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Speaker 1: If you're going to build something from nothing, you've got

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Speaker 1: to know what really works. I took a thousand dollar

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Speaker 1: loan and built a five billion dollar business, and now

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Speaker 1: I make smart investments in new businesses. On Shark Tank.

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Speaker 1: This is Barbara Corkran and you're listening to Business Unusual,

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Speaker 1: presented by Del Small Business. On this episode, I'll tell

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Speaker 1: you why you have to always trust your gut if

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Speaker 1: you're going to be successful in business. But first, in

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Speaker 1: a decade of investing on Shark Tank, I've noted that

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Speaker 1: all the great entrepreneurs share the same common traits. Today,

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Speaker 1: I'm going to tell you what those are. All great

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Speaker 1: entrepreneurs have the exact same traits in common. They know

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Speaker 1: that persistence is everything and that getting past everyday obstacles

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Speaker 1: is the name of the game. When I met Kim

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Speaker 1: Daisy of Daisy Cakes on Shark Tank, she was a

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Speaker 1: spectacular baker and the other sharks were so busy eating

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Speaker 1: her cake they forgot to make an offer, and so

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Speaker 1: I scooped that business up. No one expected Daisy to

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Speaker 1: get many orders for her homemade cakes when she aired

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Speaker 1: on Shark Take. We figured probably a few dozen, but

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Speaker 1: to our surprise, she had over eight thousand orders to

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Speaker 1: fulfill and no cakes to fill them with, so her

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Speaker 1: phone was constantly busy. Her website crashed with the demand,

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Speaker 1: and I thought all was lost. But Daisy found a

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Speaker 1: way to get over her obstacle and hot wired her

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Speaker 1: phone into my main office line and left me a

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Speaker 1: message that I better find some people who talked like

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Speaker 1: her with a Southern accent to start taking cake orders.

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Speaker 1: And we did. Three of us for the next week

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Speaker 1: and a half fulfilled all of Daisy's cake orders. Daisy

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Speaker 1: knew how to get over an obstacle. One of the

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Speaker 1: best businesses I have ever invested in is Grace and Lace,

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Speaker 1: that makes high fashion women's clothing and sells it online.

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Speaker 1: This is a business that's phenomenal, but born out of

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Speaker 1: a very sad backstory. Melissa had learned to make baby

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Speaker 1: socks while waiting for her first child to be born.

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Speaker 1: Bedridden during a difficult pregnancy, Melissa taught herself how to

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Speaker 1: knit pretty lace socks. When she and her husband lost

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Speaker 1: the child, they were facing a tremendous life challenge As

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Speaker 1: they worked through this loss. It was Rick who suggested

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Speaker 1: that they make something good of it, and they began

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Speaker 1: the business Grace and Lace. It started as a simple

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Speaker 1: sock company. Today it has over twelve million dollars in sales.

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Speaker 1: The key here is getting past obstacles is the name

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Speaker 1: of the game. Every great salesperson, by their nature, is

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Speaker 1: fiercely competitive. I invested in Cousin's main lobster food truck,

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Speaker 1: one truck in l A that became a smash hit

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Speaker 1: after I met them on Shark Tank. They turned that

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Speaker 1: into an empire of thirty six food trucks and restaurants.

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Speaker 1: My two partners, Jim and Sabin, are so competitive that

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Speaker 1: all I have to do is mentioned that Luke's just

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Speaker 1: opened another storefront in Manhattan and their sales increased by

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Speaker 1: They worked through the night to beat Loop to the punch.

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Speaker 1: Why this successful, I'll tell you why they're competitive. Every

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Speaker 1: great entrepreneur is unreasonably optimistic and comfortable with risk. Everything

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Speaker 1: they approached they think they're gonna win at and of

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Speaker 1: course they don't. One of the most successful recent companies

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Speaker 1: I've invested in Shark Tank is the Comfy, a nice

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Speaker 1: cozy thing for everybody to wear when they're watching TV.

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Speaker 1: It was such a hit on Shark Tank. We had

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Speaker 1: over a million dollars and sales on the first night.

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Speaker 1: But here's the rub. The two guys that own the

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Speaker 1: business showed up at Shark Tank with only one piece

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Speaker 1: of merchandise. They should have never been on the show

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Speaker 1: with just one garment. And then on Shark Tank night

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Speaker 1: when they had over a million dollars ers and orders,

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Speaker 1: they couldn't fulfill it. What were these guys thinking, I'll

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Speaker 1: tell you what they were thinking. They were extreme optimists.

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Speaker 1: They just figured by everything would work out, and guess

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Speaker 1: what it did. There were smart enough to send loving

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Speaker 1: emails to all of the customers who were very happy

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Speaker 1: to wait. Smart guys, but more than that optimistic. This

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Speaker 1: is business unusual with Barbara Corchorane presented by Dell's Small

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Speaker 1: Business There's nothing small about your business. It takes a

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Speaker 1: lot of hard work and it makes a huge difference.

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Speaker 1: As a thank you during a Small Business Month, Dell

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Speaker 1: is offering up to or select PCs with eighth gent

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Speaker 1: Intel Core processors, plus get a free external hard drive

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Speaker 1: with select PC purchases. Call eight seven seven by Dell

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Speaker 1: to speak with a small business technology advisor today. That's

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Speaker 1: eight seven seven b U Y D E. L. L.

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Speaker 1: Here's today's tip. I learned early that you have to

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Speaker 1: always trust your gut if you're going to be successful

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Speaker 1: in business. I used to think it was a great

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Speaker 1: sign when I would meet with one of my entrepreneurs

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Speaker 1: and they would take careful notes and ask questions and

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Speaker 1: listen to every little thing I would say. But then

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Speaker 1: I learned a valuable lesson once I met with cousins

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Speaker 1: main Lobster, one of my most profitable ventures, and the

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Speaker 1: two guys, Jim and Saban, who owned the company, asked

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Speaker 1: me so many questions and wrote down every answer I

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Speaker 1: gave them. I was so flattered, of course, but then

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Speaker 1: they walked at the door and did exactly what they pleased.

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Speaker 1: I've since learned that this is exactly what you want

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Speaker 1: to see in an entrepreneur. People who ask a lot

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Speaker 1: of questions, do a lot of listening, but in the end,

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Speaker 1: always trust their gut. The entrepreneurs I've worked with overtime

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Speaker 1: who are so attentive and are looking for that magic

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Speaker 1: answer for me, they never make money. So if you

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Speaker 1: want to invest in a business, a spot a great entrepreneur,

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Speaker 1: I say, if they're asking too much and listening to

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Speaker 1: what you have to say run for the hills. You're

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Speaker 1: gonna lose your money. You've been listening to Business Unusual

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Speaker 1: with me Barbara Corcoran, presented by del Small Business. Come

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Speaker 1: back next week to hear more steps and missteps I

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Speaker 1: took on the path to success on Business Unusual. Got

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Speaker 1: a business question you want to ask me, Tweet it

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Speaker 1: at Barbara Corchoran. I just find answer it on a

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Speaker 1: future episode Business Unusual as part of the I Heart

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Speaker 1: Radio podcast network. Come back next week and be sure

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Speaker 1: to follow Business Unusual on I heart Radio or subscribe

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Speaker 1: wherever you listen to podcasts. Our executive producer is Sandy's

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Speaker 1: Smallensful Audiation. Our mixer is Dave Savage. Chris Peterson is

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Speaker 1: Senior Vice President Podcast for I Heart Radio