show to talk about her new business venture, ‘Barbara In Your Pocket,’ and she gave advice to Amy on her divorce and to Eddie about his Chicken Business and more!
Bobby Bones explained to Corcoran how a Dyslexia specialist recently came on the show to test them to find out if anyone had it, and Amy and Eddie were diagnosed with it. Corcoran has Dyslexia and shared until you recognize it in yourself as an adult, you think you’re stupid which is the damage that is done from Dyslexia. No one is told that it doesn’t mean you’re stupid, it just means you have a different way of learning. Amy shared that when she found out she felt relief because she had struggled her whole life and now, she knew why and could get the help needed for it. Corcoran also felt relief when she was diagnosed and explained how she didn’t realize until she was older what an advantage it was because she learned to thrive through struggles. Also, her mom built her imagination up which was a huge gift because through that she was able to have so many ideas to create businesses. She said if you have Dyslexia and are starting a business you have so many gifts because you can recognize talented people, you have more empathy for people and you’re more intuitive. She feels if you’re Dyslexic the best field for you is to be an entrepreneur. The businesses she invested in Shark Tank she was looking for the losers, the people who were judged hard by their parents and teachers and didn’t think they were going anywhere. If she gets a loser in her portfolio, they always become winners because they try hard and have something to prove.
Her new business venture, Barbara In Your Pocket, is on Patreon and people can subscribe and do live Q&A’s with her. She started it because so many entrepreneurs start off confidently but then start to doubt themselves. What she thinks people need more than hardcore business advice is advice on how to believe in yourself and know that you’re entitled to be rich, make something of yourself and show off what you have done. Many people struggle with that, and they don’t want to ask for help, so Corcoran shoves her help to them and hopes to become a mentor for them.
Amy had a vulnerable question for Corcoran about her divorce. She explained how she had been married for 17 years and got divorced last year and never handled finances in their marriage. She bought her ex-husband out of their house at the highest amount possible, and it was bad timing due to the state of the housing market at the time. She took out a HELOC to get the cash to do that and wasn’t paying attention and it was at 8% and she has been paying towards it for months and it hasn’t budged so she’s been paying towards the interest. She’s not sure if she did the right thing or if she had any advice on how to bring it down, but Corcoran explained all she can do is have a different mindset about it. 10 years from now she’ll be so thankful she bought the house because the housing market will go crazy, and she’ll make more money. She also thought she might be obsessing over something that isn’t that big of a deal and suggested the next time she gets married to make sure she does a prenup.
Eddie then asked Corcoran about his business, Producer Eddie’s Smokin’ Hot Chicken. He explained how he makes good smoking chicken and sells it to his family and friends. He wants to make it a legit business, but everyone tells him it’s a hard industry to get into. Corcoran shared her best investments are food businesses because they are profitable. The hardest thing for him would be being away from his family, figuring out his pricing system and how to advertise it. If he could figure that model out, he should try it so 10 years from now he does not regret trying it.
You can go to Barbarainyourpocket.com and subscribe to her community on Patreon.