Barbara Corcoran Reveals What She Looks For In 'Shark Tank' Entrepreneurs

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Barbara Corcoran is an investor who can spot a successful business proposition from a mile away.  

In the latest episode of Business Unusual, the Shark Tank investor revealed what she looks for in an entrepreneur on the ABC show and how she knows if someone won't be successful. (Spoiler alert: she always know she's out much faster than she knows she's in because of a few early warning signs)

"The truth is I have a very short test I use on every entrepreneur I meet on the Tank," she explained. "Here's the first. Do they look the part? I got to believe that an entrepreneur should look the part of what he's professing to be." Barbara then went on to provide examples of previous Shark Tank entrepreneurs that dressed to impress and others that didn't quite hit the mark. 

"When Daisy Cakes came into the Tank and said she and her mom made the best damn cakes this side of the Mississippi, I believed her. Did I even taste the cakes yet? No. But she looked like the Southern belle next door with an apron on, smiling from ear to ear, and I could just picture her in that kitchen with her mom. She looked the part," she said before discussing an unsuccessful Shark Tank entrepreneur. "I remember a guy who sold shrimp came in and he had all the right answers, but the problem with him is he had a white apron on covered with blood. What was that guy thinking? I was out automatically. That's the first test. Do they look the part?"

Barbara's next test is all about how the entrepreneur communicates. "What's their communication style like? I can't stand entrepreneurs who pull out all the cool words," she said. "They're always trying, in my opinion, to cover the real problems... If an entrepreneur passes my test of looking the part and keeping the communication simple, in words that I can actually understand, I always go in on the deal because I know I'm going to make money, but when they don't look the part and throw a lot of jargon at me, I'm out."

If you have a question to ask Barbara on a future OnDeck-presented episode of Business Unusual on iHeartRadio, tweet your inquiry to @BarbaraCorcoran and stay tuned to see if the entrepreneur offers you some sound advice! 

To hear more about Barbara decides which businesses she won't invest in, check out the full Business Unusual episode below. 

Are you looking into business financing? If so, your simple business financing starts here: https://www.ondeck.com/barbara. To speak with an OnDeck Loan Advisors, call 888-269-4246. Or, if you're ready to apply for a business loan, click here to get started!

Business Unusual with Barbara Corcoran on iHeartRadio gives listeners an inside look at the entrepreneur's decades-long career, including her first-person stories of triumphs and pitfalls. As you listen to her new podcast, you'll learn a wave of advice that has helped a new generation of young entrepreneurs achieve their goals. As one of the judges on ABC's Shark Tank, Corcoran knows a thing or two about the inner workings. After all, she had 22 jobs by the age of 23, built a $5 billion business with a $1,000 loan and conquered the New York real estate world.

Photo: Katherine Tyler for iHeartRadio


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