Another Entrepreneurship Project of the  Whitman School of Management at Syracuse University

How can you turn $1,000 into millions?

Shark Tank investorHow can you rise all the way to the top? Well, we have no idea. However, Barbara Corcoran surely does!  As the keynote speaker of the 10th WISE Symposium, she will be sharing her story, “From Rags to Riches”.  She also graced the cover of Entrepreneur Magazine this month; needless to say, it is absolutely exciting to have her!

Ms. Corcoran is one of the few entrepreneurs who were able to transform their business into a veritable empire, and to take it to a level seemingly unattainable for mere mortals. While there is obviously no recipe for success, there are probably a few things to learn from her story.

  • Be Driven: As she stated herself, Ms. Corcoran’s credentials include twenty different jobs by the time she was 23. Hence, after what many would have categorized as failures, she still went on to become a millionaire.
  • Have Faith: In life, it is not all about the grades you get in school. Barbara Corcoran earned straight Ds in high school and college. Other notorious entrepreneurs like Bill Gates and Steve Jobs simply dropped out of school. While this certainly does not mean that education is not important, it still shows that these entrepreneurs trusted themselves, had confidence in their abilities, and in what they wanted their businesses to become.
  • Trust your gut: As an entrepreneur, you will sometimes (…always) be faced with vital decisions… and have nowhere to turn for advice. You will just have to go with it! In a “Shark Tank” episode, Ms. Corcoran decided, against all the other sharks’ advice, to invest in Daisy Cakes, just because she liked the owner, and felt like she was very able. The business went on to sell over 10,000 cakes a WEEK, making it Barbara’s best investment ever.

This list is in no way exhaustive, and just represents a fraction of the lessons we can draw from Ms. Corcoran’s career. But tell us about YOU: what unique trait kept you going in your business? Please join the conversation, and share your comment below!

Thanks for reading, and until next week, stay WISE!



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