In Shark Tank, the five venture capitalists enjoy a lot of popularity. Mark Cuban is known for being the richest of the lot, and Kevin O’Leary for his sharp and brutal remarks. But in the midst of this, it’s Barbara Corcoran who has been making huge waves when it comes to making smart business decisions. For some, she might be stingy when it comes to investing in products.
But for the most part, as evident from her investment in The Comfy, she’s just very careful when putting her money into a company.
Because of this same business acumen, she decided to invest in Daisy Cakes as well. But for this, she brought forward a different investment plan that proved to be quite profitable for her.
The reason why Barbara Corcoran’s investment in Daisy Cakes was a good business move
Barbara Corcoran has built a stellar million-dollar business empire and also holds a big fan following thanks to her stint on Shark Tank. While she’s known to be cautious when investing in a product, her deal with Daisy Cakes proves why she deserves to be on the judge’s seat in the first place. This deal presented her business acumen in a way nobody saw coming.
Daisy Cakes was a small bakery with a deep passion for homemade desserts. Its founder, Kim Nelson, impressed the judges with the quality of her cakes and the massive potential for growth. While Corcoran saw the potential in the company, before investing, she laid down a condition that turned it into one of her most successful investments ever.
She took a more traditional approach and mentioned that for every cake sold, she would receive one dollar until her $50,000 investment was repaid.
This simple idea was brilliant and ensured that she would see her returns more quickly. Within just three weeks, Corcoran had already recovered her investment, and she added via Forbes, “I got that money within three weeks.” The company, on the other hand, became a success story and sold more than 100,000 cakes.
This just proves Corcoran’s sharp business knowledge and how trusting a product wholeheartedly can bring good results.
Barbara Corcoran believes she’s the best boss ever
Apart from running a million-dollar business empire and her stint on Shark Tank, Barbara Corcoran also likes to educate people. In several interviews, she can be seen dishing out tips and advice for the common people. While many liked her reasoning behind avoiding a first-class flight ticket, in another interview, she detailed why she’s the best boss she’s ever met. Her reasoning for this is that a great boss works for their employees and not the other way around.
After almost five decades of leading teams, she credits her success to a leadership style rooted in service. Instead of hiring employees to work for her, she makes it a point to work for them. Corcoran believes that by supporting them selflessly, she strengthens her own career in the process.
As the team members advance in their professions, they maintain strong ties to her and often carry her influence along with them.
You can watch all the seasons of Shark Tank on Peacock.
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