Entrepreneur Barbara Corcoran marked her 16th year on “Shark Tank” by sharing 16 business lessons.
Top business tips from a ‘Shark Tank’ Tigress
By Alan Wolf, YSN
To commemorate her 16th anniversary on TVs “Shark Tank,” celebrated entrepreneur Barbara Corcoran posted a list of top business tips — one for each year on the show — which she gleaned the hard way: through experience.
Not all apply to independent home goods dealers (she did, after all, make her fortune as a real estate broker), but many do, as some best practices are universal. Here are a few of our favorites:
Have a Clear Vision
What are your goals for your business? Expansion? A legacy for your kids and grandkids? A nest egg for retirement? As Corcoran noted on her LinkedIn post, “If you don’t know where you’re headed, how can you expect to get there?”
Know Your Competition
Whether it’s shopping your competitors’ stores and websites or following their social media, you need to understand what you’re up against in your particular market.
Social Media
And speaking of social media, Corcoran claims it’s essential. “If you’re not on social media, do you even exist?” she asked, and compared the omission to hosting a party and not sending out invitations. “Share your journey and let the world see it!” she said.
Know Your Numbers
Even if you’re not pitching your business on “Shark Tank,” know your key numbers inside and out.
Have a Story
“Everyone loves a good story,” Corcoran said, and whether yours is a multi-generational family business or you came to retail from a radically different career, share your company’s epic tale. “People buy stories,” she said, “not just products.”
Listen to Feedback
“Constructive criticism is your roadmap to success,” Corcoran said. Listen to what others have to say, and if their assessments are valid, act on them.
