Barbra Corcoran joined The Bobby Bones Show to share money advice, tell us about the best investment she made on Shark Tank and more.
In today’s day and age, money advice is everywhere. One of the most common places is TikTok. Corcoran shared you really don’t know who to trust on there, but she suggests that people listen to everything and have good judgment while they try to figure things out on their own. She does not mind that people give money advice or share news on TikTok and embraces people to learn more.
Corcoran is no stranger to doing interviews and revealed that she hates it when she gets asked what she would go back and tell her 12-year-old self because she has no answer! When she’s interviewing people, she likes to ask them questions they’ve never been asked before and really tries to be different. She’ll ask personal questions about their past jobs, what they did or did not like about their previous boss, anything that she feels will give her a real sense of who the person in front of her truly is.
Season 16 of Shark Tank is airing now, and they are able to knock out filming the episodes in 12 days. The days last between 8-14 hours, and they do it twice a year, which isn’t bad for a full year worth of Shark Tank episodes. She admitted that anything she gets pitched before lunch she will usually say no to because she is hungry, has already been filming for six hours and needs a break. She is more likely to say yes to a pitch after lunch and especially at the end of the day when she wants to wrap up the filming and get it moving faster so they can end. When asked if it was more important to go in with a regular pitch and business plan, or present them with a jingle, she revealed that a jingle always wins her over. It makes good TV and the people pitching their business’ need to remember that Shark Tank is a TV show, so doing something that makes you stand out and creates good television is a win. The best investment she ever made on Shark Tank was for the sweatshirt company, The Comfy, a wearable blanket. The people who pitched it knew nothing, but they had a jingle, and she liked the idea, so she invested and made $18 million from that deal. Season 16 is Mark Cuban’s final season of Shark Tank, and Corcoran and the other sharks are sad to see him go. They all did their best and really put everything into this season so Cuban could miss them, but they are also happy for him to leave and chase other endeavors. She called this season both fantastic and sad.
If she could go back to season one of Shark Tank and tell herself anything it would be to not focus on the business as much and focus more on the entrepreneur. It took her three years to learn it’s better to invest in talent and that you’ll lose money if you only focus on the business. With all that Corcoran has succeeded with, her happiest moment came when she had a baby after seven years of trying. The worst years of her life were when she was trying everything to have a baby but kept getting calls from doctors that it wasn’t working. When she finally could have kids, she said raising them and watching them grow up were the best years of her life.
Corcoran’s best business advice is to not invest with friends. She’s only lost two friends in her life and it’s because she went into investments with them. She advises people to stay away from it and value friendship more. When members of The Bobby Bones Show told her they were thinking about investing in a laundromat together, she advised against it because it would tear them apart, but thought laundromats were a great business idea! Corcoran launched an app called Barbra in Your Pocket and it’s for entrepreneurs and gives them advice on how to build success for themselves. She has the answers and resources and can read the person and be able to tell them how they need to shift and succeed and then support each other!
Season 16 of Shark Tank is airing now!