Shark Tank: Barbara Corcoran Admits She's Lost Out On Many Deals Beyond The Tank
Whether she's dominating the world of real estate or bringing her big personality to television, Barbara Corcoran is a tough cookie. Since 2009, Corcoran has brought her street-smart attitude that she developed as a world-renowned real estate expert to the panel of investors on "Shark Tank," oftentimes standing up for other women who have the floor. But what she is perhaps best known for on the long-running series is her willingness to reject a pitch for whatever personal reason she chooses. Go on any Reddit thread or YouTube comment section about the show, and you're bound to find comments that poke fun at this factor.
Corcoran's stubbornness may seem over the top to "Shark Tank" fans, but it's hard to blame the businesswoman for being picky. It's easy to forget just how much risk goes into investing, and even the richest sharks have had their fair share of business blunders. While speaking on "The Daniel Mac Show" podcast, Corcoran discussed her most profitable business, The Comfy, a wearable blanket that brought her $468 million over the course of three years. However, Corcoran was quick to add to the victory an honest revelation, saying, "Don't worry. I've lost on so many others." Sadly, even her most successful business faced problems, as The Comfy started experiencing difficulties with debt and eventually saw Corcoran exit the business.
Not all the sharks have the luxury of taking on super-risky endeavors, and Corcoran is one of them. Even so, these setbacks have done little to wane her passion for investing.
An entrepreneur's ambition goes a long way for Corcoran
Given that Barbara Corcoran is one of the least wealthy sharks — with an estimated net worth of $100 million — the damage from a failed deal could be much more significant to her than to her "Shark Tank" co-stars. In this regard, her desire to invest must come from a confident place — and it all comes down to the person presenting.
Corcoran's "Shark Tank" deals haven't always turned over big bucks — quite the opposite, in fact. The New Jersey native shared on the "Chicks in the Office" podcast, "I've invested in 150 businesses, and I've made money on about 10%. The minute someone's opening their mouth, I feel like I've got a 90% chance of losing another $100,000 here." As a result, Corcoran's main goal when it comes to seeking out a good deal is to buy into the entrepreneur.
On the podcast, Corcoran described how this technique came to her by her third year of working on the show, stating, "The number-one trait I'm looking for [is] ambition — someone who envisions where they're going, and I fall for it when they tell me they're going there." Even Corcoran's entrepreneurs who've switched up their business models have still had success, which she owes to her particular strategy. Additionally, the shark doesn't feel that it's worth getting upset over the successful deals she's passed on, rather choosing to move forward onto her next opportunity. Corcoran may have to play the game differently than her fellow sharks, but that doesn't make her accomplishments any less admirable.