How to get Barbara Corcoran to invest in your business

Barbara Corcoran is no stranger to building a successful business. She’s the founder of the Corcoran Group, one of New York’s largest real estate companies. She’s also a Shark on the hit reality show Shark Tank where she has invested in dozens of startups over the last couple of years.

Yahoo Finance editor-in-chief Andy Serwer recently sat down with Barbara Corcoran, co-founder of Barbara Corcoran Venture Partners, at the EY Strategic Growth Forum in Palm Springs, California and asked her what she’s looking for when investing in a business.

“I want someone who solves a problem. I’m not a great believer in a great idea if it doesn’t solve a problem, so if it solves a problem, that’s the first thing,” said Corcoran. “The second thing is that I’ve got to look at that entrepreneur and really believe that they’re going to make it happen. Everybody falls in love with a new business idea and that’s the easy part. Very few people can take it to the finish line. I’m looking for someone who is going to overcome the obstacles and seems tough enough, smart enough and street-smart enough to succeed no matter what. I’m judging the person as much as I am the business.”

Corcoran, along with Shark Tank investors Mark Cuban, Kevin O’Leary, Daymond John, Robert Herjavec and Lori Greiner, offer a unique opportunity for startups to grow their business at a very rapid pace. Corcoran calls it “entrepreneurship on speed.”

“You get to see everything in fast motion. Typically I’ll invest in a business and it’ll take two or three years to get a million dollars in sales,” said Corcoran. “On Shark Tank, you can rack up a million dollars in sales on Shark Tank night. It happens all the time. All of a sudden, the business is growing like a rocket. That’s a lot more fun to work with than a typical business that takes its time.”

And if you’re looking to bring your big business idea to life, Corcoran shared some advice with Yahoo Finance. The biggest takeaway is don’t wait!

“Do it right away before you forget about it. The best time to do it is when you’re young and you’re too stupid to know any better. There’s nothing to lose and nowhere to go but up. Yet, people hesitate, and what really damages most of these businesses is when people apply logic. I have just never seen a phenomenal business that was born out of logic. It’s all born out of gut and the spirit of the individual, and so if you’ve got the feeling, I believe you’ve got to run like hell with it.“