Barbara Corcoran Advises Her Younger Self on Entrepreneurship

Real estate investor and television personality Barbara Corcoran has shared advice through social media that she would offer her younger self regarding business building. Corcoran, who sold her real estate company for $66 million and is now a 'shark' on NBC's "Shark Tank," states that the most crucial advice is to "bet on yourself."

Corcoran posted a short video on Instagram offering clear guidance for entrepreneurs. One key message is that the initial business idea may not succeed. She encourages persistence and continued effort, as the next idea could lead to prosperity. For instance, Microsoft founders Bill Gates and Paul Allen began with the unsuccessful Traf-O-Data before establishing the successful Microsoft.

It is often challenging for entrepreneurs to discern when to persevere with an ongoing venture and when to cut losses. Corcoran, however, stresses that failures provide learning experiences, enhancing future success prospects. She advises that it is vital for an entrepreneur to try again after experiencing setbacks.

Furthermore, Corcoran offers guidance on pricing: "Don't negotiate against yourself." She explains that entrepreneurs frequently worry about overpricing their offerings. However, unless the product is a commodity, price is rarely the sole determinant of a sale. Experts, such as negotiation consultant Fotini Iconomopoulos, have demonstrated through practical examples how an unprofessional price negotiator can lose business, even when offering a lower rate.