News
5 Ways Barbara Corcoran’s Financial Wisdom Helped My Finances
Chelsea Lauren / Shutterstock / Chelsea Lauren / Shutterstock
Love Shark Tank? You are certainly not alone. Each episode scores millions of viewers. And, of course, each “shark” has its own fans and followers. Barbara Corcoran’s Advice helped many entrepreneurs and investors increase your income, both active and passive.
Also: Is Barbara Corcoran right about the housing market?
Invest: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup
In particular, Corcoran’s financial tips helped these entrepreneurs in the following ways.
Rich people know the best financial secrets. Learn how to copy them.
1. Embrace failure for resilience
Financial planner Sean Lovison founded Specific financial services to help clients build wealth and achieve their financial goals. Corcoran’s advice has not only served him well, but also his clients.
“Corcoran’s emphasis on failure as a learning opportunity is invaluable for entrepreneurs who frequently face setbacks. I’ve seen clients shift their mindset from fearing failure to seeing it as a necessary stepping stone to success. A career, product, or business model failure can help put them on the path to success.”
This shift in mindset also helped Erik Severinghaus, founder of Bloom Filter. “A big lesson I learned from Barbara Corcoran is how important resilience is. In the beginning, I encountered a lot of problems that seemed like they could stop everything completely. I remember when Bloomfilter was just starting out and we had a hard time finding money. Those times were difficult and it could have been very easy to feel sad. But Corcoran’s advice that successful people don’t spend a lot of time feeling sorry for themselves really made a big impact on me.
“Instead of seeing failures as an end point, I started to see them as learning opportunities. This mindset has been very helpful for me and my team to keep going through difficult times. It’s this kind of resilience that has helped Bloomfilter grow quickly, quarter after quarter.”
See more information: How to Generate Passive Income with Just $1,000
2. Know your strengths
Everyone has innate strengths and weaknesses. You can improve both, but leveraging your strengths can help you swim with the current rather than against it.
“Corcoran advocates focusing on your strengths and delegating the rest,” notes Lovison. “By identifying your core competencies and outsourcing other tasks, you can optimize your time and resources, increasing efficiency and productivity.
“This advice applies to entrepreneurs who wear many hats and to busy employees who may be balancing work, children and household chores. Maybe it’s time to outsource the yard work!”
The story continues
3. Strategic Delegation
Outsourcing yard work is a great starting point, but it doesn’t mean it’s the finish line.
“Another piece of advice that Barbara Corcoran gave that helped a lot was to use your strengths and let others deal with your weaknesses,” says Severinghaus. “I always liked thinking about business ideas, but I quickly realized that I couldn’t manage everything alone. Corcoran’s idea of hiring people who are good at things I’m not as strong at has been really important.
“When I hired a very good CFO and COO, I had the opportunity to focus on strategy planning and creating new products. This choice was not just about assigning responsibilities to others; it was also about building a strong team that would improve my skills. It has been a key factor in Bloomfilter’s success and rapid growth.”
4. Negotiation
They say you don’t get what you deserve in life – you get what you bargain for.
Severinghaus has seen this firsthand in his own business. “Barbara Corcoran’s negotiation advice is another area that has helped us grow. She emphasizes the importance of negotiating with confidence and knowing your own worth. This makes a big difference to me, especially at important times like when we need money from investors. By striving to develop our negotiation skills, we raised $6 million to start Bloomfilter, which was very important to our growth.
“I remember feeling much more confident when I talked to investors because of Corcoran’s advice. This made me believe in our valuation and in the end I got a better deal for that reason. This experience showed me how powerful confident negotiation can be.”
5. Following your gut and intuition
Echo Wang, founder of Epic Booksfound value in Corcoran’s advice on intuition.
“Barbara’s emphasis on intuition resonates with me.
“When it comes to my own money, I value intuition. She reminds me that even in financial decisions there is a human element. Connecting with the person behind the business idea can be just as important as the idea itself. After all, starting a business is hard and people are more likely to invest in (or with) someone they like and trust.
“In that sense, Barbara’s advice about trusting your instincts definitely rings true.”
Final thoughts
You can’t get an MBA by watching a TV show – but you can use it as a launching pad to start researching important skills.
For example, you probably won’t learn everything you need to know about trading by watching Shark Tank. But you can follow Barbara Corcoran’s advice and combine it with courses or books on the subject.
Then comes the most important part: taking what you learn and putting it into practice.
More from GOBankingRates
This article originally appeared on GOBankingRates. with: I’m a ‘Shark Tank’ Fanatic: 5 Ways Barbara Corcoran’s Financial Wisdom Helped My Finances