‘Shark Tank’s Barbara Corcoran shares advice for entrepreneurs

Barbara Cocoran (WISH Photo)

INDIANAPOLIS (WISH) — Real estate expert, entrepreneur and “Shark Tank” star Barbara Corcoran talked with 24-Hour News 8 about what it takes to become a successful businessperson.

Our Jessica Smith asked what advice Corcoran would give to entrepreneurs who are just starting out in business.

“Take a look at where you’re spending your day. A lot of people don’t reflect back at the last week and make a pie shape when they look at the calendar of where they’re spending their time,” Corcoran explained. “Most people will avoid at all costs spending time making sales. It’s not natural to an entrepreneur — you have to lose the skin of doing that and taking the rejection of doing that and reaching out. But if you assess where your initial sales came from and just do a heck of lot more of that direct selling, your business automatically grows.”

For entrepreneurs getting ready to pitch their business idea to investors, she added that it’s important to have clarity and focus.

“Someone has got to say what they want, why they want it and they’ve got to communicate their business clearly. I find that a lot of people just don’t do that. Even those that might, once we start questioning them, they very often fall apart at the seams. Their answers are not good, they’re not clear and they create a good deal of confusion. Clarity is the most underestimated trait of a great entrepreneur.”

Corcoran is partnering with OnDeck for a contest aimed at helping entrepreneurs take their business to the next level. Three business owners can win a $10,000 prize for their business and a coaching session with Barbara Corcoran. The deadline to enter is Nov. 14. You can enter or learn more here.