Barbara Corcoran. Illustration: Inc.; Photo: Getty Images
What does it take to start a successful company? Or to reach success in any area of business or life? Real estate entrepreneur, Shark Tank Shark, and executive producer Barbara Corcoran has some advice to share.
To celebrate her 16 years on Shark Tank, Corcoran created a LinkedIn post with a picture of herself at 16 playing the guitar, alongside a picture of herself on the show.
And she accompanied those images with 16 lessons she said she’d learned from her time as a Shark. Many of those lessons are tips for pitching Shark Tank Sharks specifically, although they apply just as well to pitching any investors or important customers.
But some of her advice goes way beyond that. It’s designed to help you succeed at anything you try in work or life. It’s well worth checking out her whole list. Here are a few of my favorites.
- Be yourself.
Most of us strive to project the image we think people want to see, especially when we’re trying to sell something. Corcoran says that’s a mistake. “Show up as your true self!” she writes. “Investors can smell a phony from a mile away, and trust me, I won’t invest in someone who isn’t genuine.”
This Health Food Founder Would Rather Go Broad Than Niche This Health Food Founder Would Rather Go Broad Than Niche
Even when you’re not pitching potential investors, there are a lot of good reasons to be your real self when dealing with customers, employees, and everyone else. Investors aren’t the only people who will be put off by phoniness.
- Tell a good story.
“Everyone loves a story,” Corcoran says. “If you don’t have an epic story about your brand, create one!” A good story is essential, she adds, because “people buy stories, not just products.”
She’s right about that. You might think that having the facts and data to back you up is the best way to make a sale. But research suggests that the fewer details and data points you offer, the more persuasive you’ll be.
Instead, tell a compelling story. That’s more convincing, and it’s easier for people to remember, too.
- Don’t undervalue yourself.
“If you think you’re worth a dime, that’s all you’ll get!” Corcoran writes. It’s a common mistake for entrepreneurs, especially new ones, to place too low a value on their time or their products.
It’s a problem, because if you don’t bring in enough money, either as payment for your product or service or as an investment, that will affect your ability to market that product properly. It can leave you without the resources you need to develop your next product.
It might even prevent you from paying the people who work for you what you know they deserve. All together, it can turn your low self-evaluation into a self-fulfilling prophecy.
Don’t let that happen.
Find out what you should get as a payment or investment, and then learn to ask for that amount with a straight face. Practice in the mirror if necessary.
- Don’t overvalue yourself either.
On the other hand, if you set the price of your product too high, or demand too high a valuation for your business, you could end up with nothing at all. “Don’t act like you’re the next big unicorn without the proof to back it up,” Corcoran advises.
There’s a sweet spot in between valuing yourself too high and too low, she says. Figure out how to find that sweet spot.
There’s a growing audience of Inc.com readers who receive a daily text from me with a self-care or motivational micro-challenge or tip. Often, they text me back and we wind up in a conversation. (Want to learn more? Here’s some information about the texts and a special invitation to a two-month free trial.)
Many are entrepreneurs or business leaders who know how important it is to be your real self, tell a good story, and value your offerings correctly, neither too high or too low. If you can do all those things, you’ll be well on your way to a successful business and a successful life.
